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Adept Technology Reports Second Quarter Fiscal Year 2011 Results

PLEASANTON, Calif., February 2, 2011 (GLOBE NEWSWIRE) -- Adept Technology, Inc. (Nasdaq:ADEP), a leading provider of intelligent vision-guided and autonomous mobile robotic solutions, today announced financial results for its fiscal 2011 second quarter ended December 25, 2010.

Second quarter 2011 Results

Revenues for the second quarter of fiscal 2011 increased 45% to $13.3 million from $9.2 million for the second quarter of fiscal 2010. In line with normal historical seasonality, revenues declined 9% from the previous quarter of $14.6 million. The Company reported a GAAP net loss of $1.7 million or $0.20 per share in the second quarter of fiscal 2011, which compares to a net loss of $1.8 million, or $0.21 per share in the second quarter of fiscal 2010 and a net loss of $1.1 million, or $0.12 per share in the previous quarter.

Gross margin was 39% of revenue in the second quarter of fiscal 2011, compared to 44% of revenue in the second quarter of fiscal 2010 and 44% in the previous quarter. The decrease in gross margin was the result of under-absorption in the factory, slightly higher warranty expense, and the impact of currency exchange in the period.

Operating expenses in the second quarter of fiscal 2011 were $7.0 million, compared to $5.7 million for the same period last year and $7.0 million in the first quarter of fiscal 2011. The increase in operating expenses from 2010 was driven primarily by stock compensation and salary expenses in connection with the acquisition of MobileRobots as well as expenses associated with the InMoTx acquisition by Adept completed at the beginning of its third quarter. The annualized increases in expenses are also attributable to the temporary salary reductions in effect in the second quarter of fiscal 2010. Operating loss for the second quarter of fiscal 2011 was $1.8 million, compared to an operating loss of $1.6 million for the second quarter of fiscal 2010 and an operating loss of $638,000 in the previous quarter.

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