Adept Technology Reports Fourth Quarter Fiscal 1999 Results.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Aug. 4, 1999-- Adept Technology, Inc. (Nasdaq National Market System Symbol: ADTK), a leading designer and manufacturer of intelligent automation products, today reported financial results for the fourth quarter and all of fiscal 1999. For the quarter ended June 30, 1999, Adept reported revenues of $22.1 million compared with revenues of $22.3 million in the fourth quarter of fiscal 1998 and $20.4 million in the third quarter of fiscal 1999. The company reported net income of $760,000, or $.09 of diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of , versus a net loss of $920,000, or $.11 of diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. loss per share, in the fourth quarter of fiscal 1998. The results for the fourth quarter of fiscal 1998 included restructuring and other nonrecurring charges Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". of $2.1 million, or $.15 per diluted share. Without these charges, Adept had net income of $328,000, or $.04 of diluted earnings per share, for the fourth quarter of fiscal 1998. For all of fiscal 1999, Adept reported revenues $82.0 million versus revenues of $98.4 million in fiscal 1998. The company reported net income of $2.6 million, or $.30 of diluted earnings per share, compared with net income of $2.6 million, or $.29 of diluted earnings per share, in fiscal 1998. In addition to the restructuring and other nonrecurring charges recorded in the fourth quarter of fiscal 1998, the results for fiscal 1998 included a nonrecurring, non-cash compensation charge of $675,000, or $.04 per diluted share. Without these restructuring and other nonrecurring charges, Adept had net income of $4.2 million, or $.47 of diluted earnings per share, in fiscal 1998. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter was $987,000 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 $1.8 million for the same period a year ago. Operating income in the fourth quarter of fiscal 1998, before restructuring and other nonrecurring charges, was $294,000. Gross margin for the fourth quarter of 1999 was 47.2 percent versus 41.0 percent in the fourth quarter of fiscal 1998. 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 fourth quarter of 1999 were $9.4 million versus $8.8 million, before restructuring and other nonrecurring charges, in the same period a year ago. "We had a very solid quarter as revenues grew more than eight percent over the most recent quarter and bookings have continued to be very positive. The fourth quarter marks the first quarter in fiscal 1999 in which earnings per share increased over the comparable quarter in 1998. Our improvement in net income both over the comparable and most recent quarter was driven by revenue growth from SILMA which had a record quarter," said Brian R. Carlisle, chairman and chief executive officer of Adept. "During the fourth quarter, we faced product delivery challenges related to a problem with one of our suppliers. We are addressing that issue and hope to have it resolved shortly. The increase in operating expenses reflects our return to a full-time operating schedule and investments in sales and marketing programs, but were in line with our plan for the period. In addition, we increased cash and short term investments at the end of the period to $26.9 million versus $23.9 million at the end of the third quarter," Carlisle added. Carlisle noted that the company announced several major accomplishments during the quarter, the most significant being its acquisition of BYE/OASIS Engineering, Inc., a leading private manufacturer of mini environment systems and Standard Mechanical Interfaces (SMIF SMIF Standard Mechanical Interface SMIF Stream-based Model Interchange Format SMIF Shared Materials Instrumentation Facility (Duke University) SMIF Stanford Management Internship Fund SMIF SMAD4-Interacting Transcription Factor ) for the microelectronics industry. "We believe this transaction will enhance our position in the wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. and microelectronic manufacturing industries manufacturing industries npl → industrias fpl manufactureras manufacturing industries npl → industries fpl de transformation by offering the semiconductor industry more complete wafer handling solutions combining robotics robotics, science and technology of general purpose, programmable machine systems. Contrary to the popular fiction image of robots as ambulatory machines of human appearance capable of performing almost any task, most robotic systems are anchored to fixed positions , environmental controls and SMIF interfaces Acronym For Standard Mechanical InterFace. An Isolation technology developed in the 1980s by group known as "micronauts" at Hewlett-Packard in Palo Alto. The system is used in semiconductor wafer fabrication and cleanroom environments. ," Carlisle noted. "The SEMICON SEMICON Semiconductors Equipment and Material International Conference West demonstration of the AdeptVicron and AdeptAtlas robots which we developed in conjunction with Samsung was received very enthusiastically," said Charles Duncheon, senior vice president of sales and marketing. "These devices extend our long-standing presence in semiconductor automation to direct involvement in wafer handling and flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time transfer automation. Coupled with the capabilities of BYE/OASIS, Adept can now provide semiconductor manufacturers a seamless system implementation for total automated semiconductor wafer handling solutions," he added. Duncheon said the record quarter at SILMA was driven by revenues from the company's multi-year contract with Ford Motor Company and the shipment of the first seat of Adept Digital Workcell, the newly introduced 3-D robotic precision assembly simulation tool which allows integration engineers to program and debug To correct a problem in hardware or software. Debugging software means locating the errors in the source code (the program logic). Debugging hardware means finding errors in the circuit design (logical circuits) or in the physical interconnections of the circuits. a workcell offline without the physical robot or cell hardware. Subsequent to the end of the quarter, Adept announced a $5 million order from PMJ PMJ Project Management Journal PMJ Professional Military Judgment PMJ Production Method Justification Automec Corporation, a leading international system integrator See systems integrator. based in Finland, and an alliance with Asea Brown Baveri (ABB n. 1. Among weavers, yarn for the