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Adept Technology's CEO Discusses F4Q 2011 Results - Earnings Conference Call

No one should assume that any forward-looking statements made by the company remain consistent with our expectations after the date that the forward-looking statements are made.

Certain financial information that we review on today's conference call is presented on a non-GAAP basis. The most directly comparable GAAP information and reconciliation between the non-GAAP and GAAP figures is provided in our fiscal fourth quarter 2011 press release, which has been furnished to the SEC on Form 8-K.

The press release and all financial, statistical or operational information referred to in this conference call including the GAAP reconciliation and explanations discussed above is available on the investor relations section of our website.

Following our introductory comments, we will open the call to take your questions. I would now like to turn the call over to John Dulchinos for some opening remarks.

John Dulchinos

Thank you, Lisa, and good afternoon, everyone. 2011 was a solid execution year for Adept, in which we made significant progress on our strategic roadmap while strengthening our competitive position and aligning the company for growth.

The year was marked by the acquisitions and integration of InMoTx and Mobile Robot, both of which substantially increased our available target market and brings differentiated technology and products that complement and extend our existing offerings.

For the year, revenues grew 11%, driven primarily by strengthening demand from our traditional markets such as industrial and automotive customers in Germany as well as packaging and solar in Asia along with our service business.

We also saw the first commercial contributions from our recently acquired Mobile Robot business.

As you know, in our last fiscal year, the disc drive market was very strong, comprising roughly $15.1 million or 29% of last year's revenues. In fiscal 2011, disc drive revenue has declined sharply as capital spending began its cross cycle. It constitutes only $5.5 million or 9.6% of our revenue.

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