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Adept Technology Inc. Reports Operating Results (10-Q)

May 08, 2012 | About:
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10qk

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Adept Technology Inc. (ADEP) filed Quarterly Report for the period ended 2012-03-31.

Adept Tech Inc has a market cap of $57.8 million; its shares were traded at around $5.73 with and P/S ratio of 1.

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 $14.6 million for the three months ended March 31, 2012, an increase of 49% from $9.8 million for the three months ended March 26, 2011. The increase in robotics revenues during the three months ended March 31, 2012 was primarily due to: increased sales in the disk drive markets, which increased $1.4 million, or 645% primarily in Malaysia; increased sales in the medical and pharmaceutical markets, which increased $998,000, or 274%, primarily in Germany and the United States; increased sales of our commercial MobileRobots material handling applications, primarily in the medical markets in the United States, which increased to $930,000 from $0 in the third quarter of last year; higher sales in the packaging markets, primarily in the United States, which increased $595,000 or 23%; and higher sales in the traditional automotive and industrial markets, which increased $910,000, or 30%, primarily in Germany.

Robotics segment revenues were $40.7 million for the nine months ended March 31, 2012, an increase of 28% from $31.9 million for the nine months ended March 26, 2011. The increase in Robotics revenues during the nine months ended March 31, 2012 was primarily due to: higher sales in the traditional automotive and industrial markets, which increased $3.3 million, or 49%, primarily in Germany; increased sales of our commercial MobileRobots material handling applications, primarily in the industrial, medical and semiconductor markets, which increased to $3.0 million from $0 compared to last year; increased sales to the consumer goods market, which increased $1.3 million, or 969%, primarily in Germany; increased sales to the consumer electronics market, which increased $1.4 million, or 48%, primarily in Asia; and increased sales to the medical and pharmaceutical industries, which increased $1.1 million, or 57%, primarily in Germany and Canada, compared to the prior year period. These increases were partially offset by a decrease of $1.2 million, or 28%, in sales to the disk drive markets, primarily in the United States.

Services and Support revenues, which result from the sale of robotics services and support as well as replacement parts, were $2.8 million for the three months ended March 31, 2012, down 4% from $3.0 million for the three months ended March 26, 2011. Service revenues to the medical and pharmaceutical industry, primarily in the United States, increased $205,000, or 598%, from the third quarter of last year, however service sales to other miscellaneous industries, primarily in France, decreased $359,000, or 51%, completely offsetting the gains made in the medical and pharmaceutical industry. Services and Support revenues were $8.5 million for the nine months ended March 31, 2012, a decrease of 3% compared to $8.8 million for the nine months ended March 26, 2011. Service revenues to other miscellaneous industries, primarily in France, decreased $379,000, or 25%. This decrease was partially offset by increased service revenues to the medical and pharmaceutical industries, which increased $193,000, or 267%, compared to the prior year period.

U.S. revenues were $5.6 million for the three months ended March 31, 2012, up 36% compared with $4.1 million for the three months ended March 26, 2011. The increase during the three months ended March 31, 2012 was primarily due to increased packaging sales, which increased $872,000, or 87%, increased sales to the domestic medical and pharmaceutical markets, which increased $549,000, or 184%, and increased commercial MobileRobot sales, which increased to $552,000 from zero in the previous period. These increases were partially offset by a decrease of $487,000, or 83%, in sales to the domestic automotive and industrial markets. U.S. revenues were $13.8 million for the nine months ended March 31, 2012, up 6% compared with $13.0 million for the nine months ended March 26, 2011. The increase during the nine months ended March 31, 2012 was primarily due to an increase of $1.1 million in sales of our commercial MobileRobots material handling applications from $0 in the same period last year, primarily in the medical markets.

Restructuring Charges. For the three and nine months ended March 31, 2012, we recorded restructuring charges of $791,000 and $1.2 million related to the consolidation of InMoTx's Denmark facility into our Pleasanton, California operations. Lease termination costs were $37,000 and $142,000, respectively, severance costs were $34,000 and $124,000, respectively, salaries related to the restructuring were $304,000 and $512,000, respectively, inventory write-offs were $259,000 and $259,000, respectively, stock compensation expense was $95,000 and $95,000, respectively, and other miscellaneous costs were $62,000 and $82,000, respectively. The consolidation activities were substantially concluded during the third quarter of fiscal 2012. For the three months ended March 26, 2011, we recorded restructuring charges of $595,000 related to office consolidation, sales

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