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

May 06, 2010 | About:
10qk

10qk

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Adept Technology Inc. (ADEP) filed Quarterly Report for the period ended 2010-03-27.

Adept Technology Inc. has a market cap of $46.1 million; its shares were traded at around $5.47 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 $12.4 million for the three months ended March 27, 2010, up 109% from $5.9 million for the three months ended March 28, 2009. For the nine months ended March 27, 2010, robotics revenues were $28.6 million, up 13% from $25.3 million for the nine months ended March 28, 2009. Higher robotics revenues in both periods were primarily the result of higher sales into the disk drive market in Asia and the packaging markets in France and the U.S. The Germany packaging and solar revenue increased during the nine month period ended March 27, 2010 offsetting decreased demand from the automotive/industrial market in Germany.

Services and Support revenues, which result from the sale of robotics services and support as well as remanufactured robot systems, were $1.8 million for the three months ended March 27, 2010, up 4% from $1.7 million for the three months ended March 28, 2009. Services and support revenues were $6.5 million for the nine months ended March 27, 2010, down 15% from $7.7 million for the nine months ended March 28, 2009. The decrease in the nine months ended March 27, 2010 was primarily due to lower demand for remanufactured robotics from the automotive market in Germany and from the disk drive and consumer electronics manufacturers in the U.S.; higher demand from the disk drive market reversed this trend in the third quarter of fiscal quarter of 2010.

Total international sales were $11.4 million for the three months ended March 27, 2010, up 122% compared to $5.2 million for the three months ended March 28, 2009. For the nine months ended March 27, 2010, total international sales were $25.5 million, up 15% from $22.1 million for the nine months ended March 28, 2009. The increase in both periods was driven primarily by increased sales into the disk drive market in Asia as well as higher sales into the packaging market in France and Germany in the third quarter of fiscal 2010, offset by lower sales to the German industrial and automotive markets during the first nine months of fiscal 2010.

R&D expenses for the three months ended March 27, 2010 were $1.3 million, or 9% of revenues, down 13% from $1.5 million, or 20% of revenues for the three months ended March 28, 2009. For the nine months ended March 27, 2010, R&D expenses were $4.0 million, or 11% of revenues, down 7% from $4.3 million, or 13% of revenues for the nine months ended March 28, 2009. Lower R&D expenses in the

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