Adept Technology Reports Fourth Quarter Fiscal Year 2012 Results
Adept Technology, Inc. Posted 08/30/2012PLEASANTON, Calif. -- Adept Technology, Inc. (Nasdaq:ADEP), a leading provider of intelligent vision-guided and autonomous mobile robotic solutions, today announced financial results for its fiscal 2012 fourth quarter and year ended June 30, 2012.
Fourth Quarter 2012 Results
Revenues for the fourth quarter of fiscal 2012 were $17.0 million, which compares to $16.8 million for the fourth quarter of fiscal 2011 and $17.5 million for the previous quarter of fiscal 2012. Adept reported a GAAP net loss of $358,000, or $0.04 per share in the fourth quarter of fiscal 2012, which compares to a net loss of $686,000, or $0.08 per share in the fourth quarter of fiscal 2011, and a net loss of $1.5 million, or $0.16 per share in the previous quarter.
Gross margin was 41.5% of revenue in the fourth quarter of fiscal 2012, compared to 45.3% of revenue in the fourth quarter of fiscal 2011 and 41.1% in the previous quarter. The decrease in gross margin is the result of lower margin product mix including higher disk drive sales and currency exchange due to an unfavorable Euro rate during the fourth quarter.
Operating expenses in the fourth quarter of fiscal 2012 were $7.6 million, compared to $8.8 million for the same period last year and $8.3 million in the previous quarter. The decrease primarily resulted from the full consolidation of the Denmark entity in the current quarter compared to the fourth quarter of fiscal 2011, as well as increased streamlining of our operating costs and efficiencies. Operating loss for the fourth quarter of fiscal 2012 was $531,000, which compares to operating loss of $1.2 million for the fourth quarter of fiscal 2011 and an operating loss of $1.2 million in the previous quarter.
Adept's adjusted EBITDA loss was $341,000 in the fourth quarter of fiscal 2012, compared with adjusted EBITDA of $194,000 in the fourth quarter of fiscal 2011 and adjusted EBITDA loss of $51,000 in the previous quarter. A discussion of this non-GAAP measure and reconciliation to the applicable GAAP measure is included below.
Adept ended the year with cash and cash equivalents of $8.7 million at June 30, 2012, compared to $6.0 million at March 31, 2012 and $8.6 million at June 30, 2011.
Fiscal Year 2012 Results
Revenues for the fiscal year ended June 30, 2012 grew 15.2% to $66.2 million, compared to $57.5 million for fiscal 2011, reflecting strength in the Company's core markets, as well as growth in our new initiatives of Mobile Robots and Packaging Solutions. The Company reported a GAAP net loss for the year of $3.7 million, or $0.40 per share, which compares to a net loss of $6.8 million, or $0.77 per share in fiscal 2011.
Gross margin was 42.3% of revenue in fiscal 2012, compared with 43.3% in fiscal 2011. The decrease in gross margin is the result of lower margin product mix and currency exchange due to an unfavorable Euro rate during the year.
Operating expenses for the year were $31.1 million, down 1% compared to $31.4 million in fiscal 2011. The decrease in operating expenses is primarily the result of lower stock compensation expense in the current year and cost savings from the continued streamlining of our overhead costs and processes, which were partially offset by increased R&D expense and restructuring expense due to the consolidation of our Denmark facility.
Adept's adjusted EBITDA loss was $53,000 for fiscal 2012, compared with adjusted EBITDA loss of $1.2 million in fiscal 2011. A discussion of this non-GAAP measure and reconciliation to the applicable GAAP measure is included below.
"Fiscal 2012 was marked by the achievement of many significant milestones for Adept," said John Dulchinos, president and chief executive officer of the Company. "Revenues grew more than 15% as we achieved our first meaningful contribution from our acquisitions of MobileRobots and InMoTx as well as receiving validation from key customers for our first application solutions in the semiconductor market for our Mobile Robot business and the fresh cut market for our packaging business. Leading customers such as Philips and Earthbound Farms are strong proof that our innovative technology and solutions are providing significant value to customers in both traditional automation markets such as electronics as well as new robotics markets such as food packaging and warehousing, and represent a significant growth opportunity for our company. During the year we also substantially increased our operating leverage as we consolidated our Denmark entity allowing yearly operating expenses to remain flat as revenues grew."
Dulchinos continued, "Going into the fourth quarter, we continued to see customer validation and interest for our Mobile Robot and Packaging Solutions. However as the quarter came to a close we began to experience the impact of the European economic downturn which may accentuate what is normally a seasonally slow first quarter. We are executing to plan and remain committed to investing in Packaging Solutions and Mobile Robots to ensure that we are positioned to take advantage of the substantial growth opportunities we are facing. Our public common stock offering in June 2012 raised some funds in this effort and we continue to review ways to deliver on our growth objectives."
- Implemented additional cells to Earthbound Farms and completed a strategic development agreement with this leader in fresh cut produce organic food companies.
- Selected by a major semiconductor manufacturer for the automated transport of semiconductor wafer cassettes.
- Introduced Adept SPC-4200 and Adept SPH-2200 semiconductor SMIF Pod transfer and exchange material handling solutions based on Adept's Mobile Robot technology.
- Introduced new Adept ClamPAC(TM) robotic Packaging Automation Cell, which gently packs clamshells into cases at high speeds, and is designed to reduce the total cost of ownership by delivering a standardized, fully integrated solution that can be dropped into any line.
John Dulchinos, president and chief executive officer, and Lisa Cummins, senior vice president and chief financial officer, will host an investor conference call today, August 29, 2012 at 5:00 P.M Eastern Time, to review the Company's financial and operating performance for the fiscal 2012 fourth quarter and full fiscal year 2012. The call may also include statements regarding the Company's anticipated operations during fiscal 2013. 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 or providing anticipated financial performance information except as is included in this press release. The call can be accessed by dialing 877-941-6009. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. In addition, the conference call will be available over the Internet at www.adept.com in the Investor Relations section of the website. For those who are not available to listen to the live broadcast, the call will be archived at www.adept.com and a telephonic playback of the conference call will also be available for seven days following the call. Replay listeners should call (800) 406-7325 and enter the passcode 4532388#.
Adept is a global, leading provider of intelligent robots and autonomous mobile solutions and services that enable customers to achieve precision, speed, quality and productivity in their assembly, handling, packaging, testing, and logistical processes. With a comprehensive portfolio of high-performance motion controllers, application development software, vision-guidance technology and high-reliability robot mechanisms with autonomous capabilities, Adept provides specialized, cost-effective robotics systems and services to high-growth markets including Packaging, Medical, Disk Drive/Electronics, and Solar; as well as to traditional industrial markets including machine tool automation and automotive components. More information is available at www.adept.com.
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