Key Technology, Inc. (NASDAQ: KTEC) today announced sales and operating results for the year ended September 30, 2007.
Net sales for fiscal 2007 were $107.5 million, a 26.8% increase over the $84.8 million reported for fiscal 2006. The Company reported record net earnings for the year of $7.4 million, or $1.37 per diluted share, compared with a net loss of $793,000, or $0.15 per diluted share, for fiscal 2006.
David Camp, President and Chief Executive Officer, commented, "Key Technology had its most profitable year in the Company's history. We are encouraged by the results of both the Aftermarket initiative, which contributed positively to earnings in 2007, and our Symetix business, which ended 2007 with orders exceeding our expectations. Our European business at Key Technology BV suffered through a poor potato harvest in the early part of 2007, which negatively affected profits;however, this business exited 2007 with strong shipments and backlog, due to strong order growth in the second half of the fiscal year. Though our Symetix, China, and Latin America strategic initiatives reduced 2007 earnings, we remain excited about the potential contributions from these investments in 2008 and beyond."
