8-K: June 26. 2014



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________


FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 26, 2014


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

OREGON
0-21820
93-0822509
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
 Identification No.)

150 Avery Street
Walla Walla, Washington 99362
(Address of principal executive offices) (Zip Code)

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


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






SECTION 2 - FINANCIAL INFORMATION
 
 
ITEM 2.05
COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES




On June 26, 2014, Key Technology, Inc. (the “Company”) announced a planned reduction of approximately 8% of its global workforce in order to better position the Company strategically and to reduce costs. The largest portion of the workforce reduction will become effective on or about July 1, 2014. The Company estimates that the total costs to be incurred related to the workforce reduction will be approximately $1.2 million, the majority of which will be severance and employee-related costs. The Company’s net earnings for the third quarter of fiscal 2014 will be adversely affected by the estimated pre-tax charge of approximately $1.2 million. The Company expects the majority of the associated cash expenditures to be incurred in the fourth quarter of fiscal 2014.



SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
 
 
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
 
(d)
Exhibits
 
 
 
The following exhibit is furnished with this Current Report on Form 8-K:
 
 
 
99.1
Press Release of Key Technology, Inc., dated June 26, 2014






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


 
KEY TECHNOLOGY, INC.
 
 
 
/s/ Jeffrey T. Siegal
 
Jeffrey T. Siegal
 
Vice President and Chief Financial Officer


Dated: June 26, 2014







EXHIBIT INDEX


Exhibit No.
 
Description
 
 
 
99.1
 
Press release of Key Technology, Inc., dated June 26, 2014