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TheStreet Open House

Key Technology Announces Fiscal 2010 Third Quarter Results

Note: News releases and other information about Key Technology, Inc. can be accessed at www.key.net.

 
Key Technology, Inc. and Subsidiaries
Statement of Selected Operating Information
(Unaudited, in thousands, except per share data)
         
  Three Months Ended June 30, Nine Months Ended June 30,
  2010 2009 2010 2009
         
Net sales  $ 31,640  $ 26,209  $ 84,810  $ 76,834
Cost of sales  21,185  16,609  55,688  47,787
Gross profit  10,455  9,600  29,122  29,047
Operating expenses:        
Sales and marketing  4,450  4,152  13,052  13,330
Research and development  1,669  1,868  4,980  6,183
General and administrative  2,175  2,772  6,557  8,992
Amortization of intangibles  291  317  926  952
Total operating expenses  8,585  9,109  25,515  29,457
Gain (loss) on sale of assets  92  19  91  (315)
Earnings (loss) from operations  1,962  510  3,698  (725)
Other income (expense)  (85)  (96)  89  (377)
Earnings (loss) before income taxes 1,877 414 3,787 (1,102)
Income tax expense (benefit)  563  (41)  1,136  (656)
Net earnings (loss)  $ 1,314  $ 455  $ 2,651  $ (446)
Net earnings (loss) per share        
 - basic  $ 0.25  $ 0.09  $ 0.50  $ (0.09)
 - diluted  $ 0.25  $ 0.09  $ 0.50  $ (0.09)
         
Shares used in per share calculations - basic  5,290  4,993  5,265  5,154
Shares used in per share calculation - diluted  5,307  5,005  5,282  5,154
 
 
Key Technology, Inc. and Subsidiaries
Selected Balance Sheet Information
(Unaudited, in thousands)
     
  June 30, 2010 September 30, 2009
     
Cash and cash equivalents  $ 24,735  $ 18,142
Trade accounts receivable, net  12,480  12,332
Inventories  22,166  22,433
Total current assets  65,356  59,550
Property, plant and equipment, net  15,846  16,175
Goodwill and other intangibles, net  2,594  3,520
Investment in Proditec  1,178  1,272
Total assets  85,870  80,715
Total current liabilities, including current portion of debt  24,474  22,517
Long term debt  5,627  5,876
Shareholders' equity  $ 54,922  $ 51,457
CONTACT:  Key Technology, Inc.
          David Camp, Chief Executive Officer
          (509) 529-2161

Key Logo-rgb 2006

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