Adept Revises Guidance, Announces ActionsSeptember 24, 2002 by Jeff Shepard
Adept Technology Inc. (San Jose, CA) announced that first-quarter revenue is anticipated to be below the company's previous expectations. The company now expects revenue for the first quarter to decrease approximately 35 to 40 percent from fourth-quarter revenue of $14.6 million. Additionally, the company will explore strategic alternatives for Adept. The decrease in the forecast is primarily due to a softening European market, notably in Germany, further deterioration in the US market, and a decline of semiconductor business.
Brian Carlisle, chairman and CEO of Adept, stated, "Over the past year we have dramatically reduced expenses in response to the significant downturn in the economy. However, the downturn does not appear to be over and in order to service the needs of our customers we must maintain a costly global infrastructure. Given the current state of the economy and the resulting uncertainty of our revenue outlook we have engaged Broadview International to assist us in evaluating our current business and strategic focus as well as to assess possible partners that would be synergistic when combined with Adept."