News

Adept Technology Reports First-Quarter 2003 Results

October 23, 2002 by Jeff Shepard

Adept Technology Inc. (San Jose, CA) reported financial results for its first quarter ended September 28, 2002. Net revenues for the quarter ended September 28, 2002, were $10.3 million, a decrease of 23.2 percent from net revenues of $13.4 million for the quarter ended September 29, 2001. Gross margin for the quarter was 19.6 percent versus 34.7 percent in the same quarter a year ago. The decrease in gross margin reflects lower volumes and pricing pressure.

Operating expenses for the quarter were $11.3 million, a decrease of 56.8 percent compared to $26.1 million in the quarter ended September 29, 2001. Research and development and SG&A expenses for the quarter ended September 28, 2002, were $10.0 million, a decrease of 26.5 percent compared to $13.6 million for the same period a year ago. Cash at the end of the quarter was $16.8 million.

Adept reported a net loss of $9.1 million, or $0.63 per share, for the quarter ended September 28, 2002, versus a net loss of $21.4 million, or $1.63 per share, before the cumulative effect of change in accounting principle, for the quarter ended September 29, 2001. The figures include restructuring expenses and non-cash amortization of intangibles of $1.3 million for the quarter ended September 28, 2002, and $12.5 million for the quarter ended September 29, 2001.