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Adept Technology Reports Third Quarter Fiscal Year 2013 Results

PLEASANTON, Calif., May 10, 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 third quarter ended March 30, 2013.        

Third Quarter Fiscal 2013 Results

Revenue for the third quarter of fiscal 2013 was $10.9 million, below $17.5 million in revenue for the third quarter of fiscal 2012, and slightly above $10.8 million in revenue for the second quarter of fiscal 2013.  Adept reported a GAAP net loss of $1.8 million, or a loss of $0.17 per share in the third quarter of fiscal 2013, compared to a net loss of $1.5 million, or a loss of $0.16 per share in the third quarter of fiscal 2012, and a net loss of $5.2 million, or a loss of $0.50 per share in the second quarter of fiscal 2013.

Gross margin was 42.7% of revenue in the third quarter of fiscal 2013, compared to 41.1% of revenue in the third quarter of fiscal 2012 and 31.8% in the second quarter of fiscal 2013. Gross margin percentage in the third quarter of fiscal of 2013 returned to a more typical percentage of revenue from the previous quarter's gross margin percentage, which was lower due to reserves for excess and obsolete inventory. Operating expenses in the third quarter of fiscal 2013 were $6.6 million, compared to $8.3 million for the same period last year and $8.8 million in the second quarter of fiscal 2013.  Operating expenses in the third quarter of fiscal 2013 included $114,000 in restructuring expenses. The second quarter of fiscal 2013 included $392,000in restructuring expenses and a $1.7 million charge for the impairment of intangible assets and goodwill.  The Company's operating loss for the third quarter of fiscal 2013 was $1.9 million, compared to an operating loss of $1.2 million for the third quarter of fiscal 2012 and an operating loss of $5.3 million in the second quarter of fiscal 2013.

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