MONDAY, DECEMBER 6: KeyTech has paid out almost $3 million in staff separation expenses, it announced this afternoon.

A statement from the company said that its consolidated net income for the six month period up to September 30 was more than $3.2 million.

However it added:?“During the period $2,984,999 of staff separation expenses were incurred. Excluding these expenses net income for the period was $6,203,318 compared to net income of $7,134,513 for the same period last year.”

KeyTech CEO Sheila Lines said:?“We have seen the impact on consolidated revenues of lower domestic demand and continuing cost reduction measures by our customers

“Anticipating these trends we focused on delivering customer service to maintain our market shares and on lowering our operating costs through tight control of operating expenses and reductions in staff numbers.”

Operating revenues for the period were $52.6 million compared to $57.59 million for the six month period ending September 30, 2009, a decrease of $4.9 million or 8.6 percent due to revenue declines across a wide range of services reflecting the challenging current economic climate.