warp. Hence, Noun 1. ABB - an urban hit squad and guerrilla group of the Communist Party in the Philippines; formed in the 1980s ) Flexible Automation to jointly market high speed small parts packaging and handling solutions to the food and consumer products industries. "The PMJ order includes AdeptMotion VME (Virtual Machine Environment) An operating system from Fujitsu Services (formerly ICL) that runs on its Series 39 mainframes. Introduced in 1975, VME is a comprehensive product that provides a variety of utilities for datacenter operations. controllers, amplifiers and AdeptVision VXL VXL Voxel (volume pixels) VXL Vision something Libraries vision guidance systems for shipment over the course of fiscal 2000. The ABB partnership should leverage our motion control and vision guidance products and ABB's new FlexPicker robot, a high-speed picker robot to provide manufacturers a faster, more efficient and more flexible packaging solution," Duncheon noted. Founded in 1983, Adept Technology, Inc. designs, manufactures and markets intelligent automation software and hardware products for manufacturers in the electronics, telecommunications, appliances, pharmaceuticals, food production and automotive components industries. The company is the largest manufacturer of industrial robots An industrial robot is officially defined by ISO[1] as an automatically controlled, reprogrammable, multipurpose manipulator programmable in three or more axes. in the U.S., with more than 15,000 systems installed worldwide. The company provides direct sales, service, and training in the U.S., Europe, South Korea, Singapore and with a partner in Japan, and offers turnkey flexible automation systems through specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. automation engineering companies throughout the world. Adept Technology product and service information is available at World Wide Web site http:www.adept.com. This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve a number of risks and uncertainties. The following important factors could cause the company's actual results to differ materially from those expressed in any of the above forward-looking statements: The potential fluctuations in the company's quarterly and annual results of operations; 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; the company's dependence on the continued growth of the intelligent automation market; the 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 company's highly competitive industry; rapid technological change within the company's industry; the lengthy sales cycles for the company's products; the risks associated with reliance on system integrators; the risks associated with international sales and purchases; the risks associated with potential acquisitions, including integration risks associated with our recent acquisition of BYE/OASIS, and the need to manage growth; the risks associated with new product development and the need to manage product transitions; the company's dependence on retention and attraction of key employees; the risks associated with product defects; the company's dependence on third-party relationships; the uncertainty of patent and proprietary technology protection and third party intellectual property claims; change in, or failure or inability to comply with, government regulations; general economic and business conditions; the failure of any new products to be accepted in the marketplace; any decreased investment in robotics generally, and in the company's intelligent automation products particularly, as a result of general or specific economic conditions or conditions affecting any of the company's primary markets; or decreased acceptance of the company's current products in the marketplace. For a further discussion of risk factors relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's business, see the company's Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 27, 1999, and the company'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, 1998, 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 filed as an exhibit thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. , filed on September 28, 1998. -0-
ADEPT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
Three months ended For the years ended
------------------ -------------------
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
-------- -------- -------- --------
Net revenues $ 22,061 $ 22,279 $ 82,027 $ 98,394
Cost of revenues 11,658 13,142 44,255 56,503
-------- -------- -------- --------
Gross margin 10,403 9,137 37,772 41,891
Operating expenses:
Research, development and
engineering 3,094 3,055 11,063 10,731
Selling, general and
administrative 6,322 5,788 23,296 25,150
Restructuring and other
nonrecurring charges -- 2,081 -- 2,756
-------- -------- -------- --------
Total operating expenses 9,416 10,924 34,359 38,637
-------- -------- -------- --------
Operating income (loss) 987 (1,787) 3,413 3,254
Interest income, net 280 253 958 998
-------- -------- -------- --------
Income (loss) before
provision for income taxes 1,267 (1,534) 4,371 4,252
Provision for (benefit from)
income taxes 507 (614) 1,749 1,701
-------- -------- -------- --------
Net income (loss) $ 760 ($ 920) $ 2,622 $ 2,551
======== ======== ======== ========
Net income per share:
Basic $ .09 ($ 0.11) $ .31 $ .30
======== ======== ======== ========
Diluted $ .09 ($ 0.11) $ .30 $ .29
======== ======== ======== ========
Number of shares used in
computing per share amounts:
Basic 8,633 8,679 8,590 8,455
======== ======== ======== ========
Diluted 8,782 8,679 8,688 8,923
======== ======== ======== ========
ADEPT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, June 30,
1999 1998
------- -------
ASSETS
Current assets:
Cash, cash equivalents and short term
investments $26,920 $20,903
Accounts receivable, less allowance for
doubtful accounts of $637 at June 30 1999
and $452 at June 30, 1998 19,084 19,904
Inventories 11,284 15,190
Deferred tax assets and prepaid expenses 4,497 4,766
------- -------
Total current assets 61,785 60,763
Property and equipment at cost 24,347 22,138
Less accumulated depreciation and
amortization 18,675 16,285
------- -------
Net property and equipment 5,672 5,853
Other assets 1,553 1,342
------- -------
Total assets $69,010 $67,958
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,943 $ 5,875
Other accrued liabilities 9,185 9,414
------- -------
Total current liabilities 15,128 15,289
Commitments and contingencies
Total shareholders' equity 53,882 52,669
------- -------
Total liabilities and shareholders'
equity $69,010 $67,958
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