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Adept Technology Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: February 7, 2012 03:05PM

Adept Technology Inc. (ADEP) filed Quarterly Report for the period ended 2011-12-31. Adept Technology Inc. has a market cap of $25.2 million; its shares were traded at around $2.6 with and P/S ratio of 0.4.



Highlight of Business Operations:

Robotics segment revenues, which result from the sale of our intelligent robotics systems, vision-guidance technology and/or third party robot mechanisms, were $12.9 million for the three months ended December 31, 2011, an increase of 27% from $10.2 million for the three months ended December 25, 2010. The increase in robotics revenues during the three months ended December 31, 2011 was primarily due to: increased sales of our commercial MobileRobots material handling applications, primarily in the industrial, medical and semiconductor markets, which increased to $1.4 million from $0 in the second quarter of last year; higher sales in the traditional automotive and industrial markets, which increased $1.3 million, or 83%, primarily in Germany and the U.S.; and increased sales to the packaging solutions market, which increased to $915,000 from $0. These increases were partially offset by a decrease of $347,000, or 76%, in sales to the disk drive market in the period compared with last year due to a continued slowdown in orders from this industry, and a decrease of $310,000, or 33%, in sales to the solar markets compared with the same period last year.

Services and Support revenues, which result from the sale of robotics services and support as well as replacement parts, were $2.3 million for the three months ended December 31, 2011, down 28% from $3.2 million for the three months ended December 25, 2010. The decrease in the period was primarily due to lower service revenues for replacement parts, which decreased $850,000, or 39%. Services and Support revenues were $5.7 million for the six months ended December 31, 2011, down 3% from $5.8 million for the six months ended December 25, 2010. The decrease in the period was primarily due to lower service revenues for replacement parts, which decreased $615,000, or 15%, partially offset by increases in sales to the automotive markets, which increased $231,000, or 86%, and an increase in sales to the consumer electronics markets, which increased $226,000, or 102%, compared to last year.

U.S. revenues were $4.7 million for the three months ended December 31, 2011, up 11% compared with $4.2 million for the three months ended December 25, 2010. The increase in the three months ended December 31, 2011 was primarily due to increased domestic automotive sales, which increased $595,000, or 446%, as well as increased sales to the domestic packaging markets, which increased $395,000, or 61%, and increased sales in our MobileRobots material handling applications of $366,000 from $0 in the same period last year. These increases were partially offset by a decrease of $476,000, or 95%, in sales to the domestic disk drive market, and a decrease of $375,000, or 43%, in the replacement parts market. U.S. revenues were $8.2 million for the six months ended December 31, 2011, down 7% compared with $8.9 million for the six months ended December 25, 2010. The decrease in the six months ended December 31, 2011 was primarily due to decreased domestic disk drive sales, which decreased $1.1 million, or 94%, and decreased domestic industrial sales, which decreased $394,000, or 61%, compared to the prior year. These decreases was partially offset by an increase of $789,000, or 367%, in sales to the domestic automotive markets and an increase of $532,000 from $0 in the same period last year, in sales of our commercial MobileRobots material handling applications, primarily in the medical markets.

Revenues from Asia increased 26% during the three months ended December 31, 2011 compared with the prior-year period primarily as a result of $305,000 in sales of our commercial MobileRobots material handling applications, primarily in the semiconductor industries, compared to $0 in the previous year period, and a $190,000, or 23%, increase in sales to the consumer electronics markets, primarily in China. Revenues from Asia increased 7% during the six months ended December 31, 2011 compared with the prior-year period primarily as a result of a $558,000, or 34%, increase in sales to the consumer electronics markets, primarily in China, and a $381,000 increase in sales of our commercial MobileRobots material handling applications, primarily in Singapore, compared to $0 in the previous year period. These increases were partially offset by a $613,000, or 20%, decrease in sales to the disk drive markets due to the continued downturn in the Asian disk drive markets.

Revenues from other countries remained a relatively small percentage of the Company s sales in the second quarters of fiscal 2012 and 2011, however compared to the same periods in the prior-year, have experienced significant growth. Revenues were $1.6 million for the three months ended December 31, 2011, up 564% compared with $245,000 for the three months ended December 25, 2010. The increase in the three months ended December 31, 2011 was primarily due to an increase of $668,000, or 622%, in sales to the packaging markets, primarily in Australia, and an increase of $577,000 in sales of our commercial MobileRobots material handling applications, primarily in Canada, compared to $0 in the same period last year. Revenues were $2.2 million for the six months ended December 31, 2011, up 350% compared with $485,000 for the six months ended December 25, 2010. The increase in the six months ended December 31, 2011 was primarily due to an increase of $926,000 in sales of our commercial MobileRobots material handling applications, primarily in Canada, compared to $0 in the same period last year, and an increase of $626,000, or 249%, in sales to the packaging markets, primarily in Australia.

Read the The complete Report



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