Adept Technology Reports Second Quarter Fiscal 2002; Results Inline with Previous Announcement.Business Editors/High-Tech Writers 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)--Jan. 23, 2002 Adept Technology, Inc. (Nasdaq:ADTK), a leading manufacturer of flexible automation for the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , fiber optic optic /op·tic/ (op´tik) ocular (1). op·tic or op·ti·cal adj. 1. Of or relating to the eye or vision. 2. and semiconductor industries, today reported financial results for its second quarter ended December December: see month. 29, 2001. Net revenues for the quarter ended December 29, 2001 were $14.4 million, a decrease of 48.5% from net revenues of $28.0 million for the quarter ended December 30, 2000. Gross margin for the quarter was 36.4% versus 45.5% in the same quarter a year ago. 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. for the quarter were $11.9 million, compared to $14.9 million in the same quarter ended December 30, 2000. This resulted in Adept reporting a net loss of $6.6 million, or $0.48 per share, for the quarter ended December 29, 2001, versus a net loss of $2.5 million, or $0.23 per share, for the quarter ended December 30, 2000. The figures above include amortization of $0.2 million for the quarter ended December 29, 2001 and amortization and restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $1.5 million for the same quarter a year ago. 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, "This has been the most challenging market in the eighteen year history of Adept. We have witnessed a broad range of manufacturers continue to manage excesses by scaling back capacity to fit the market. As a result we have taken actions to deal with this current situation, while protecting our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. capabilities and technological edge." For the six months ended December 29, 2001, Adept reported revenues of $27.8 million compared to revenues of $55.7 million for the same period in the previous year, a decrease of 50%. Gross margin for the first half of fiscal 2002 was 35.6% versus 46.0% in the first half of fiscal 2001. Operating expenses for the six months ended December 29, 2001 were $38.0 million compared to $29.0 million in operating expenses for the six months ended December 30, 2000. For the first six months of fiscal 2002 Adept had operating losses 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 $28.0 million, as compared to operating losses of $3.4 million for the first six months of fiscal 2001. The figures above include amortization and restructuring charges of $12.7 million for the six months ended December 29, 2001 and $2.9 million for the same period a year ago. Carlisle added, "The future outlook is difficult to quantify Quantify - A performance analysis tool from Pure Software. with certainty CERTAINTY, UNCERTAINTY, contracts. In matters of obligation, a thing is certain, when its essence, quality, and quantity, are described, distinctly set forth, Dig. 12, 1, 6. It is uncertain, when the description is not that of one individual object, but designates only the kind. Louis. . However, we believe that orders have stopped declining and we expect a modest improvement during the first half of this calendar year with some acceleration acceleration, change in the velocity of a body with respect to time. Since velocity is a vector quantity, involving both magnitude and direction, acceleration is also a vector. In order to produce an acceleration, a force must be applied to the body. late in the second half of 2002 and into 2003." BUSINESS OUTLOOK The following statements are based on current expectations. These statements are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. , and actual results may differ materially. These statements do not reflect the potential impact of any mergers, acquisitions or other business combinations that may be completed after the date of this release. -- The company expects net revenues for the third quarter of fiscal 2002 to be flat to up 4% from second quarter 2002 net revenues of $14.4 million. At this time we have limited visibility for the following quarters. -- The company expects its gross margin percentage to be approximately 34 to 38 percent for the third quarter of fiscal 2002. -- R&D and SG&A in the third quarter of fiscal 2002 are expected to be approximately $11.0 million vs. second quarter expenses of $11.7 million. -- The company expects to have approximately $24 million of cash on hand at the end of the third quarter of fiscal 2002, and no debt. -- The company does not expect to book any tax benefit during fiscal 2002. -- Depreciation and amortization is expected to be approximately $0.7 million in the third quarter of fiscal 2002. -- The company has adopted of SFAS 142 -- "Goodwill and Other Intangible Assets." The company is currently performing the required impairment tests of goodwill and indefinite lived intangible assets as of July 1, 2001. The company has completed the first step of the transitional goodwill impairment activities and expects to complete the second step during the third quarter of fiscal 2001 which will result in a charge for impairment of goodwill of approximately $6.0 million to $10.0 million during the quarter. INVESTOR CONFERENCE CALL Brian Carlisle, Chairman and Chief Executive Officer, Mike Overby, Vice President and Chief Financial Officer, and John Dulchinos, Vice President Sales, will host an investor conference call today, January January: see month. 23, 2002 at 5:00p.m. Eastern Time to review the company's financials and operations for the first quarter of fiscal 2002. The call will include statements regarding the company's anticipated financial performance in the third quarter of fiscal 2002. 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 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. until its next quarter end results announcement. The call will be open to all interested investors through a live audio Web broadcast via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.streetevents.com or may be accessed through 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 and www.streetevents.com. A telephonic playback Playback could mean:
