Key Technology Slips To Loss In Q2

(RTTNews) - Key Technology Inc. (KTEC) announced that the resolution of the intellectual property litigation between its subsidiary Visys N.V. and Tomra Sorting N.V., formerly BEST N.V., has resulted in a revision of the company's fiscal 2014 second quarter financial results, which were disclosed in a press release dated April 24, 2014.

The company reported second-quarter net loss of $697 thousand or $0.11 per share, compared to net earnings of $2.1 million or $0.38 per share in the comparable quarter last year.

Net sales for the latest quarter declined to $31.60 million from $35.49 million in the prior year period.

On average, analysts polled by Thomson Reuters expected the company earn $0.00 per share on revenue of $31.85 million for the quarter. Analysts' estimates typically exclude special items.