ADEP Great Earnings Reported after today's close
Adept Technology, Inc. Reports Third Quarter Fiscal 2008 Results
Adept Technology, Inc. (NASDAQ: ADEP), the leading provider of intelligent vision-guided robotics and global robotics services, today announced financial results for its fiscal 2008 third quarter, ended March 29, 2008.
Revenues for the third quarter of fiscal 2008 increased 28% to $16.1 million, compared to $12.6 million for the same period last year, and up 12% from $14.4 million in the second quarter. Growth during the quarter was driven primarily by demand for Adept’s new Quattro robotic systems as well as increasing penetration in the Solar market. Net income increased substantially from the prior year, growing to $1.0 million, or $0.12 per share, compared to a net loss of $2.4 million, or $0.32 per share for the third quarter of fiscal 2007, and net income for the second quarter of 2008 of $1.5 million, or $0.18 per share, which was favorably impacted by incremental software licensing revenue.
Gross margin was 46.3% of revenue in the third fiscal quarter of 2008, compared with 45.7% of revenue in the third fiscal quarter of 2007 and 50.4% in the second fiscal quarter of 2008. Gross margin in the second quarter of 2008 was positively affected by incremental software licensing revenue. The Company expects to see improvements in gross margin for the balance of the year and into 2009 as Quattro products ramp as a percentage of total sales.
Operating expenses decreased in the third quarter of 2008 to $6.6 million, compared with operating expenses of $8.3 million in the same quarter of fiscal 2007. Operating income was $886 thousand in the third quarter of fiscal 2008, compared with an operating loss of $2.6 million in the third quarter of fiscal 2007.
Adjusted EBITDA was $1.6 million in the third quarter of fiscal 2008, compared with adjusted EBITDA of ($2.0) million in the third quarter of fiscal 2007 and adjusted EBITDA of $2.1 million in the second quarter of fiscal 2008. A discussion of this non-GAAP measure and reconciliation of this measure to the applicable GAAP measure is included below.
Adept’s cash and short-term investment balance at March 29, 2008 was $12.3 million, down slightly from $12.4 million reported as of December 29, 2007.
“We continued to execute on all of our key objectives during the third quarter, which is reflected in the results we are reporting today, as well as our raised revenue expectations for the full fiscal year 2008,” said Robert Bucher, chief executive officer of Adept Technology. “Our European and U.S. vertical market strategy continued to drive increased sales, and we began making inroads beyond these geographies and into South America and Asia, with our first Quattro systems going into Japan and Korea during the quarter. Our financial model continues to improve with increasing revenues and profits and we are well positioned to capitalize on the growing traction we are experiencing in our target vertical markets of Packaging, Life Sciences, Disk Drive and Semiconductor/Solar.” Highlights of the quarter include: Revenue from our Solar vertical now represents approximately 10% of total product revenue; Achieved 25,000th robot shipment milestone; Design win with Roth & Rau for Adept Quattro as standard solar cell handling robot; First sales of Adept Quattro during the quarter into Japan and Korea, expanding our Packaging vertical into Asia; Successfully completed acquisition of Cerebellum.
Fiscal 2008 Outlook Updating its previous guidance for fiscal 2008 as a whole from its second quarter press release dated February 7, 2008, the Company expects revenues to increase to between $56.0 million and $60.0 million, which represents growth of 14% to 22% from fiscal 2007 levels and which compares to previous guidance of revenues of $52.0 to $56.0 million. The Company further expects to record net income of $2.9 million to $3.4 million, up from previous guidance of net income of $1.8 million to $2.3 million. The Company expects to be cash flow positive for fiscal 2008.
Conference Call and Simultaneous Webcast Robert Bucher, chief executive officer, John Dulchinos, president and chief operating officer and Lisa Cummins, vice president and chief financial officer, will host an investor conference call today, May 7, 2008, at 5:00 P.M. Eastern Time to review the Company’s financial and operating performance for the fiscal 2008 third quarter. The call will also include statements regarding the company's anticipated financial performance for fiscal 2008. These statements will be forward-looking, and actual results may differ materially. The company intends to continue its practice of not updating forward-looking statements until its next quarter end or fiscal year end results announcement. The call can be accessed by dialing (800) 240-8621. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. In addition, the conference call will be available over the Internet at www.adept.com in the Investor Relations section of the site. For those who are not available to listen to the live broadcast, the call will be archived at www.adept.com and a telephonic playback of the conference call will also be available for five days following the call. Replay listeners should call (800) 405-2236 and entering the passcode 11113799#.
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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