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First Quarter Fiscal 2013 Results
Revenues for the first quarter of fiscal 2013 were
Gross margin was 41.4% of revenue in the first quarter of fiscal 2013 compared to 43.8% of revenue in the first quarter of fiscal 2012 and 41.5% in the previous quarter. Operating expenses in the first quarter of fiscal 2013 were
Adept's adjusted EBITDA (loss) in the first quarter of fiscal 2013 was
Adept ended the quarter with cash and cash equivalents of
"The results of the first fiscal quarter were severely impacted by economic weakness that drove global cuts in capital spending resulting in delayed orders and slowed customer deployments," said
Moving forward, our priority will be on maintaining our balance sheet and we will evaluate our strategy and initiatives based on achieving this objective, including opportunities to consolidate facilities, eliminate duplicate functions and streamline our operations with a focus on better serving our customers at lower operating costs. We are confident that with a streamlined cost structure and clear focus on delivering value to our customers we will emerge from this downturn with a strong balance sheet and poised for growth," Dulchinos added.
"Finally, I am pleased to announce the appointment of
Recent Highlights
Quarterly Conference Call
Company Profile
Adept is a global, leading provider of intelligent robots and autonomous mobile solutions and services that enable customers to achieve precision, speed, quality and productivity in their assembly, handling, packaging, testing, and logistical processes. With a comprehensive portfolio of high-performance motion controllers, application development software, vision-guidance technology and high-reliability robot mechanisms with autonomous capabilities, Adept provides specialized, cost-effective robotics systems and services to high-growth markets including Packaging, Medical, Disk Drive/Electronics, and Solar; as well as to traditional industrial markets including machine tool automation and automotive components. More information is available at www.adept.com .
All trade names are either trademarks or registered trademarks of their respective holders.
The
Use of Non-GAAP Financial Information
In addition to presenting GAAP net income (loss), we present adjusted EBITDA (loss), which we define as earnings before interest expense, income taxes, depreciation and amortization, goodwill impairment, merger and acquisition related expenses, stock compensation expense, and restructuring charges as a relevant measure of performance approximating operating cash flow, a metric commonly used among technology companies. We believe that this provides meaningful supplemental information to our investors regarding our ongoing operating performance, and it has been used as a basis for Adept's incentive compensation programs for our management team in fiscal 2012 and 2013.
Adjusted EBITDA (loss) should be considered in addition to, and not as a substitute for, GAAP measures of financial performance. For more information on our adjusted EBITDA (loss) please see the table captioned "Reconciliation of GAAP net loss to Adjusted EBITDA (loss)" below. While we believe that adjusted EBITDA (loss) is useful as described above, it is incomplete and should not be used to evaluate the full performance of the Company or its prospects. Although historically infrequent, unpredictable and significantly variable and thus included in this adjustment, mergers and acquisitions expenses may occur in the future if additional acquisitions are pursued. Additionally, stock-based compensation has been, and will continue to be, a recurring expense as an important incentive component of employee compensation. GAAP net loss is the most complete measure available to evaluate all
elements of our performance. Similarly, our Consolidated Statement of Cash Flows, as presented in our filings with the
Forward-Looking Statements
This press release contains forward-looking statements including, without limitation, statements about our expectations for revenues and cash flow, our cost reduction efforts, as well as opportunities in our core markets and potential new markets and our ability to grow our customer base and revenues. Such statements are based on current expectations and projections about the Company's business. These statements are not guarantees of future performance and involve numerous risks and uncertainties that are difficult to predict. The Company's actual results could differ materially from those expressed in forward-looking statements for a variety of reasons, including but not limited to factors affecting our fluctuating operating results that are difficult to forecast or outside our control: the effect of the current state of the manufacturing sector and other businesses of our customers; the timing and impact of the Company's decisions to engage in restructuring actions and other expense-related matters; the impact of integrating our acquired businesses and strategic plans on our cash resources and requirements of our credit facility; the impact of the acquired companies on the Company's operations, the Company's inability to react quickly to changes in demand for our products; risks of acceptance of the Company's new or current products in the marketplace; the costs of international operations, sales and foreign suppliers and the impact of foreign currency exchange; the cyclicality of capital spending of the Company's customers and lack of long-term customer contracts; the highly competitive nature of and rapid technological change within the intelligent automation industry; the lengthy sales cycles for the Company's products; the Company's increasing investment in markets that are subject to increased regulation; risks associated with sole or single sources of supply, including suppliers located in Japan; potential delays associated with the development and introduction of new products.
