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Adept Technology Reports Fourth Quarter Fiscal Year 2012 Results

Stocks in this article: ADEP

PLEASANTON, Calif., Aug. 29, 2012 (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 2012 fourth quarter and year ended June 30, 2012.

Fourth Quarter 2012 Results

Revenues for the fourth quarter of fiscal 2012 were $17.0 million, which compares to $16.8 million for the fourth quarter of fiscal 2011 and $17.5 million for the previous quarter of fiscal 2012. Adept reported a GAAP net loss of $358,000, or $0.04 per share in the fourth quarter of fiscal 2012, which compares to a net loss of $686,000, or $0.08 per share in the fourth quarter of fiscal 2011, and a net loss of $1.5 million, or $0.16 per share in the previous quarter.

Gross margin was 41.5% of revenue in the fourth quarter of fiscal 2012, compared to 45.3% of revenue in the fourth quarter of fiscal 2011 and 41.1% in the previous quarter. The decrease in gross margin is the result of lower margin product mix including higher disk drive sales and currency exchange due to an unfavorable Euro rate during the fourth quarter.

Operating expenses in the fourth quarter of fiscal 2012 were $7.6 million, compared to $8.8 million for the same period last year and $8.3 million in the previous quarter. The decrease primarily resulted from the full consolidation of the Denmark entity in the current quarter compared to the fourth quarter of fiscal 2011, as well as increased streamlining of our operating costs and efficiencies. Operating loss for the fourth quarter of fiscal 2012 was $531,000, which compares to operating loss of $1.2 million for the fourth quarter of fiscal 2011 and an operating loss of $1.2 million in the previous quarter.

Adept's adjusted EBITDA loss was $341,000 in the fourth quarter of fiscal 2012, compared with adjusted EBITDA of $194,000 in the fourth quarter of fiscal 2011 and adjusted EBITDA loss of $51,000 in the previous quarter. A discussion of this non-GAAP measure and reconciliation to the applicable GAAP measure is included below.

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