Key Technology, Inc. (Nasdaq: KTEC) announced today it is taking a variety of cost reduction initiatives during fiscal 2009 to maintain profitability for the fiscal year. These cost reduction initiatives include a planned reduction of approximately 7% in its global workforce. The initiatives also include cancellation of fiscal year cash and stock incentive awards, temporary reductions in pay for all U.S. personnel, suspension of 401(k) matching, mandatory leave and other cost reduction measures.
The Company also announced that it expects results of operations in the current fiscal year will be adversely affected by current economic conditions. The Company estimates that net sales for the second fiscal quarter of 2009 will be 10% to 15% lower than net sales in the first fiscal quarter of 2009.
The Company also announced that it expects results of operations in the current fiscal year will be adversely affected by current economic conditions. The Company estimates that net sales for the second fiscal quarter of 2009 will be 10% to 15% lower than net sales in the first fiscal quarter of 2009.
