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Key Technology Announces Strong Financial Results For Fiscal 2013 Third Quarter

Stocks in this article: KTEC

WALLA WALLA, Wash., July 25, 2013 (GLOBE NEWSWIRE) -- Key Technology, Inc. (Nasdaq:KTEC) announced today sales and operating results for its fiscal 2013 third quarter, ended June 30, 2013.

  • Third quarter net sales increase of 14% to $39.4 million
  • Quarterly EPS of $0.23 per diluted share
  • Strong third quarter ending backlog of $41.7 million
  • Signed licensing and distribution agreements with EVK and Insort

Net sales for the three months ended June 30, 2013 totaled $39.4 million, compared to $34.6 million recorded in the corresponding quarter last year. The Company reported net earnings for the quarter of $1.4 million, or $0.23 per diluted share, compared to net earnings of $264,000, or $0.05 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 entire third quarter.

The gross profit for the third quarter of fiscal 2013 was $13.3 million, compared to $10.5 million in the corresponding period last year. As a percentage of sales, gross profit was 33.7% and 30.2% in the third fiscal quarter of 2013 and 2012, respectively. Operating expenses for the quarter ended June 30, 2013 were $11.0 million, or 27.9% of sales, compared to $10.0 million, or 28.8% of sales, in the same quarter last year.

Key's backlog at the end of the third quarter of fiscal 2013 was $41.7 million, compared to $24.3 million one year ago. New orders received during the third quarter were $30.9 million, compared to $23.8 million in the corresponding period last year. New orders for the nine months ended June 30, 2013 were $101.7 million, compared to $75.3 million for the corresponding period in fiscal 2012.

"The Company continues to effectively execute on our strategic imperatives and business strategies to develop new technologies and product offerings and expand global sales, which has contributed to the growth in sales and orders, and increased profitability during fiscal 2013." stated Jack Ehren, President and Chief Executive Officer. "Orders have continued to be strong, particularly in the potato market and, more recently, in the dried fruit and nut markets. Our strong ending backlog will result in significantly increased shipments in the fourth quarter of fiscal 2013, as compared to the prior year, although shipments will be slightly reduced as compared to the most recent quarter."

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