Adept Technology, Inc. Reports First Quarter Fiscal 2007 Results.Adept Viper[TM] 6-axis Robots and Control Products Grow; Vision Software Now Shipping With 50% of all Delivered Systems LIVERMORE, Calif. -- Adept Technology, Inc. (Nasdaq:ADEP ADEP Association d'Entraide des Polios et Handicapés ADEP Accelerated Degree Evening Program ADEP Accelerator-Driven Energy Production ADEP Avionics Document for Execution & Planning ADEP Automatic Depth Control ) today announced financial results for its first quarter fiscal 2007, ended September 30, 2006. Revenues were $12.7 million, down 13% from the first quarter of fiscal 2006. This decrease reflected lower sales of remanufactured robots to disk drive manufacturers in the U.S. and Asia, as well as lower than expected sales of Cobra[TM] robots in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , as the automotive components market continues to be impacted by downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing in the domestic automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . Sales of the Company's newer Viper 6-axis robots however were strong, hitting volume target levels five quarters after introduction. Adept also achieved a major breakthrough in vision guided robots, delivering a record 100 vision software units, primarily to high-speed packaging, life science and food applications. Vision software attachment to motion control systems doubled to approximately 50% of all systems delivered, versus 25% twelve months ago. Gross margin was 46.5% of revenue in the first quarter of fiscal 2007, compared with 46.8% of revenue in the same quarter of fiscal 2006. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in the first quarter of 2007 were $7.0 million, including the effect of $268,000 in stock compensation expense, compared with $7.1 million in the same quarter of fiscal 2006, which included the effect of $189,000 in stock compensation expense. Adept recorded a loss from operations of $1.1 million in the first quarter of fiscal 2007, compared with an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $263,000 in the same quarter of the previous year. Interest income of $135,000 was recorded in the first quarter of fiscal 2007, compared with interest expense of $28,000 in the first quarter of fiscal 2006. A currency exchange gain of $167,000 was recorded in the first quarter of fiscal 2007 compared with a loss of currency exchange of $59,000 in the same period of the previous year. The currency exchange gains and losses are primarily related to movements in the euro as compared with the U.S. dollar. Adept reported net loss of $785,000 or $0.10 per basic and diluted share for the first quarter of fiscal 2007, versus net loss of $356,000, or $0.06 per basic and diluted share, for the same period of the prior year. Adept's cash and short-term investment balance at September 30, 2006 was $10.5 million, as compared to $14.0 million at June 30, 2006. The principal reason for the reduced cash position was a decrease of $1.8 million in accounts payable. Net accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying at September 30, 2006 was $12.4 million, an increase of $786,000 from $11.6 million at June 30, 2006. The increase in receivables is primarily the result of a greater proportion of revenue booked at the end of quarter following the summer holiday period in Europe. "Adept made solid progress against our plan to sell universal robot controllers on multi-brand mechanisms with both higher Adept Viper sales and Smart Control[TM] service upgrades in the first quarter of 2007," said Robert Bucher, chief executive officer of Adept. "Target vertical market programs gained traction as well, leveraging Adept's control platform. The continued sales ramp of our integrated vision guidance system software demonstrated the value of Adept vision for high speed packaging, lab automation and the food industry. These strategic market initiatives are reducing our dependence on traditional SCARA (Cobra) robot sales as well as our reliance on the auto parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
"We expect that the project to upgrade our international financial and reporting systems will be complete by fiscal year end. Consistent with my previous three years at Adept, and building on the investments we have made in our people, our products and in our sales and services distribution capabilities, Adept expects to generate incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. growth in the second half of the year," concluded Bucher. Business Highlights of the First Quarter * Adept signed an OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and agreement with Cool Clean Technologies and received an initial $500,000 order to provide robotics automation and controls for the CleanFlex[TM] cleaning system, an innovative cleaning system for disk drive manufacturers. * Reinforcing Adept's leadership in vision technology, in September the Company introduced AdeptSight 2.0, a powerful expansion of Adept's PC-based machine vision product portfolio. New features and capabilities make it easier to design and use vision guidance and inspection in manufacturing. Included in AdeptSight 2.0 is a new color tool A Color tool is an application, usually found within image editing software and online, used for the purposes of color management, creating color schemes, picking colors, and more. , which allows acquisition and calibration of color not of the white race; - commonly meaning, esp. in the United States, of negro blood, pure or mixed. See also: Color images, color matching and color processing. * Further buttressing but·tress n. 1. A structure, usually brick or stone, built against a wall for support or reinforcement. 