For a discussion of risk factors relating to Adept's business, see Adept's
— FINANCIALS FOLLOW —
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| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| (in thousands) | ||
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| 2012 | 2012 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 12,755 | $ 8,722 |
|
Accounts receivable, less allowance for doubtful accounts of $639 at |
9,997 | 11,905 |
| Inventories | 8,842 | 7,954 |
| Other current assets | 614 | 514 |
| Total current assets | 32,208 | 29,095 |
| Property and equipment, net | 2,080 | 2,292 |
| Goodwill | 2,967 | 2,967 |
| Other intangible assets, net | 1,569 | 1,686 |
| Other assets | 125 | 121 |
| Total assets | $ 38,949 | $ 36,161 |
| LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 5,561 | $ 6,183 |
| Line of credit | 4,063 | 5,500 |
| Accrued payroll and related expenses | 2,008 | 2,006 |
| Accrued warranty | 1,190 | 1,243 |
| Other accrued liabilities | 1,481 | 2,040 |
| Total current liabilities | 14,303 | 16,972 |
| Long-term liabilities: | ||
| Deferred income tax, long-term | 415 | 399 |
| Other long-term liabilities | 410 | 446 |
| Total liabilities | 15,128 | 17,817 |
| Redeemable convertible preferred stock | 7,608 | -- |
| Total stockholders' equity | 16,213 | 18,344 |
| Total liabilities, redeemable convertible preferred stock and stockholders' equity | $ 38,949 | $ 36,161 |
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| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (in thousands, except per share data) | ||
| Three Months Ended | ||
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| 2012 | 2011 | |
| Revenues | $ 11,370 | $ 16,619 |
| Cost of revenues | 6,661 | 9,345 |
| Gross margin | 4,709 | 7,274 |
| Operating expenses: | ||
| Research, development and engineering | 2,130 | 2,196 |
| Selling, general and administrative | 5,157 | 5,396 |
| Restructuring charges | 3 | -- |
| Amortization of other intangibles | 117 | 117 |
| Total operating expenses | 7,407 | 7,709 |
| Operating loss | (2,698) | (435) |
| Interest expense, net | (9) | (55) |
| Foreign currency exchange loss | (366) | (100) |
| Loss before income taxes | (3,073) | (590) |
| Provision for (benefit from) income taxes | (13) | 29 |
| Net loss | $ (3,060) | $ (619) |
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| Basic and diluted net loss per share | $ (0.29) | $ (0.07) |
| Shares used in computing basic and diluted net loss per share amounts | 10,536 | 9,247 |
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| Reconciliation of GAAP Net Loss to Adjusted EBITDA (Loss) | |||
| (in thousands) | |||
|
Three Months ended |
Three Months ended |
Three Months ended |
|
| Net loss | $ (3,060) | $ (358) | $ (619) |
| Interest expense, net | 9 | 78 | 55 |
| Income taxes | (13) | (594) | 29 |
| Depreciation | 243 | 179 | 284 |
| Amortization of intangibles | 117 | 116 | 117 |
| Stock compensation expense | 336 | 196 | 552 |
| Restructuring charges | 3 | 42 | -- |
| Adjusted EBITDA (loss) | $ (2,365) | $ (341) | $ 418 |
CONTACT:John Dulchinos Chief Executive Officer 925-245-3400 Investor.relations@adept.comBonnie McBride Avalon IR 415-454-8898 bonnie@avalonir.com
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