OCTOBER 16--Adept Technology (Livermore, CA, USA), a provider of control software, precision robotics, and automation services, has reported financial results for its fiscal fourth quarter and year ended June 30, 2006, and announced the restatement of its FY2006 quarterly reports. Fourth-quarter 2006 revenues were $14.9 million, a 4% increase compared with revenues of $14.4 million for the fourth quarter of 2005. Revenues for the full year ended June 30, 2006, were $57.6 million, up 14% from revenues of $50.5 million for FY2005. Fourth-quarter 2006 net income was $984,000, or $0.14 per basic share outstanding, compared with net income of $903,000, or $0.15 per basic share, for the fourth quarter of 2005. Net income for the full-year 2006 was $538,000, or $0.08 per basic share outstanding, compared with net income of $1.3 million, or $0.21 per basic share for the prior year. Net income for 2006 includes noncash stock compensation expense of $1.2 million, associated primarily with the valuation of stock options, as required by FAS 123R. No stock compensation expense was included in 2005 earnings. Additionally, net income reflects a gain on currency exchange of $86,000 for the full FY2006 compared with a gain on currency exchange and other income of $584,000 in FY2005.
Gross margin for FY2006 was 47.3%, compared with gross margin of 45.9% in the previous year. Operating income for FY2006 was $566,000, compared with operating income of $874,000 in FY2005. Operating income for FY2006 includes stock compensation expense of $1.2 million while FY2005 operating income does not.
Cash, cash equivalents, and short-term investments as of June 30, 2006, were $14.1 million, as previously reported, compared with $5.3 million as of June 30, 2005. The increase in 2006 includes $10.0 million received during the fourth quarter of FY2006 from the previously announced private placement of Adept's common stock with Crosslink Capital.
During FY2006, Adept made achievements in a number of areas, including
--Continued profitability in FY2006, with no debt.
--Successful relisting on NASDAQ in November 2005, enabling Adept to gain financial market visibility essential to the company's efforts to deliver continued enhanced growth and shareholder value.
--Continued leadership in the SCARA Precision Assembly Robot market. Adept remained the number-one provider in Europe and the USA, recording nearly 50% served market share, according to recent statistics from the International Federation of Robots.
Adept Technology designs, manufactures, and markets robotic systems, motion-control and machine-vision technology for global markets including automotive, consumer electronics, consumer goods, disk drive, food, industrial tooling, medical devices, and pharmaceutical. Adept robots, controllers, and software are used for small parts assembly, material handling, and packaging. Adept intelligent automation product lines include industrial robots, configurable linear modules, machine controllers for robot mechanisms and other flexible automation equipment, machine vision, and systems and applications software. More information is available at www.adept.com.