Adept Technology Announces Receipt of $3.2M Order From Major OEM of Test Automation Equipment
Adept Technology, Inc. Posted 01/14/2010
PLEASANTON, Calif. -- Adept Technology, Inc. (Nasdaq:ADEP), a leading provider of intelligent vision-guided robotics and global robotics services, today announced it has received a $3.2 million order for high-precision robots from a major international manufacturer of test automation equipment. The order is expected to be fulfilled and recognized as revenue this third fiscal quarter of 2010. The company selected Adept as its automation partner to provide high-speed robot systems for complex, precision handling operations. Adept has been serving the consumer electronics and IT industry with high-precision mechanisms and controls in both standard and cleanroom configurations for over 20 years.
"This represents a strong endorsement of the capabilities and performance of Adept's high-speed vision-guided robot systems and the value they bring to leading manufacturers in the consumer electronics market," said Hai Chang, Managing Director of Asia Operations for Adept Technology, Inc. "While the electronics industry appears to be showing positive signs of recovery, manufacturers continue to challenge automation technology providers to deliver cost-effective solutions that maximize production throughputs and yields. We are very pleased that this industry leading OEM has selected Adept's products to be delivered as part of their proprietary, high-performance solutions."
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. More information is available at www.adept.com.
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.
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