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Adept Technology Reports Second Quarter Fiscal Year 2013 Results

Stocks in this article: ADEP

PLEASANTON, Calif., Feb. 6, 2013 (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 2013 second quarter ended December 29, 2012.

Second Quarter Fiscal 2013 Results

Revenue for the second quarter of fiscal 2013 was $10.8 million, below $15.2 million in revenue for the second quarter of fiscal 2012, and slightly below $11.4 million in revenue for the previous first quarter of fiscal 2013. Adept reported a GAAP net loss of $5.2 million, or $0.49 per share in the second quarter of fiscal 2013, compared to a net loss of $1.2 million, or $0.13 per share in the second quarter of fiscal 2012, and a net loss of $3.1 million, or $0.29 per share in the first quarter of fiscal 2013.

Gross margin was 31.8% of revenue in the second quarter of fiscal 2013, compared to 43.0% of revenue in the second quarter of fiscal 2012 and 41.4% in the previous quarter. Gross margin percentage in the second quarter of fiscal of 2013 was down largely due to reserves for excess and obsolete inventory of $875,000, compared to $87,000 in the second quarter of fiscal 2012, and $75,000 in the first quarter of fiscal 2013. Operating expenses in the second quarter of fiscal 2013 were $8.8 million, compared to $7.5 million for the same period last year and $7.4 million in the first quarter of fiscal 2013.  Operating expenses in the second quarter include $392,000in restructuring expenses incurred in connection with a reduction in force in early November, and a $1.7 million charge for the impairment of intangible assets and goodwill recorded in the acquisition of InMoTx in January, 2011. The Company's operating loss for the second quarter of fiscal 2013 was $5.3 million, which compares to an operating loss of $1.0 million for the second quarter of fiscal 2012 and an operating loss of $2.7 million in the first quarter of fiscal 2013.

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