Adept Technology Reports Record Annual and Quarterly Revenues.Business Editors 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. 3, 2000 Adept Technology, Inc. (Nasdaq: ADTK), a leading designer and manufacturer of intelligent automation products, today reported financial results for its fourth quarter and fiscal year ended June June: see month. 30, 2000. Record net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the quarter ended June 30, 2000 were $28.1 million, an increase of 15.5% over revenues of $24.3 million for the fourth quarter ended June 30, 1999. Adept reported net income, before amortization of goodwill and other intangibles resulting from Adept's acquisition of two companies ("amortization expense"), of $0.9 million or $0.08 per fully 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. share for the quarter ended June 30, 2000, versus net income of $0.7 million or $0.07 per fully diluted share, for the quarter ended June 30, 1999. Including amortization expense of $0.7 million, Adept reported net income of $0.3 million or $0.02 per fully diluted share, for the fourth quarter of fiscal 2000. Record net sales for fiscal 2000 were $99.2 million, an increase of 13.5% over the $87.4 million for the fiscal year ended June 30, 1999. Net income before amortization expense and merger-related expenses for fiscal 2000 was $0.2 million, or $0.02 per fully diluted share, versus net income of $2.5 million, or $0.26 per fully diluted share, for the fiscal year ended June 30, 1999. Including amortization expense and merger-related expenses of $1.67 million Adept reported a net loss of ($1.4) million, or ($0.15) per share, for fiscal 2000. 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 ended June 30, 2000 was $0.9 million before amortization expense, or $0.2 million including amortization expense, as compared to operating income of $0.9 million for the quarter ended June 30, 1999. Gross margin for the quarter ended June 30, 2000 was 45.2% versus 45.3% in the quarter ended June 30, 1999. 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. excluding amortization expense for the quarter ended June 30, 2000 were $11.8 million, or $12.5 million including amortization expense compared to $10.1 million in operating expenses for the quarter ended June 30, 1999. All financial information presented includes the results for BYE/Oasis Engineering, Inc., which was acquired in July July: see month. 1999 and was accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . Fourth quarter and fiscal year 2000 both include the results of operations for two months of Pensar Tucson Tucson (t  `sŏn'), city (1990 pop. 405,390), seat of Pima co., SE Ariz.; inc. 1877. , Inc., which was acquired on April 28, 2000, as well as the
results of operations for one month of NanoMotion, Inc. which was
acquired on May 31, 2000. Adept completed the acquisition of HexaVision
Technologies on July 21, 2000. The Pensar, NanoMotion and HexaVision
acquisitions were accounted for using the purchase method of accounting.Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. R. Carlisle Carlisle, city, England Carlisle, city (1991 pop. 72,006) and district, Cumbria, NW England, near the junction of the Caldew, Eden, and Petteril rivers. The city of Carlisle is an important rail center. , chairman and chief executive officer of Adept, noted, "In the last three months the company has completed three acquisitions which are part of its ongoing strategy to move into the photonics photonics, the science and technology based on and concerned with the controlled flow of photons, or light particles. It is the optical equivalent of electronics, and the two technologies coexist in such innovations as optoelectronic integrated circuits. automation market. Pensar is a design engineering firm that brings to us additional capacity to take advantage of the precision automation markets and assembly platforms. With the addition of NanoMotion we acquired 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. manipulators capable of automatically aligning a·lign v. a·ligned, a·lign·ing, a·ligns v.tr. 1. To arrange in a line or so as to be parallel: align the tops of a row of pictures; aligned the car with the curb. two or more parts together with a precision thousands of times smaller than the width of a human hair, a capability that is essential for assembly of fiber optic components and other areas of precision assembly, including our semiconductor applications. And finally, HexaVision brings us world class vision technology, including tools to locate and register parts with the precision of 1/40th of a pixel." "Fiscal 2000 was a milestone year for Adept," said Carlisle. "In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite a difficult and disappointing first quarter, we delivered record revenues in the fourth quarter and the fiscal year total. And more importantly, we executed the first steps in a growth strategy that we believe will remake re·make tr.v. re·made , re·mak·ing, re·makes To make again or anew. n. 1. The act of remaking. 