2. Something resembling a buttress, as: a. The flared base of certain tree trunks. b. its lead in advanced robotic vision guidance with AdeptSight 2.0, Adept introduced SmartFeed[TM] application software. SmartFeed technology incorporates both 2D and 3D machine vision into robot guidance. The resulting applications provide high speed material handling and high speed part sorting, inspection and placement. SmartFeed is available with the Adept control platform for use on any Adept or non-Adept robot mechanism. Conference Call and Simultaneous Webcast Robert Bucher, Chairman and Chief Executive Officer, and Steven Moore This biographical article or section needs additional references for verification. Please help [ to improve this article] by adding additional sources. Unverifiable material about living persons must be removed immediately, especially if potentially libelous or harmful. , Vice President and Chief Financial Officer, will host an investor conference call today, November 14, 2006, at 9:00 a.m. Eastern Time to review the company's financials and operations for the first quarter of fiscal 2007. The company intends not to provide statements regarding the company's anticipated future financial performance. The call will be open to all interested investors through a live audio Web broadcast via the Internet at www.streetevents.com or may be accessed through the investor relations Investor relations The process by which the corporation communicates with its investors. section of our website at www.adept.com. For those who are not available to listen to the live broadcast, the call will be archived at www.adept.com, www.streetevents.com and www.fulldisclosure.com. A telephonic playback of the conference call will also be available for five days from Tuesday, November 14, 2006 to Tuesday, November 19, 2006. Listeners should call 719-457-0820 or 888-203-1112 and use CODE No. "9743709." 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 consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and , 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. All trade names are either trademarks or registered trademarks of their respective holders. Forward-Looking Statements This press release contains certain forward-looking statements including statements regarding products, market opportunities and Adept's growth based on its current products, strategy and market presence and completion of its financial and reporting system upgrades, that involve a number of risks and uncertainties. The company's actual results could differ materially from those expressed in any of the above forward-looking statements for a variety of reasons, including but not limited to, factors affecting our operating results, customers' ability to pay invoices in a timely manner; the risk that some of customers may become insolvent; future economic, competitive and market conditions including those in Europe and Asia and those related to the company's strategic markets; risks of acceptance of the company's new or current products in the marketplace; the financial and operating risks and regulatory requirements associated with the company's international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. ; the company's limited cash resources; the cyclicality of capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. of the company's customers and lack of long-term customer contracts; the company's dependence on the continued growth of the intelligent automation market; the company's highly competitive industry; rapid technological change within the intelligent automation industry; the lengthy sales cycles for the company's products; the company's significant fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). which are not easily reduced; the company's outsourced manufacturing dependence and risks associated with sole or single sources of supply and lengthy procurement lead times The interval in months between the initiation of procurement action and receipt into the supply system of the production model (excludes prototypes) purchased as the result of such actions. It is composed of two elements, production lead time and administrative lead time. ; the risks associated with the seasonality of the company's products; the risks associated with product defects; the potential delays associated with the development and introduction of new products or software releases; the company's ability to sell its products through systems integrators and original equipment manufacturers who may also promote competing products; the need to hire and retain qualified personnel and to complete acquisitions to expand operations; risks associated with variations in our gross margins based on factors which are not always in the company's control or risks related to the company's potential inability to strengthen its internal controls over financial reporting. For a discussion of risk factors relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Adept's business, see Adept's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended June 30, 2006 including the discussion in Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations and Risk Factors contained therein [TABLE OMITTED] [TABLE OMITTED] |
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