– FINANCIALS FOLLOW –

ADEPT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
     
  March 30, June 30,
  2013 2012
ASSETS  
Current assets:    
 Cash and cash equivalents  $   6,716  $  8,722
 Accounts receivable, less allowance for doubtful accounts of $715 at March 30, 2013 and $629 at June 30, 2012 8,946  11,905
 Inventories 7,871  7,954
 Other current assets 478  514
 Total current assets 24,011  29,095
     
Property and equipment, net 1,739  2,292
Goodwill 1,493  2,967
Other intangible assets, net 1,130  1,686
Other assets 99  121
 Total assets $ 28,472  $  36,161
     
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY    
Current liabilities:    
 Accounts payable $ 5,884  $  6,183
 Line of credit −   5,500
 Accrued payroll and related expenses 1,633  2,006
 Accrued warranty 1,063  1,243
 Other accrued liabilities 1,980  2,040
 Total current liabilities 10,560  16,972
     
Long-term liabilities:    
 Income tax payable, long-term 589  399
 Other long-term liabilities 328  446
 Total liabilities 11,477  17,817
     
 Redeemable convertible preferred stock 7,737   −  
     
 Total stockholders' equity 9,258  18,344
     
Total liabilities, redeemable convertible preferred stock and stockholders' equity  $ 28,472  $ 36,161
 
         
         
ADEPT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
         
  Three Months Ended Nine Months Ended
  March 30, March 31, March 30, March 31,
  2013 2012 2013 2012
         
Revenues $10,943 $17,476 $33,121 $49,247
Cost of revenues 6,267 10,301 20,303 28,290
Gross margin 4,676 7,175 12,818 20,957
Operating expenses:        
Research, development and engineering 1,839 2,293 5,878 6,699
Selling, general and administrative 4,513 5,128 14,300 15,300
Restructuring charges 114 791 509 1,214
Amortization of intangibles 89 117 322 350
Impairment of intangible assets and goodwill −  1,708 − 
Total operating expenses 6,555 8,329 22,717 23,563
         
Operating loss (1,879) (1,154) (9,899) (2,606)
         
Interest income (expense), net 8 (59) (41) (172)
Currency exchange gain (loss)  213 (168) 109 (389)
         
Loss before income taxes (1,658) (1,381) (9,831) (3,167)
Provision from income taxes 96 157 198 198
Net loss  $ (1,754)  $ (1,538)  $ (10,029)  $ (3,365)
         
Effects of preferred stock         
Less accretion of preferred stock to redemption value 24 −  49  − 
Less dividends allocated to preferred stockholders 80 −  171  − 
Net loss attributable to the company's common stockholders  $ (1,858)  $ (1,538)  $ (10,249)  $ (3,365)
Basic and diluted net loss per share attributable to common stockholders  $ (0.17)  $ (0.16)  $ (0.97)  $ (0.36)
         
Shares used in computing basic and diluted net loss per share attributable to common stockholders 10,704 9,398 10,542 9,352
       
 
ADEPT TECHNOLOGY, INC.
Reconciliation of GAAP Net Loss to Adjusted EBITDA Loss
(in thousands)
       
  Three Months ended March 30, 2013 Three Months ended December 29, 2012 Three Months ended March 31, 2012
       
Net loss $  (1,754) $  (5,215) $ (1,538)
 Interest expense, net  (8)  40 59
 Income taxes  96  115  157
 Depreciation  245  246  212
 Amortization of intangibles  89  116  117
 Stock compensation expense  88  246  151
 Restructuring charges 114 392  791 
 Impairment of intangible assets and goodwill −  1,708 − 
Adjusted EBITDA loss $ (1,130) $ (2,352) $ (51)
CONTACT: Michael Schradle         Chief Financial Officer         925-245-3400         Investor.relations@adept.com

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