Packaging
Adept Technology Reports Second Quarter Fiscal Year 2011 Results
Thursday 03. February 2011 - 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 second quarter ended December 25, 2010.
Second quarter 2011 Results
Revenues for the second quarter of fiscal 2011 increased 45% to $13.3 million from $9.2 million for the second quarter of fiscal 2010. In line with normal historical seasonality, revenues declined 9% from the previous quarter of $14.6 million. The Company reported a GAAP net loss of $1.7 million or $0.20 per share in the second quarter of fiscal 2011, which compares to a net loss of $1.8 million, or $0.21 per share in the second quarter of fiscal 2010 and a net loss of $1.1 million, or $0.12 per share in the previous quarter.
Gross margin was 39% of revenue in the second quarter of fiscal 2011, compared to 44% of revenue in the second quarter of fiscal 2010 and 44% in the previous quarter. The decrease in gross margin was the result of under-absorption in the factory, slightly higher warranty expense, and the impact of currency exchange in the period.
Operating expenses in the second quarter of fiscal 2011 were $7.0 million, compared to $5.7 million for the same period last year and $7.0 million in the first quarter of fiscal 2011. The increase in operating expenses from 2010 was driven primarily by stock compensation and salary expenses in connection with the acquisition of MobileRobots as well as expenses associated with the InMoTx acquisition by Adept completed at the beginning of its third quarter. The annualized increases in expenses are also attributable to the temporary salary reductions in effect in the second quarter of fiscal 2010. Operating loss for the second quarter of fiscal 2011 was $1.8 million, compared to an operating loss of $1.6 million for the second quarter of fiscal 2010 and an operating loss of $638,000 in the previous quarter.
Adept’s adjusted EBITDA loss was $190,000 in the second quarter of fiscal 2011, compared with adjusted EBITDA loss of $1.1 million for the second quarter of fiscal 2010 and adjusted EBITDA of $203,000 in the previous quarter of fiscal 2011. 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 December 25, 2010 was $6.7 million, compared to $7.6 million as of September 25, 2010. The decrease in cash is the result of cash spent in connection with recent acquisitions.
“The second quarter results reflects a much stronger company than a year ago, as evidenced by annual revenue growth of 45% while operating expenses increased only 24% during the same period,” said John Dulchinos, president and chief executive officer of Adept. “We are fundamentally and strategically in a much more competitive position as well, bolstered by our recent acquisition of InMoTx. InMoTx’s proprietary gripping technology combined with Adept’s USDA-certified Quattro robots will enable Adept to effectively address a virtually untapped market that represents about one-third of all packaging lines in the world. Together with our recently acquired MobileRobots business, we believe we have the strongest solution in the packaging market today to serve the challenging niche- and high-volume segments that address the handling of raw foods.”
Recent Highlights:
Acquisition of InMoTx, extending Adept’s capabilities in the untapped natural products market that is estimated to include approximately 75,000 lines.
Expanded Quattro robot product line to include the extended reach Adept Quattro s800H robot increasing the range of applications covered.
Received a $600,000 order for its high-performance Python linear modules from Beijing based Golden Spring Internet of Things. The revenue is expected to be recognized in the third quarter of fiscal 2011.