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Key Technology Announces Fourth Quarter And Fiscal 2010 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)
         
  Year Ended September 30, Three Months Ended September 30,
  2010 2009 2010 2009
         
Net sales  $ 115,804  $ 105,450  $ 30,994  $ 28,616
Cost of sales  75,651  66,427  19,963  18,640
Gross profit  40,153  39,023  11,031  9,976
Operating expenses:        
Sales and marketing  18,047  18,090  4,996  4,760
Research and development  6,664  8,681  1,684  2,498
General and administrative  9,255  11,568  2,698  2,577
Amortization of intangibles  930  1,270  4  318
Total operating expenses  34,896  39,609  9,382  10,153
Gain (loss) on sale of assets  77  (352)  (14)  (37)
Earnings (loss) from operations  5,334  (938)  1,635  (214)
Other income (expense)  (172)  (431)  (261)  (54)
Earnings (loss) before income taxes 5,162 (1,369) 1,374 (268)
Income tax expense (benefit)  1,524  (878)  388  (223)
Net earnings (loss)  $ 3,638  $ (491)  $ 986  $ (45)
Net earnings (loss) per share        
 - basic  $ 0.69  $ (0.10)  $ 0.19  $ (0.01)
 - diluted  $ 0.69  $ (0.10)  $ 0.19  $ (0.01)
         
Shares used in per share calculation - basic  5,277  5,116  5,310  5,005
Shares used in per share calculation - diluted  5,293  5,116  5,325  5,005
 
Key Technology, Inc. and Subsidiaries
Selected Balance Sheet Information
(Unaudited, in thousands)
     
  September 30, 2010 September 30, 2009
     
Cash and cash equivalents  $ 29,096  $ 18,142
Trade accounts receivable, net  13,250  12,332
Inventories  21,191  22,433
Total current assets  69,520  59,550
Property, plant and equipment, net  16,821  16,175
Goodwill and other intangibles, net  2,590  3,520
Investment in Proditec  1,178  1,272
Total assets  91,267  80,715
Total current liabilities, including current portion of long-term debt  28,045  22,517
Long-term debt  5,542  5,876
Shareholders' equity  $ 56,338  $ 51,457
     
CONTACT:  Key Technology, Inc.
          David Camp, Chief Executive Officer
          (509) 529-2161

Key Logo-rgb 2006

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