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.
- 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.
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