Adept Technology reports restructuring recovery

OCTOBER 28--Adept Technology Inc. (Livermore, CA; www.adept.com) has announced results of its operations for its first quarter FY2005, ended October 2, 2004. Net revenues from continuing operations were $11.3 million, an increase of $646,000 or 6% over the comparable period in 2004. Gross margin for the first quarter 2005 was $5.5 million, an increase of $1.6 million or 43% from the same period of the prior year.

During the quarter ended October 2, 2004, the company reported pretax income from continuing operations of $52,000 compared with a pretax loss from continuing operations of $1.4 million for the same quarter a year ago. In total, Adept reported net income of $40,000 for the three months ended October 2, 2004, versus a net loss of $1.3 million, or $0.08 per share, for the same period a year ago.

"Robotic revenues were higher year on year, but slightly lower than expected, reflecting the traditional European summer business cycle and a general softening in the domestic manufacturing marketplace," said Robert Bucher, CEO of Adept Technology. "Adept Cobra robot shipments remained strong. We expect new products, such as the stand-alone Adept i-Series robots and the simple-to-configure Adept Cobra PLC robots, introduced earlier this year, to increase new customer activity and market share as the year progresses," Bucher continued.