Packaging
Adept Technology Reports Second Quarter Fiscal Year 2013 Results
Tuesday 12. February 2013 - Adept Technology, Inc. (Nasdaq:ADEP), a leading provider of intelligent vision-guided and autonomous mobile robotic solutions, today announced financial results for its fiscal 2013 second quarter ended December 29, 2012.
Second Quarter Fiscal 2013 Results
Revenue for the second quarter of fiscal 2013 was $10.8 million, below $15.2 million in revenue for the second quarter of fiscal 2012, and slightly below $11.4 million in revenue for the previous first quarter of fiscal 2013. Adept reported a GAAP net loss of $5.2 million, or $0.49 per share in the second quarter of fiscal 2013, compared to a net loss of $1.2 million, or $0.13 per share in the second quarter of fiscal 2012, and a net loss of $3.1 million, or $0.29 per share in the first quarter of fiscal 2013.
Gross margin was 31.8% of revenue in the second quarter of fiscal 2013, compared to 43.0% of revenue in the second quarter of fiscal 2012 and 41.4% in the previous quarter. Gross margin percentage in the second quarter of fiscal of 2013 was down largely due to reserves for excess and obsolete inventory of $875,000, compared to $87,000 in the second quarter of fiscal 2012, and $75,000 in the first quarter of fiscal 2013. Operating expenses in the second quarter of fiscal 2013 were $8.8 million, compared to $7.5 million for the same period last year and $7.4 million in the first quarter of fiscal 2013. Operating expenses in the second quarter include $392,000in restructuring expenses incurred in connection with a reduction in force in early November, and a $1.7 million charge for the impairment of intangible assets and goodwill recorded in the acquisition of InMoTx in January, 2011. The Company’s operating loss for the second quarter of fiscal 2013 was $5.3 million, which compares to an operating loss of $1.0 million for the second quarter of fiscal 2012 and an operating loss of $2.7 million in the first quarter of fiscal 2013.
Adept’s adjusted, non-GAAP EBITDA in the second quarter of fiscal 2013 was a loss of $2.4 million, compared with an adjusted EBITDA loss of $79,000 in the second quarter of fiscal 2012, and adjusted EBITDA loss of $2.4 million in the first quarter of fiscal 2013. A discussion of this non-GAAP measure and reconciliation to the applicable GAAP measure is included below. Adept ended the quarter with cash and cash equivalents of $6.9 million, and during the quarter paid off the Company’s line of credit borrowings.
“Over the last quarter we narrowed our focus, restructured our team, and implemented aggressive actions to achieve major cost reductions, substantially lowering the breakeven of the business. These efforts will give the company the opportunity to both invest key strategic resources in our future growth opportunities, while simultaneously becoming cash flow positive,” said John Dulchinos, Adept’s chief executive officer. “At the same time we achieved a major milestone in the business with the introduction and first installation of Lynx, our revolutionary autonomous mobile robot platform. Going forward our focus will be on scaling our Lynx platform through existing and new channels to market,” Dulchinos concluded.
Recent Highlights
Launched groundbreaking Lynx fully autonomous mobile robot platform and Enterprise Manager mobile robot fleet management software solution at Automate 2013
Completed delivery and installation of Lynx mobile robot wafer cassette transfer application solution to customer in semiconductor industry
Introduced FlexiBowl automated flexible robotic parts feeding system at Automate 2013
Featured in 60 Minutes story entitled “March of the Machines” discussing the benefits of reshoring using flexible automation
Completed restructuring of company’s operations that are expected to result in annual savings of approximately $6 million. These savings will be fully realized by the fourth quarter of fiscal 2013.