Adept Technology Announces Receipt of $2.9M Order From Global Leader in Consumer Electronics
Adept Technology, Inc. Posted 04/20/2010Order for Vision Guided Robotics Will Enable Increased Productivity
Adept Technology, Inc. (Nasdaq:ADEP), a leading provider of intelligent vision-guided robotics and global robotics services, today announced it has received a $2.9 million order for high-precision robots from a major global leader in consumer electronics. The order is expected to be fulfilled and recognized as revenue over the next two quarters. The company selected Adept as its automation partner to provide high-speed vision-guided robot systems for complex, precision handling operations after conducting a thorough investigation of potential suppliers. Adept has been serving the consumer electronics and information technology industry with high-precision mechanisms and controls in both standard and cleanroom configurations for over 20 years.
"The high-speed vision-guided robot systems will be installed in the highly competitive manufacturing environment of Southeast Asia," said Hai Chang, Managing Director of Asia Operations for Adept Technology. "Southeast Asian manufacturing output has rebounded more rapidly than in the U.S. and Europe, particularly in the semiconductor and electronics sectors. China has driven much of the general recovery in Asia, with much higher IT spending than in 2009. We are pleased to have this opportunity to continue serving these leading companies in the consumer electronics sector."
About Adept Technology, Inc.
Adept is a global, leading provider of intelligent robotics systems and services that enable customers to achieve precision, speed, quality and productivity in their assembly, handling, packaging, testing and other automated processes. With a comprehensive portfolio of high-performance motion controllers, application development software, vision-guidance technology and high-reliability robot mechanisms, Adept provides specialized, cost-effective robotics systems and services to high-growth markets including Packaged Goods, Life Sciences, Disk Drive/Electronics and Semiconductor/Solar, as well as to traditional industrial markets including machine tool automation and automotive components.
This press release contains certain forward-looking statements including statements regarding operating expenses, restructuring activities, margins, profitability, products, market opportunities and Adept's growth based on its current products, strategy and market presence 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 fluctuating operating results including factors difficult to forecast; the effect of the current economic downturn in manufacturing and other businesses of our customers and risks of nonpayment and customer insolvency; the actual results and potential impact of our restructuring efforts; risks of acceptance of the Company's new or current products in the marketplace; future economic, competitive and market conditions including those in Europe and Asia and those related to the Company's strategic markets; the risks and regulatory requirements associated with international operation, sales and foreign suppliers and the impact of foreign currency exchange; the cyclicality of capital spending of the Company's customers and lack of long-term customer contracts; dependence on the continued growth of the intelligent automation market; the highly competitive nature of and rapid technological change and competition within the intelligent automation industry; the lengthy sales cycles for the Company's products; the Company's increasing investment in markets that are subject to increased regulation and potential product liability; the Company's outsourced manufacturing and IT dependence and risks associated with sole or single sources of supply; risks associated with product defects; potential delays associated with the development and introduction of new products; the Company's ability to sell its products through resellers who may also promote competing products; risks associated with variations in our gross margins based on factors not always in Adept's control; the need to complete acquisitions to expand operations; risks of unfair termination claims by employees; risks related to the Company's potential inability to strengthen its internal controls over financial reporting; potential securities class action litigation if Adept's stock price remains volatile or operating results suffer; and costs of being a public company.
For a discussion of risk factors relating to Adept's business, see Adept's SEC filings, including the Company's annual report on Form 10-K for the fiscal year ended June 30, 2009, which includes the discussion in Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors.