News

Adept Technology Reports Second-Quarter 2002 Results

January 23, 2002 by Jeff Shepard

Adept Technology Inc. (San Jose, CA) reported financial results for its second quarter ended December 29, 2001. Net revenues for the quarter ended December 29, 2001, were $14.4 million, a decrease of 48.5 percent from net revenues of $28.0 million for the quarter ended December 30, 2000. Gross margin for the quarter was 36.4 percent versus 45.5 percent in the same quarter a year ago. Operating expenses for the quarter were $11.9 million, compared to $14.9 million in the same quarter ended December 30, 2000, resulting in Adept reporting a net loss of $6.6 million, or $0.48 per share, for the quarter ended December 29, 2001, versus a net loss of $2.5 million, or $0.23 per share, for the quarter ended December 30, 2000. The figures include amortization of $0.2 million for the quarter ended December 29, 2001, and amortization and restructuring charges of $1.5 million for the same quarter a year ago.

For the six months ended December 29, 2001, Adept reported revenues of $27.8 million compared to revenues of $55.7 million for the same period in the previous year, a decrease of 50 percent. Gross margin for the first half of fiscal 2002 was 35.6 percent versus 46.0 percent in the first half of fiscal 2001. Operating expenses for the six months ended December 29, 2001, were $38.0 million compared to $29.0 million in operating expenses for the six months ended December 30, 2000. For the first six months of fiscal 2002, Adept had operating losses of $28.0 million, as compared to operating losses of $3.4 million for the first six months of fiscal 2001. The figures include amortization and restructuring charges of $12.7 million for the six months ended December 29, 2001, and $2.9 million for the same period a year ago.

Brian Carlisle, chairman and CEO of Adept, stated, "This has been the most challenging market in the 18-year history of Adept. We have witnessed a broad range of manufacturers continue to manage excesses by scaling back capacity to fit the market. As a result, we have taken actions to deal with this current situation, while protecting our long-term capabilities and technological edge."