Packaging
Adept Technology Reports First Quarter Fiscal Year 2011 Results
Friday 05. November 2010 - Adept Technology, Inc. (Nasdaq:ADEP), a leading provider of intelligent vision-guided and autonomous mobile robotic solutions, today announced financial results for its fiscal 2011 first quarter ended September 25, 2010.
First Quarter 2011 Results
Revenues for the first quarter of fiscal 2011 increased 25% to $14.6 million from $11.7 million for the first quarter of fiscal 2010. In line with normal historical seasonality, revenues declined 12% from the previous quarter of $16.5 million. The Company reported a GAAP net loss of $1.1 million or $0.12 per share in the first quarter of fiscal 2011, which compares to a net loss of $82,000, or $0.01 per share in the first quarter of fiscal 2010 and a net loss of $186,000, or $0.02 per share in the previous quarter.
Gross margin was 44% of revenue in the first quarter of fiscal 2011, compared to 45% of revenue in the first quarter of fiscal 2010 and 42% in the previous quarter. Fluctuations in gross margin are primarily related to product mix and the impact of currency exchange in each period.
Operating expenses in the first quarter of fiscal 2011 were $7.0 million, compared to $5.5 million for the same period last year and $6.9 million in the fourth quarter of fiscal 2010. The increase in operating expenses from 2010 was driven primarily by stock compensation expense recognized for the issuance of stock consideration in the MobileRobots acquisition. Increased expense in 2011 was also due to the temporary salary reductions in effect in Q1 of fiscal 2010. Operating loss for the first quarter of fiscal 2011 was $638,000, compared to an operating loss of $209,000 for the first quarter of fiscal 2010 and an operating loss of $59,000 in the previous quarter.
Adept’s adjusted EBITDA was $203,000 in the first quarter of fiscal 2011, compared with adjusted EBITDA of $693,000 for the first quarter of fiscal 2010 and adjusted EBITDA of $992,000 in the previous quarter. A discussion of this non-GAAP measure and reconciliation to the applicable GAAP measure is included below.
Adept’s cash and cash equivalents balance at September 25, 2010 was $7.6 million, compared to $8.6 million as of June 30, 2010.
“The first quarter was marked by solid operational execution as we achieved strong year-over-year revenue growth, completed the integration of our recent acquisition MobileRobots and launched our new automated packaging cell into the market. Despite what is seasonally a slow quarter, we began to see initial signs of recovery in our traditional industrial customer base in Germany,” said John Dulchinos, president and chief executive officer of Adept. “It also marked the validation of our acquisition of MobileRobots, Inc., with some very exciting synergies in markets and customers. Since completing the transaction, we have identified several new opportunities for mobile applications in our traditional industrial markets as well as the packaging, logistics, and medical markets.”
Recent Highlights:
Additional operating highlights of the quarter included:
Successful integration of the acquired MobileRobots business, including cross-sales training and identification of resulting synergistic opportunities.
Showcasing of Adept’s most advanced packaging solutions at Pack Expo, including: the Adept MT400 mobile robot powered by Motivity Core from MobileRobots; and the Company’s newest automation cell dedicated to the packaging industry, the Adept Packaging Automation Cell, or PAC.
The receipt of an order for 100 robots from a large German solar manufacturer to be fulfilled over the next year.