SEPTEMBER 25--Adept Technology (Livermore, CA, USA; www.adept.com), a provider of control software, precision robotics, and automation services, has reported partial preliminary financial results for its fourth quarter and year ended June 30, 2006. While Adept and its auditors have not yet completed their review of the company's results, based on its preliminary review the company expects revenues for that quarter to be $14.9 million, compared with $14.4 million in the fourth quarter of FY2005. Revenues for the full FY 2006 are expected to be $57.6 million, compared with $50.5 million in FY2005. Cash and cash equivalents as of June 30, 2006, are expected to be $14.0 million, compared with $5.3 million as of June 30, 2005.
The 2006 year-end figure includes $10 million received during the fourth quarter from the previously announced private placement of its common stock with Crosslink Capital. The company expects that income from continuing operations before income taxes for full FY 2006 will be approximately $800,000, which includes stock compensation expense of $1.2 million, compared to income from continuing operations of $1.3 million for FY2005, before FAS 123R required recognition of stock compensation expense.
Adept Technology develops and markets motion-control and machine-vision software, intelligent vision-guided robotics systems, and extensible controls technology. The Adept platform is both multibrand and multigenerational. The universal robot controller is integrated within Adept's portfolio of intelligent assembly and material-handling robots and has been extended to other non-Adept automation and robot mechanisms. More information is available on the company's Web site.
