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Adept Technology Reports Third Quarter Fiscal Year 2013 Results

Adept's non-GAAP adjusted EBITDA loss in the third quarter of fiscal 2013 was $1.1 million, compared with an adjusted EBITDA loss of $51,000 in the third quarter of fiscal 2012, and adjusted EBITDA loss of $2.4 million in the second quarter of fiscal 2013. A discussion of this non-GAAP measure and reconciliation to the applicable GAAP measure is included below.

Adept's cash and cash equivalents at the end of the third quarter of fiscal 2013 totaled $6.7 million, compared to cash and cash equivalents of $6.9 million at the end of the second fiscal quarter of 2013. The Company had no line of credit borrowings at the end of the second or third fiscal quarters of 2013.

"During the third fiscal quarter, the Company accepted additional orders for our mobile robots in the semiconductor space and received our first order in the logistics space. We also restored margins to historical levels and are on target with our company wide cost reduction plans. While our European markets remain soft, we did win strategic new business in North America and Asia," said Rob Cain, Adept's chief executive officer. "We continue to invest in our industrial and mobile products, and during the last quarter released new products focusing on ease of use and connectivity for our worldwide markets," Mr. Cain concluded.

Recent Highlights

  • Accepted $1.0 million in additional orders from a key customer within the semiconductor space.
  • Received a $1.1 million initial order through our partnership with a significant Asian-based systems integrator.
  • Won new business with the Lynx mobile robot in the logistics segment.
  • Restored margins to historical levels.

Quarterly Conference Call

Rob Cain, president and chief executive officer, and Michael Schradle, chief financial officer, will host an investor conference call Monday, May 13, 2013 at 4:00 P.M. Eastern Time, to review the Company's financial and operating performance for the third quarter of fiscal 2013. The call may also include statements regarding the Company's anticipated operational activities during the remainder of fiscal 2013. These statements will be forward-looking, and actual results may differ materially. The Company intends to continue its practice of not updating forward-looking statements or providing anticipated financial performance information except as is included in this press release. The call can be accessed by dialing 1-877-941-0844. International callers can dial 1-480-629-9835. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. In addition, the conference call will be available over the Internet at www.adept.com in the Investor Relations section of our website. A webcast archive will also be available following the call's conclusion until the Company reports financial results for its fiscal 2013 fourth quarter.

Company Profile

Adept is a global, leading provider of intelligent robots and autonomous mobile solutions that enable customers to achieve precision, speed, quality and productivity in their assembly, handling, packaging, testing and logistical processes. With a comprehensive portfolio of high-performance motion controllers, application development software, vision-guidance technology and high-reliability robot mechanisms with autonomous capabilities, Adept provides specialized, cost-effective robotics systems and services to high-growth markets including Packaging, Medical, Electronics, and Logistics; as well as to traditional industrial markets including Automotive Components. More information is available at www.adept.com.

All trade names are either trademarks or registered trademarks of their respective holders.

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