Adept Technology Inc. (San Jose, CA), a manufacturer of flexible automation for the semiconductor, electronics, fiber optic, telecommunications and life sciences industries, reported financial results for its fourth quarter ended June 30, 2003. Net revenues for the quarter ended June 30, 2003, were $11.3 million, a decrease of 22.7% from net revenues of $14.6 million for the quarter ended June 30, 2002.
Gross margin for the quarter was 20% versus 31% for the same quarter a year ago. Operating expenses for the quarter were $8.6 million, a decrease of 50% compared to $17.1 million for the quarter ended June 30, 2002. Research and development and SG&A expenses for the quarter ended June 30, 2003, were $6.2 million, a decrease of 48.1% compared to $11.9 million for the same period a year ago. Adept reported a net loss of $6.4 million, or $0.42 per share, for the quarter ended June 30, 2003, versus a net loss of $11.9 million, or $0.85 per share, for the quarter ended June 30, 2002. The figures above include amortization and restructuring charges of $2.4 million for the quarter ended June 30, 2003, and $6.8 million for the quarter ended June 30, 2002.
For the year ended June 30, 2003, Adept reported net revenues of $44.8 million compared to net revenues of $57 million for the year ended June 30, 2002, a decrease of 21.4%. Gross margin for the year ended June 30, 2003, was 24% versus 33.6% for the same period a year ago. Operating expenses for year ended June 30, 2003, were $39.8 million compared to $72.8 million in operating expenses for the same period a year ago, a decrease of 45.4%. For the year ended June 30, 2003, Adept had a net loss of $29 million, as compared to a net loss of $59.8 million for the year ended June 30, 2002.