2. Something in remade form, especially a new version of an earlier movie or song. the company. We have focused and provide precision assembly products for three key markets, fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber , semiconductor, and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. . Currently we believe that fiber optics still represents less than approximately 5% of our Q4 revenue. We expect this to increase in Q1 of fiscal 2001 but do not expect to see significant revenues from this area until March of 2001. We believe semi-conductor is now approximately 15% of our business and that telecommunications and consumer electronics are approximately 30%. We have developed product and technology plans to support these markets, and we completed three key acquisitions to help us achieve our plans." These markets experienced growth in the second half of FY2000. "We had considerable success in major fiber optic programs, and ongoing telecommunications business from established manufacturers and OEMs around the world," said John Dulchinos, vice president sales. "And our semiconductor group doubled their revenue from the previous year and made their initial shipments of the Adept FFE FFE Fédération Française d'Equitation (French governing body for equestrian sport) FFE Fédération Française des Échecs FFE Food for Education FFE Flat File Extractor FFE Frontier: First Encounters 200 flexible front end, which we believe offers a unique integrated handling and environmental solution for semiconductor tool OEMs." Founded in 1983, Adept Technology, Inc., designs, manufactures and markets intelligent precision automation software and hardware products for manufacturers in the fiber optics, semiconductor, telecommunications, electronics, 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 20,000 systems installed worldwide. The company provides direct sales, service and training in the U.S., Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , South Korea, Singapore and
with a partner in Japan, and offers turnkey See turnkey system. flexible automation systems
through specialized automation engineering companies throughout the
world. Adept Technology product and service information is available at
its World Wide Web site at 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 company's actual results could differ materially from those expressed in any of the above forward-looking statements for a variety of reasons, including: the potential delays associated with the development and introduction of new products or software releases; 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 timing of orders, cancellations by, and shipments to customers; the risks associated with reliance on systems integrators An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. ; the risks associated with international sales and purchases; the risks associated with potential acquisitions, including integration risks associated with our acquisition of BYE/Oasis, Pensar-Tucson, NanoMotion and HexaVision, unanticipated costs in connection with the acquisition or integration, loss of employees or other business disruptions, 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 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 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 discussion of other risk factors relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Adept's business, see the company's Form 10Q for the quarters ended October 2, 1999, January 1, 2000 and April 1, 2000, as well as the company's annual report on Form 10K for the fiscal year ended June 30, 1999, 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, 1999.
ADEPT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
Three months ended Year ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
(Restated)(a)
Net revenues $ 28,058 $ 24,283 $ 99,212 $ 87,374
Cost of revenues 15,389 13,273 56,173 47,902
-------- -------- -------- --------
Gross margin 12,669 11,010 43,039 39,472
Operating expenses:
Research, development and
engineering 4,346 3,283 14,629 11,591
Selling, general and
administrative 7,454 6,814 29,788 24,676
Merger-related expenses -- -- 988 --
Amortization of goodwill and
other intangibles 685 -- 685 --
-------- -------- -------- --------
Total operating expenses 12,485 10,097 46,090 36,267
-------- -------- -------- --------
Operating income (loss) 184 913 (3,051) 3,205
Interest income, net 165 267 1,031 926
-------- -------- -------- --------
Income (loss) before income
taxes 349 1,180 (2,020) 4,131
Provision (benefit) for
income taxes 98 506 (593) 1,620
-------- -------- -------- --------
Net income (loss) $ 251 $ 674 ($ 1,427) $ 2,511
======== ======== ======== ========
Net income (loss) per share:
Basic $ .02 $ .07 ($ 0.15) $ .27
======== ======== ======== ========
Diluted $ .02 $ .07 ($ 0.15) $ .26
======== ======== ======== ========
Number of shares used in
computing per share amounts:
Basic 10,677 9,352 9,774 9,302
======== ======== ======== ========
Diluted 11,395 9,594 9,774 9,484
======== ======== ======== ========
(a) Amounts applicable to prior periods have been restated to
reflect the company's merger with BYE/Oasis Engineering, Inc.,
accounted for as a pooling of interests.
ADEPT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, June 30,
2000 1999
(Restated)(a)
ASSETS
Current assets:
Cash, cash equivalents and short term
investments $20,437 $27,016
Accounts receivable, less allowance for
doubtful accounts of $637 at June 30, 2000
and $716 at June 30, 1999 25,527 19,707
Inventories 15,153 11,781
Deferred tax assets and prepaid expenses 6,586 5,601
------- -------
Total current assets 67,703 64,105
Property and equipment at cost 25,675 24,822
Less accumulated depreciation and amortization 20,092 18,940
------- -------
Net property and equipment 5,583 5,882
Goodwill and other intangibles, net 22,678 --
Other assets 2,811 1,690
------- -------
Total assets $98,775 $71,677
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $10,841 $ 6,838
Other accrued liabilities 10,732 9,653
------- -------
Total current liabilities 21,573 16,491
Commitments and contingencies
Long term liabilities:
Deferred income tax 6,474 --
Total shareholders' equity 70,728 55,186
------- -------
Total liabilities and shareholders' equity $98,775 $71,677
======= =======
(a) Amounts applicable to prior periods have been restated to
reflect the company's merger with BYE/Oasis Engineering, Inc.,
accounted for as a pooling of interests.
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