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KTEC > SEC Filings for KTEC > Form 8-K on 26-Jun-2014All Recent SEC Filings

Show all filings for KEY TECHNOLOGY INC

Form 8-K for KEY TECHNOLOGY INC


26-Jun-2014

Costs Associated with Exit or Disposal Activities, Financial Statements and Ex


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.



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


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