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)
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| 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):
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| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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| SECTION 2 - FINANCIAL INFORMATION |
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| 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. |
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| SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS |
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| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
| | (d) | Exhibits |
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| | The following exhibit is furnished with this Current Report on Form 8-K: |
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| | 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.
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| | KEY TECHNOLOGY, INC. |
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| | /s/ Jeffrey T. Siegal |
| | Jeffrey T. Siegal |
| | Vice President and Chief Financial Officer |
Dated: June 26, 2014
EXHIBIT INDEX
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| Exhibit No. | | Description |
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| 99.1 | | Press release of Key Technology, Inc., dated June 26, 2014 |
