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.
