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Adept Technology Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: February 7, 2011 04:25PM

Adept Technology Inc. (ADEP) filed Quarterly Report for the period ended 2010-12-25. Adept Technology Inc. has a market cap of $44.38 million; its shares were traded at around $4.52 with and P/S ratio of 0.86.

Hedge Fund Gurus that owns ADEP: Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

On June 25, 2010, we acquired MobileRobots Inc., a privately-held provider of autonomous robot and automated guided vehicle technologies based in New Hampshire, pursuant to a merger agreement dated June 13, 2010, under which we paid approximately $1.0 million in cash and issued 763,359 shares of Adept Common Stock. Adept has also agreed to pay bonus amounts in cash up to an aggregate $320,000 to employees

Robotics segment revenues, which result from the sale of our intelligent robotics systems, vision-guidance technology and/or third party robot mechanisms, were $10.2 million for the three months ended December 25, 2010, up 51% from $6.7 million for the three months ended December 26, 2009. For the six months ended December 25, 2010, robotics revenues were $22.1 million, up 37% from $16.2 million during the six months ended December 26, 2009. The increase in both the three- and six-month periods ending December 25, 2010 was primarily the

Services and Support revenues, which result from the sale of robotics services and support as well as remanufactured robot systems, were $3.2 million for the three months ended December 25, 2010, up 28% from $2.5 million for the three months ended December 26, 2009. For the six months ended December 25, 2010, Services and Support revenues were $5.8 million, up 24% from $4.7 million for the six months ended December 26, 2009.

Total international revenues were $9.1 million for the three months ended December 25, 2010, up 61% compared with $5.6 million for the three months ended December 26, 2009. For the six months ended December 25, 2010, total international revenues were $19.1 million, an increase of 35% from $14.1 million for the six months ended December 26, 2009. Higher international revenues during both periods primarily resulted from increased sales in Europe, which grew 103% in the second quarter and 46% in the first six months of fiscal 2011, primarily as a result of a return in demand from the automotive and industrial markets in Germany for both new and remanufactured products. Revenues in Asia were up 25% in the first six months but relatively unchanged in the second quarter of fiscal 2011 compared with the same periods of fiscal 2010, primarily reflecting the cyclicality of orders from the disk drive industry. Revenues from other countries remained a relatively small percentage of the Company’s sales in the fiscal 2011 periods.

Read the The complete Report



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