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Key Technology Announces Strong Financial Results For Fiscal 2013 Second Quarter

Stocks in this article: KTEC

WALLA WALLA, Wash., May 2, 2013 (GLOBE NEWSWIRE) -- Key Technology, Inc. (Nasdaq:KTEC) announced today sales and operating results for its fiscal 2013 second quarter, ended March 31, 2013.

Net sales for the three-month period ended March 31, 2013 totaled $35.5 million, compared to $27.2 million recorded in the corresponding quarter last year. The Company reported net earnings for the quarter of $2.1 million, or $0.38 per diluted share, compared to a net loss of $726,000, or $0.13 per diluted share, in the same period a year ago. Key completed its acquisition of Visys NV on February 28, 2013, and Visys' operating results were included with Key's operating results for the last month of the second quarter.

"Our entire company did a great job of executing during the quarter, while also successfully completing the acquisition of Visys and aggressively implementing the integration process," stated Jack Ehren, President and Chief Executive Officer. "We believe our recent milestone acquisition of Visys aligns very well with our strategic imperatives. It accelerates our growth by enabling us to increase share in our core markets, expand into new high-potential markets, and accelerate our development of next-generation sorting technologies."

Net sales for the six months ended March 31, 2013 were $55.3 million, compared with $53.2 million for the comparable period in fiscal 2012. The Company reported net earnings for the fiscal 2013 six-month period ended March 31, 2013 of $1.3 million, or $0.23 per diluted share, compared to a net loss of $969,000, or $0.18 per diluted share, for the corresponding six-month period in fiscal 2012.

Key's backlog at the end of the second quarter of fiscal 2013 was $50.1 million, compared to $34.7 million one year ago. New orders received during the second quarter were $32.7 million, compared to $24.9 million in the corresponding period last year. New orders for the six months ended March 31, 2013 were $70.8 million, compared to $51.5 million for the corresponding period in fiscal 2012.

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