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Adept Technology Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 13, 2012 02:07PM
Adept Technology Inc. (ADEP) filed Quarterly Report for the period ended 2012-09-29.
Highlight of Business Operations:We also agreed to make certain contingent annual payments in cash to the former InMoTx shareholders and to the chief technology officer in an amount equal to ten percent (10%) and two percent (2%), respectively, of the revenues InMoTx achieves in excess of specified thresholds during the three annual periods following the merger date, the fair value of which at September 29, 2012 was $0. The results of InMoTx s operations have been included in our consolidated financial statements since January 11, 2011.
For the three months ended September 29, 2012, which was our fiscal 2013 first quarter, revenues were $11.4 million, down 32% from revenues of $16.6 million for the three months ended October 1, 2011, our fiscal 2012 first quarter, as a result of lower sales in both our Robotics and Services and Support segments.
Gross margin as a percentage of revenues was 41.4% for the fiscal 2013 first quarter, compared to 43.8% for the same period of the previous fiscal year. Lower gross margin in the fiscal 2013 period primarily resulted from poor absorption of manufacturing costs given lower revenue levels and a less favorable product mix.
Investing Activities: Adept incurred $41,000 of capital purchases costs during the three months ended September 29, 2012, and received proceeds of $96,000 from sales of property and equipment.
Stocks Discussed: ADEP,