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Key Technology Announces Strong Financial Results For Fiscal 2013 Third Quarter

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

(Financial Tables to Follow)

Key Technology, Inc. and Subsidiaries
Statement of Selected Operating Information
(Unaudited, in thousands, except per share data)
         
  Three Months Ended Nine Months Ended
  June 30, June 30,
  2013 2012 2013 2012
         
Net sales $39,433 $34,620 $94,772 $87,840
Cost of sales 26,131 24,163 62,174 60,906
Gross profit 13,302 10,457 32,598 26,934
Operating expenses:        
Sales and marketing 5,301 4,740 13,897 13,599
Research and development 2,825 2,492 6,857 6,558
General and administrative 2,451 2,740 7,416 7,285
Amortization of intangibles 418 4 570 12
Total operating expenses 10,995 9,976 28,740 27,454
Gain (loss) on disposition of assets (1) (16) 49 (14)
Earnings (loss) from operations 2,306 465 3,907 (534)
Other income (expense) (208) (92) (262) (518)
Earnings (loss) before income taxes 2,098 373 3,645 (1,052)
Income tax expense (benefit) 654 109 929 (347)
Net earnings (loss) $1,444 $264 $2,716 $(705)
Net earnings (loss) per share        
- basic $0.23 $0.05 $0.47 $(0.13)
- diluted $0.23 $0.05 $0.47 $(0.13)
         
Shares used in per share calculation - basic 6,176 5,456 5,724 5,404
Shares used in per share calculation - diluted 6,219 5,463 5,730 5,404
 
Key Technology, Inc. and Subsidiaries
Selected Balance Sheet Information
(Unaudited, in thousands)
     
  June 30, 2013 September 30, 2012
     
Cash and cash equivalents $19,837 $23,755
Trade accounts receivable, net 13,922 11,426
Inventories 33,789 23,166
Total current assets 77,162 64,193
Property, plant and equipment, net 17,768 18,370
Goodwill 11,446 2,524
Intangible assets, net 10,960 36
Total assets 119,038 86,355
Total current liabilities, including current portion of long-term debt 36,920 20,057
Long-term debt 5,765 4,833
Shareholders' equity 70,809 59,430
CONTACT: Jeff Siegal
         Vice President and CFO
         Key Technology, Inc.
         Tel: +1 509-394-3300
         jsiegal@key.net
         www.key.net

Key Logo-rgb 2006

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