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Key Technology Announces Fiscal 2010 Third Quarter Results

WALLA WALLA, Wash., July 29, 2010 (GLOBE NEWSWIRE) -- Key Technology, Inc. (Nasdaq:KTEC) announced today sales and operating results for the third quarter of fiscal 2010 ended June 30, 2010.

Net sales for the three-month period ended June 30, 2010 totaled $31.6 million, compared to $26.2 million recorded in the corresponding quarter last year. Net earnings for the third quarter of fiscal 2010 were $1.3 million, or $0.25 per diluted share, compared to net earnings of $455,000, or $0.09 per diluted share, in the same period a year ago.

Net sales for the nine months ended June 30, 2010 were $84.8 million, compared with $76.8 million for the comparable period in fiscal 2009. The Company reported net earnings for the fiscal 2010 nine-month period ended June 30, 2010 of $2.7 million, or $0.50 per diluted share, compared to a net loss of $446,000, or $0.09 per diluted share, for the same nine-month period in fiscal 2009.

David Camp, President and Chief Executive Officer, stated, "We are pleased with the year-over-year growth and increased profitability that our Company has achieved thus far in fiscal 2010."

Gross profit for the third quarter of fiscal 2010 was $10.5 million, compared to $9.6 million in the corresponding period last year. As a percentage of net sales, gross profit in the third quarter of fiscal 2010 was 33.0%, compared to 36.6% in the same quarter of fiscal 2009. For the 2010 nine-month period ended June 30, 2010, gross profit was $29.1 million, compared to $29.0 million for the same period of fiscal 2009, or 34.3% and 37.8% as a percentage of net sales, respectively.

Camp commented, "The lower gross profit margin as a percent of net sales for the third quarter of fiscal 2010 related to a significant increase in the sales mix of lower margin process systems sales, and continued pricing pressures."

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