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

February 05, 2010 | About:

10qk

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Adept Technology Inc. (ADEP) filed Quarterly Report for the period ended 2009-12-26.

Adept Technology Inc. has a market cap of $25.8 million; its shares were traded at around $3.12 with and P/S ratio of 0.6.

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 $6.7 million for the three months ended December 26, 2009, down 21% from $8.5 million for the three months ended December 27, 2008. For the six months ended December 26, 2009, robotics revenues were $16.2 million, down 16% from $19.4 million for the six months ended December 27, 2008. The decrease in both the three and six-month periods was primarily the result of significantly reduced demand from the automotive electronics and industrial markets in Germany. For the six-month period, the decrease was partially offset by a large order for the disk drive market in Asia that was recognized in the first quarter of 2010, as well as strong demand for our Quattro robots for packaging applications in the first quarter of fiscal 2010. Demand for our packaging solutions, including Quattro, has remained generally strong while subject to some variability quarter to quarter. During the last month of the second quarter of fiscal 2010 we received significant orders from the disk drive market that we were not able to fulfill during the quarter due to the timing of their receipt. We expect to fulfill these orders in the third quarter of fiscal 2010.

Services and Support revenues, which result from the sale of robotics services and support as well as remanufactured robot systems, were $2.5 million for the three months ended December 26, 2009, unchanged from $2.5 million for the three months ended December 27, 2008. For the six months ended December 26, 2009, Services and Support revenues were $4.7 million, a decrease of 20% from $5.9 million for the six months ended December 27, 2008. The decrease in the six months ended December 26, 2009 was due to lower sales of remanufactured robotics to disk drive and consumer electronics manufacturers in the U.S. and Asia, as well as lower demand from the automotive electronics and industrial markets in Germany. Services and Support sales recovered somewhat in the second quarter of fiscal 2010, as some of our customers reinvested in their already installed systems.

Total international sales were $5.6 million for the three months ended December 26, 2009, down 17% compared to $6.8 million for the three months ended December 27, 2008. For the six months ended December 26, 2009, total international sales were $14.1 million, down 17% from $17.0 million for the six months ended December 27, 2008. Lower international revenues primarily resulted from decreased sales in Europe primarily as a result of decreased demand from the automotive electronics and industrial markets in Germany. European sales fell 38% in the second quarter of fiscal 2010 from $5.6 million in the three months ended December 27, 2008 to $3.5 million in the three months ended December 26, 2009; and fell 33% in the first six months of fiscal 2010 from $12.8 million in the six months ended December 27, 2008 to $8.6 million in the six months ended December 26, 2009.

Sales in Asia were $1.8 million in the second quarter of fiscal 2010, compared with $0.4 million in the second quarter of fiscal 2009. For the first six months of fiscal 2010, sales in Asia were $4.8 million, an increase of 102% from $2.4 million in the first six months of fiscal 2009, reflecting significant orders from the disk drive market in the first quarter of fiscal 2010.

Sales to other countries were $0.4 million in the second quarter of fiscal 2010, down 46% from $0.7 million in the second quarter of fiscal 2009. For the first six months of fiscal 2010, sales to other countries were $0.7 million, down 62% from $1.7 million in the first six months of fiscal 2009. Sales to other countries are primarily packaging solutions for various applications.

Read the The complete Report

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