Business News

Adept Technology Reports Fiscal Year 2014 Third Quarter Results

Monday 19. May 2014 - 38% Increase in Revenues, 31% for First Nine Months of Fiscal 2014; Operating Income of $0.3 Million for Quarter; Adjusted EBITDA of $1.2 Million, $2.8 Million for First Nine Months;

Adept Technology, Inc. (Nasdaq:ADEP), a leading provider of intelligent robots, autonomous mobile solutions and services, today announced financial results for its fiscal 2014 third quarter.
Fiscal 2014 Third Quarter Highlights
Revenue of $15.1 million increased 38% compared with the 2013 third quarter;
Gross margin of 45.7% expanded 300 basis points over the 2013 third quarter;
Operating income was $0.3 million, a $2.1 million improvement over the 2013 third quarter operating loss;
Adjusted EBITDA was $1.2 million, compared with the 2013 third quarter adjusted EBITDA loss of $1.1 million.
Commenting on fiscal 2014 third quarter results, Rob Cain, President and CEO, noted, “While we are pleased with our third quarter performance and the progress we are making in stabilizing and growing the business, we have much work to do to meet our long term objectives. We continue to invest in the markets and verticals where we see significant opportunities to grow the top and bottom line in a sustainable manner. Specific markets that we are addressing include warehousing and logistics, small flexible manufacturing, semiconductor and food.”
Third Quarter Fiscal 2014 Results
Revenues for the third quarter of fiscal 2014 were $15.1 million, compared with $10.9 million reported in the 2013 third quarter. Gross margin for the third quarter was 45.7%, compared with 42.7% in the third quarter of fiscal 2013. Operating expenses in the third quarter of fiscal 2014 were $6.6 million, compared to $6.6 million in the third quarter of 2013. The Company’s operating income for the third quarter was $0.3 million, compared with an operating loss of $1.9 million in the 2013 third quarter.
In the 2014 third quarter, Adept reported GAAP net loss attributable to common shareholders of $12,000, or $0.00 per share. This compares with a net loss of $1.9 million, or a loss of $0.17 per share, in the 2013 third quarter. Adept’s non-GAAP adjusted EBITDA was $1.2 million in the 2014 third quarter, compared with an adjusted EBITDA loss of $1.1 million in the 2013 third quarter. A discussion of this non-GAAP measure and reconciliation to the applicable GAAP measure is included below.
Adept’s cash and cash equivalents at March 29, 2014 totaled $6.7 million, compared to cash and cash equivalents of $6.3 million at June 30, 2013. The increase was primarily due to cash provided by stock plans. During the quarter, all of Adept’s outstanding redeemable convertible preferred stock was converted into 1.7 million shares of common stock.