This press release contains certain forward-looking statements including statements regarding expenses, revenue growth and future operating results 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, future economic, competitive and market conditions including those in 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). and Asia and those
related to the company's strategic markets; the cyclicality of
capital spending capital spendingSpending 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 including in the semiconductor industry; the company's dependence on the continued growth of the intelligent automation market; the company's highly competitive industry; rapid technological change within the company's industry; the lengthy sales cycles for the company's products; the company's dependence on retention and attraction of key employees; 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 risks associated with potential acquisitions, including integration risks associated with our acquisition of BYE/Oasis, Pensar-Tucson, NanoMotion, HexaVision and CHAD; the risks associated with product defects; the potential delays associated with the development and introduction of new products or software releases; or decreased acceptance of the company's new or current products in the marketplace. For a discussion of additional 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 10K for the fiscal year ended June June: see month. 30, 2001 as well as the company's Form 10Q for the quarter ended September September: see month. 29, 2001, 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 contained therein. Adept Technology designs, manufactures and markets factory automation components and systems for the fiber optic, telecommunications, semiconductor, automotive, food and durable goods durable goods Goods, such as appliances and automobiles, that have a useful life over a number of periods. Firms that produce durable goods are often subject to wide fluctuations in sales and profits. Also called consumer durables. industries throughout the world. Adept's robots, controllers, and software products are used for small parts assembly, material handling and ultra ultra Member of the extreme right (ultraroyalist) wing of the royalist movement in the French Bourbon Restoration (1815–30). The ultras included large landowners, clericalists, and the former émigré nobility. precision process applications. Our intelligent automation product lines include industrial robots An industrial robot is officially defined by ISO[1] as an automatically controlled, reprogrammable, multipurpose manipulator programmable in three or more axes. , configurable linear modules, flexible feeders, semiconductor process components, nanopositioners, machine controllers for robot mechanisms and other flexible automation equipment, machine vision systems and software, application software, and simulation software Simulation software is based on the process of imitating a real phenomenon with a set of mathematical formulas. It is, essentially, a program that allows the user to observe an operation through simulation without actually running the program. . Founded in 1983, Adept is America's largest manufacturer of industrial robots. More information is available at www.adept.com.
ADEPT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
Three months ended Six months ended
December December December December
29, 30, 29, 30,
2001 2000 2001 2000
-------- -------- -------- --------
(unaudited) (unaudited)
Net revenues $ 14,431 $ 28,034 $ 27,816 $ 55,655
Cost of revenues 9,172 15,282 17,909 30,065
-------- -------- -------- --------
Gross margin 5,259 12,752 9,907 25,590
Operating expenses:
Research, development
and engineering 4,585 5,008 10,423 9,874
Selling, general
and administrative 7,117 8,371 14,831 16,207
Restructuring expenses -- -- 12,336 --
Amortization of
goodwill and other
intangibles 180 1,518 360 2,943
-------- -------- -------- --------
Total operating expenses 11,882 14,897 37,950 29,024
-------- -------- -------- --------
Operating income
(loss) (6,623) (2,145) (28,043) (3,434)
Interest income,
net 137 66 219 255
-------- -------- -------- --------
Income (loss) before
income taxes (6,486) (2,079) (27,824) (3,179)
Provision (benefit)
for income taxes 66 385 146 --
-------- -------- -------- --------
Net income (loss) $ (6,552) $ (2,464) $(27,970) $ (3,179)
======== ======== ======== ========
Net income (loss) per share:
Basic ($ 0.48) ($ 0.23) $ (2.07) $ (0.29)
======== ======== ======== ========
Diluted ($ 0.48) ($ 0.23) $ (2.07) $ (0.29)
======== ======== ======== ========
Number of shares used in computing
per share amounts:
Basic 13,567 10,886 13,485 10,820
======== ======== ======== ========
Diluted 13,567 10,886 13,485 10,820
======== ======== ======== ========
ADEPT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 29, June 30,
2001 2001
------- -------
(unaudited)
ASSETS
Current assets:
Cash, cash equivalents and short
term investments $28,877 $21,500
Accounts receivable, less allowance
for doubtful accounts of $775 at
December 29, 2001 and $742 at
June 30, 2001 13,778 21,272
Inventories 15,967 17,750
Deferred tax assets and prepaid
expenses 1,652 2,069
------- -------
Total current assets 60,274 62,591
Property and equipment at cost 11,933 34,520
Less accumulated depreciation
and amortization 5,359 23,789
------- -------
Net property and equipment 6,574 10,731
Goodwill and other intangibles, net 25,345 16,332
Other assets 5,899 5,919
------- -------
Total assets $98,092 $95,573
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 7,075 $10,369
Other accrued liabilities 12,970 12,438
Accrued restructuring charges 2,734 --
------- -------
Total current liabilities 22,779 22,807
Commitments and contingencies
Long term liabilities:
Restructuring charges 2,795 --
Deferred income tax and other
long term liabilities 1,506 1,284
Redeemable convertible preferred stock 25,000 --
Total shareholders' equity 46,012 71,482
------- -------
Total liabilities and shareholders' equity $98,092 $95,573
======= =======
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