Adept Technology, Inc. Reports Revised Results of Operations for Fourth Quarter and Fiscal 2005
LIVERMORE, Calif., Sep 2005 (BUSINESS WIRE) -- Adept Technology, Inc. (OTCBB:ADEO) today announced revised results of its operations for the fourth quarter and fiscal year ended June 30, 2005. As a result of an adjustment to accrued liabilities that was identified during completion of the annual audit process, the Company has increased net income for the year ended June 30, 2005 from $1.0 million, as previously reported, to $1.3 million. Basic EPS has increased from $0.17 to $0.21 for the year. Also, upon receipt of final tax input for 2005 from our tax advisors, we have reduced the long term deferred tax assets and liabilities from the balance sheet at June 30. For financial reporting purposes, our deferred tax assets have been to a significant extent offset by a "valuation allowance" due to uncertainties about our ability to generate sufficient future taxable income to utilize them. This is consistent with our past practice in recent years. About Adept Technology, Inc. Adept Technology, Inc. designs, manufactures and markets robotic systems, motion control and machine vision technology for global markets including automotive, consumer electronics, consumer goods, disk drive, food, industrial tooling, medical devices, and pharmaceutical. Adept robots, controllers, and software are used for small parts assembly, material handling and packaging. Adept intelligent automation product lines include industrial robots, configurable linear modules, machine controllers for robot mechanisms and other flexible automation equipment, machine vision, and systems and applications software. Founded in 1983, Adept Technology is the largest U.S.-based manufacturer of industrial robots. More information is available at www.adept.com.
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