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Adept Technology Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 10, 2011 04:27PM
Adept Technology Inc. (ADEP) filed Quarterly Report for the period ended 2011-03-26.
Highlight of Business Operations:
On June 25, 2010, we acquired MobileRobots Inc. (MobileRobots), 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 of MobileRobots after fiscal 2011 if certain MobileRobots product revenue targets are met for fiscal 2011. The results of MobileRobots operations have been included in our consolidated financial statements since June 25, 2010.
Operationally, from time to time we have undertaken restructuring and other cost reduction actions to support our financial model, which emphasizes cost efficiency balances with investments in our products and revenue generating activities. We remain committed to managing our business to generate cash. During the three months ended March 26, 2011, we implemented organizational improvements designed to reduce our ongoing costs, which included office consolidation, reorganization within our sales infrastructure and a general streamlining of our business operations in the Americas region, and incurred $595,000 in related restructuring expenses, of which $498,000 was accelerated stock compensation expense.
Robotics segment revenues, which result from the sale of our intelligent robotics systems, vision-guidance technology and/or third party robot mechanisms, were $9.8 million for the three months ended March 26, 2011, down 21% from $12.4 million for the three months ended March 27, 2010. For the nine months ended March 26, 2011, robotics revenues were $31.9 million, up 11% from $28.6 million during the nine months ended March 27, 2010. The major components of revenue in the three and nine months ended March 26, 2011 were the inclusion of approximately $2.8 million in U.S. sales from the acquired MobileRobots business year to date; higher sales in some of our traditional and target markets, including the automotive and industrial markets in Germany, which increased 106% in the third quarter and 148% in the first nine months of fiscal 2011; higher sales to the worldwide consumer electronics market, particularly in Asia; higher sales of remanufactured
Services and Support revenues, which result from the sale of robotics services and support as well as replacement parts, were $3.0 million for the three months ended March 26, 2011, up 63% from $1.8 million for the three months ended March 27, 2010. For the nine months ended March 26, 2011, Services and Support revenues were $8.8 million, up 35% from $6.5 million for the nine months ended March 27, 2010. Services segment revenue increases in both the three and nine months ended March 26, 2011 were primarily due to higher sales of replacement parts.
Total international revenues were $8.7 million for the three months ended March 26, 2011, down 24% compared with $11.4 million for the three months ended March 27, 2010. For the nine months ended March 26, 2011, total international revenues were $27.7 million, an increase of 9% from $25.5 million for the nine months ended March 27, 2010.