Adept Technology, Inc. reports second quarter fiscal 2008 results

Citation

(2008), "Adept Technology, Inc. reports second quarter fiscal 2008 results", Industrial Robot, Vol. 35 No. 6. https://doi.org/10.1108/ir.2008.04935fab.005

Adept Technology, Inc. reports second quarter fiscal 2008 results

Article Type: News From: Industrial Robot: An International Journal, Volume 35, Issue 6

Net Income Increases 400 per cent from Prior Quarter to $1.5 Million on Record Bookings.

Adept Technology, Inc. a leading provider of vision-guided robotics has announced financial results for its fiscal 2008 second quarter, ended 29 December 2007.

Revenues for the second quarter of fiscal 2008 increased 30 per cent to $14.4 million, compared to $11.1 million for the same period last year, and up 5 per cent from $13.7 million in the previous quarter. Net income increased 400 per cent sequentially from the first quarter of 2008 to $1.5 million, or $0.18 per share for the second quarter of fiscal 2008, versus a net loss of $2.6 million, or $0.34 per share, for the second quarter of fiscal 2007.

Gross margin was 50.4 per cent of revenue in the second fiscal quarter of 2008, compared with 35.1 per cent of revenue in the second fiscal quarter of 2007 and 53.5 per cent in the first quarter of fiscal 2008. Gross margin in the second quarter of 2008 was positively affected by record European revenues including sales of Quattro, incremental software licensing revenue, and lower product manufacturing costs as a result of the Company’s ongoing cost reduction activities. These factors were offset by lower margin product mix and an increase to warranty reserves.

Operating expenses decreased 9 per cent in the second quarter of 2008 to $6.0 million, compared with operating expenses of $6.6 million in the same quarter of fiscal 2007. Operating income was $1.3 million in the second quarter of fiscal 2008, compared with an operating loss of $2.7 million in the second quarter of fiscal 2007.

Adjusted EBITDA was $2.1 million in the second quarter of fiscal 2008, compared with adjusted EBITDA of $(2.0) million in the second quarter of fiscal 2007 and adjusted EBITDA of $1.1 million in the first quarter of fiscal 2008. A discussion of this non-GAAP measure and reconciliation of this measure to the applicable GAAP measure is included below.

Adept’s cash and short-term investment balance at 29 December, 2007 was $12.4 million, an increase of 25 per cent from $9.9 million at 29 September 2007.

“The strong results of the quarter and fiscal year to date clearly reflect success in our efforts to reduce expenses and leverage our financial model,” said Robert Bucher, chief executive officer of Adept Technology. “In addition, we continued to capitalize on the growing traction we are experiencing in our target vertical markets of Packaging, Life Sciences, Disk Drive and Semiconductor/Solar, enabling us to meet and in some cases exceed, certain key operational and financial objectives. We are seeing increased demand for our Cobra and Viper robots in Europe and improved vertical market demand in the United States. We recognized our first revenues from Quattro, which targets high-speed applications across our target verticals. And, significantly, we booked record orders of over 400 robots including 130 Quattro robots during the quarter.”

Highlights of the quarter include:

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  80 per cent year over year growth in Robotics segment revenues, including record sales from Europe;

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  packaging and solar orders exceeded $7.5 million during the quarter; and

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  expansion of Adept’s global distribution network to over 20 companies.

Adept acquired Cerebellum on 2 January 2008 and Cerebellum operations will be included in the next fiscal quarter results.