  Results of a new analysis of the $K^+K^-$ photoproduction at two photon
energies $E_\gamma = 4{GeV}$ and $5.65{GeV}$ with a particular emphasis on the
$S$-wave production are presented. We show that the proper treatment of all the
helicity components of the $S$- and $P$-waves enables one to eliminate the
reported discrepancies in extraction of the $S$-wave photoproduction cross
section from experimental data.
