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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
_____________________________________________

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
for the quarterly period ended December 31, 2004

or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
for the transition period from ____ to ____

Commission File No. 0-21820
____________________________________________

KEY TECHNOLOGY, INC.
(Exact name of Registrant as specified in its charter)

 
Oregon
(State or jurisdiction of
incorporation or organization)
 
93-0822509
(I.R.S. Employer
Identification No.)

150 Avery Street
Walla Walla, Washington 99362
(Address of principal executive offices and zip code)

(509) 529-2161
(Registrant's telephone number, including area code)
_____________________________________________


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ý

The number of shares outstanding of the Registrant's common stock, no par value, on January 31, 2005 was 5,001,068 shares.
 
 

KEY TECHNOLOGY, INC. AND SUBSIDIARIES
FORM 10-Q FOR THE THREE MONTHS ENDED DECEMBER 31, 2004
TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

 
 
3
 
4
 
5
 
6
10
16
17

PART II. OTHER INFORMATION

17
18

19

20

2
 
PART I.   FINANCIAL INFORMATION

ITEM   1.     FINANCIAL STATEMENTS

KEY TECHNOLOGY, INC. AND SUBSIDIARIES
CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2004 AND SEPTEMBER 30, 2004

   
December 31,
      
September 30,
  
   
2004
      
2004
  
       
(in thousands)
      
Assets
                    
Current assets:
                    
    Cash and cash equivalents
  
$
11,325
        
$
8,817
  
    Trade accounts receivable, net
    
6,704
         
9,336
 
    Inventories:
                    
        Raw materials
    
6,860
         
6,460
 
        Work-in-process and sub-assemblies
    
5,569
         
4,749
 
        Finished goods
    
2,441
         
2,424
 
            Total inventories
    
14,870
         
13,633
 
    Other current assets
    
3,650
         
3,216
 
Total current assets
    
36,549
         
35,002
 
Property, plant and equipment, net
    
4,842
         
5,046
 
Deferred income taxes
    
-
         
6
 
Investment in joint venture
    
1,745
         
1,914
 
Goodwill, net
    
2,524
         
2,524
 
Intangibles and other assets, net
    
7,691
         
8,022
 
    Total
  
$
53,351
        
$
52,514
  
                     
Liabilities and Shareholders' Equity
                    
Current liabilities:
                    
    Accounts payable
  
$
1,964
        
$
1,599
  
    Accrued payroll liabilities and commissions
    
3,145
         
3,781
 
    Accrued customer support and warranty costs
    
1,159
         
1,283
 
    Other accrued liabilities
    
2,163
         
2,007
 
    Customers' deposits
    
3,667
         
2,536
 
    Current portion of long-term debt and capital lease obligations
    
1,199
         
1,210
 
    Current portion of mandatorily redeemable preferred stock
    
1,246
         
1,279
 
    Current portion of warrants
    
313
         
316
 
Total current liabilities
    
14,856
         
14,011
 
Long-term debt and capital lease obligations
    
2,106
         
2,323
 
Deferred income taxes
    
328
         
136
 
Total shareholders' equity
    
36,061
         
36,044
 
    Total
  
$
53,351
        
$
52,514
  
                     
See notes to condensed unaudited consolidated financial statements.
                    

 
KEY TECHNOLOGY, INC. AND SUBSIDIARIES
CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31, 2004 AND 2003

   
2004
      
2003
  
     (in thousands, except per share data)
                     
Net sales
  
$
14,571
        
$
18,743
  
Cost of sales
    
9,266
         
11,687
 
Gross profit
    
5,305
         
7,056
 
Operating expenses:
                    
    Sales and marketing
    
3,031
         
3,321
 
    Research and development
    
1,340
         
1,137
 
    General and administrative
    
1,766
         
1,571
 
    Amortization of intangibles
    
331