Key Technology Announces Fiscal 2010 Third Quarter Results
Operating expenses for the quarter ended June 30, 2010 were $8.6 million, or 27.1% of net sales, compared to $9.1 million, or 34.8% of net sales, in the same quarter last year. Operating expenses for the nine months ended June 30, 2010 were $25.5 million, or 30.1% of net sales, compared to $29.5 million, or 38.3% of net sales, for the corresponding period of fiscal 2009.
Camp further commented, "We continue to closely monitor, assess and optimize our ongoing operating expense infrastructure."
New orders received during the third quarter of fiscal 2010 were $29.7 million, compared to $20.7 million in the same period last year. For the nine-month period of fiscal 2010, new orders received were $84.9 million, compared to $69.5 million for the same period in fiscal 2009. The Company's backlog at the end of the third quarter of fiscal 2010 was $29.9 million, compared to $26.2 million one year ago.
Camp concluded, "Based on our current ending backlog and shipment schedule, we currently expect sales in the fourth quarter of fiscal 2010 to be lower than the sales recorded in the fourth quarter of fiscal 2009. However, our orders through the third quarter of fiscal 2010 have increased over 22% compared to the same period a year ago, and we are encouraged by this trend, given the uncertain economic environment."Conference Call The Company's conference call for the Company's fiscal 2010 third quarter can be heard live on the Internet at 2:00 p.m. Pacific Time on Thursday, July 29. To access the call, go to the Company's website at www.key.net/investor.cfm at least fifteen minutes prior to the call to download and install any necessary audio software. About Key Technology Key Technology, Inc., headquartered in Walla Walla, Washington, is a worldwide leader in the design and manufacture of process automation systems for the food processing, industrial and pharmaceutical markets. The Company's products integrate electro-optical inspection and sorting, specialized conveying and product preparation equipment, which allow processors to improve quality, increase yield and reduce cost. Key has manufacturing facilities in Washington, Oregon, and the Netherlands, and worldwide sales and service coverage.
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