Keithley Instruments Reports 31 Percent Sales Growth and Net Income of $5.6 Million for Third Quarter Fiscal 2010

Conference Call on the Web

On Wednesday, July 28, 2010, at 10 a.m. Eastern Time, interested parties may listen to the Keithley Instruments quarterly conference call live on the Web by registering on the investor relations portion of the Company's website at www.keithley.com.  Interested parties may also listen to a replay of the quarterly conference call by visiting the website.  The replay will be available for approximately 60 days.

About Keithley Instruments, Inc.

With more than 60 years of measurement expertise, Keithley Instruments has become a world leader in advanced electrical test instruments and systems.  Our customers are scientists and engineers in the worldwide electronics industry involved with advanced materials research, semiconductor device development and fabrication, and the production of end products such as portable wireless devices.  The value we provide them is a combination of products for their critical measurement needs and a rich understanding of their applications to improve the quality of their products and reduce their cost of test.

KEITHLEY INSTRUMENTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands of Dollars Except for Per Share Data)

(Unaudited)




















FOR THE THREE MONTHS

FOR THE NINE MONTHS


ENDED JUNE 30,

ENDED JUNE 30,











2010

2009

2010

2009

NET SALES

$30,686

100.0%

$23,438

100.0%

$88,929

100.0%

$78,469

100.0%










Cost of goods sold

11,025

35.9

10,953

46.7

31,741

35.7

34,657

44.2

Inventory writedowns and accelerated depreciation for exit of product line

   -

0.0

   -

0.0

   -

0.0

2,540

3.2










Gross profit

19,661

64.1

12,485

53.3

57,188

64.3

41,272

52.6










Selling, general and administrative expenses

11,960

39.0

11,678

49.8

35,173

39.5

37,952

48.3

Product development expenses

2,993

9.8

3,655

15.6

8,927

10.0

14,341

18.3

Expenses associated with (gain on) sale of RF product line

18

0.0

-

0.0

(3,068)

(3.4)

-

0.0

Restructuring charges (income)

39

0.1

   -

0.0

(95)

(0.1)

4,202

5.4










Operating income (loss)

4,651

15.2

(2,848)

(12.1)

16,251

18.3

(15,223)

(19.4)










Investment income

21

0.0

42

0.2

65

0.0

274

0.4

Interest expense

(8)

0.0

(19)

(0.1)

(16)

(0.0)

(47)

(0.1)










Income (loss) before income taxes

4,664

15.2

(2,825)

(12.0)

16,300

18.3

(14,996)

(19.1)










Income tax (benefit) expense

(942)

(3.1)

601

2.6

505

0.5

31,068

39.6










NET INCOME (LOSS)

$  5,606

18.3%

$ (3,426)

(14.6)%

$ 15,795

17.8%

$  (46,064)

(58.7)%










Basic income (loss) per share

$ 0.36


$ (0.22)


$ 1.00


$ (2.95)


Diluted income (loss) per share

$ 0.34


$ (0.22)


$ 0.98


$ (2.95)











Cash dividends per Common Share

$ .0375


$ .0125


$ .0625


$ .0875


Cash dividends per Class B









 Common Share

$   .030


$   .010


$   .050


$ .070











Weighted average number of shares outstanding (000) - Diluted

16,269


15,649


16,089


15,626




KEITHLEY INSTRUMENTS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands of Dollars)

(Unaudited)





June 30, 2010

September 30, 2009

ASSETS






Current assets:



Cash and cash equivalents

$  38,867

$  24,114

Restricted cash

510

569

Short-term investments

2,721

759

Accounts receivable and other, net of allowances

15,077

11,738

Refundable income taxes

1,229

466

Inventory

9,148

9,937

Assets held for sale

1,715

--

Other current assets

2,081

2,056




Total current assets

71,348

49,639




Property, plant and equipment, net

5,755

11,100

Other assets

10,323

12,363




Total assets

$  87,426

$  73,102




Liabilities and Shareholders' Equity






Current liabilities:



Short-term debt

$       59

$         --

Accounts payable

5,255

4,916

Other current liabilities

12,789

12,194




Total current liabilities

18,103

17,110




Long-term debt

--

--

Other long-term liabilities

17,233

19,382




Shareholders' equity

52,090

36,610




Total liabilities and shareholders' equity

$  87,426

$  73,102



KEITHLEY INSTRUMENTS, INC.
RECONCILIATION OF REPORTED GAAP RESULTS
TO NON-GAAP FINANCIAL MEASURES
(In Thousands of Dollars)
(Unaudited)











FOR THE THREE MONTHS

FOR THE NINE MONTHS


ENDED JUNE 30,

ENDED JUNE 30,











2010

2009

2010

2009










Net Sales

$ 30,686

100.0%

$ 23,438

100.0%

$ 88,929

100.0%

$ 78,469

100.0%










GAAP gross profit

$ 19,661

64.1%

$ 12,485

53.3%

$ 57,188

64.3%

$ 41,272

52.6%

Non-GAAP adjustment:









Inventory writedowns and accelerated depreciation for exit of product line

    -

0.0

    -

0.0

    -

0.0

2,540

3.2

Non-GAAP gross profit

$ 19,661

64.1%

$ 12,485

53.3%

$  57,188

64.3%

$ 43,812

55.8%










GAAP operating income (loss)

$4,651

15.2%

$(2,848)

(12.1)%

$16,251

18.3%

$(15,223)

(19.4)%

Non-GAAP adjustments:









Inventory writedowns and accelerated depreciation for exit of product line

-

0.0

-

0.0

-

0.0

2,540

3.2

Restructuring charges (income)

39

0.1

-

0.0

(95)

(0.1)

4,202

5.4

Expenses associated with (gain on) sale of RF product line

18

0.0

    -

0.0

(3,068)

(3.4)

    -

0.0

Non-GAAP operating income (loss)

$4,708

15.3%

$(2,848)

(12.1)%

$13,088

14.7%

$(8,481)

(10.8)%




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