Adept Technology, Inc. Reports First Quarter Results; Results Reflect Continued Restructuring Recovery
LIVERMORE, Calif.--(BUSINESS WIRE)--Oct. 27, 2004--Adept Technology, Inc. (OTCBB:ADTK) today announced results of its operations for its first quarter fiscal 2005 which ended October 2, 2004. Net revenues from continuing operations were $11.3 million, an increase of $646,000 or 6% over the comparable period in 2004. Gross margin for the first quarter 2005 was $5.5 million, an increase of $1.6 million or 43% from the same period of the prior year. During the quarter ended October 2, 2004, the company reported pre-tax income from continuing operations of $52,000 compared with a pre-tax loss from continuing operations of $1.4 million for the same quarter a year ago. In total, Adept reported net income of $40,000 for the three months ended October 2, 2004, versus a net loss of $1.3 million, or $0.08 per share, for the same period a year ago. "Robotic revenues were higher year on year, but slightly lower than expected, reflecting the traditional European summer business cycle and a general softening in the domestic manufacturing marketplace," said Robert Bucher, CEO of Adept Technology, Inc. "Adept Cobra robot shipments remained strong. We expect new products, such as the standalone Adept i-Series robots and the simple-to-configure Adept Cobra PLC robots, introduced earlier this year, to increase new customer activity and market share as the year progresses. The quarter saw gross margin improvement as Adept software sales of both vision and motion control were made to major Integrator and OEM accounts."Bucher continued, "Revenue increased from both product upgrades and the purchase of remanufactured robots as customers took advantage of these Adept service programs. Adept also established a fast-track delivery program for its customers, a direct outcome of successful product outsourcing that should be completed by the end of the second fiscal quarter. The September quarter also saw the establishment of our Adept Germany factory, supplying standard products direct to local European customers. Focus on manufacturing quality standards and processes, and implementation of a worldwide QA network resulted in reduced warranty and service costs in the first quarter. Adept still remains cautious in our recovery, and is carefully controlling operating expenses, lowering our breakeven level of operations, and increasing product margin. The resulting productivity, efficiency, and financial strength will allow Adept to continue investment in product marketing and advanced technology engineering programs."About Adept Technology, Inc.Adept Technology designs, manufactures and markets factory automation components for the telecommunications, consumer electronics, semiconductor, automotive, lab automation and pharmaceutical industries throughout the world. Adept's robots, controllers, and software products are used for small parts assembly, material handling and precision process applications. Our intelligent automation product lines include industrial robots, configurable linear modules, flexible feeders, semiconductor process components, OEM motion controllers for robot mechanisms and other flexible automation equipment, machine vision systems and software, and application software. Founded in 1983, Adept is America's largest manufacturer of industrial robots. More information is available at www.adept.com.
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