Industry Headlines / Vision & Sensors

Adept Technology Reports Fiscal Results

May 18, 2009
/ Print / Reprints /
ShareMore
/ Text Size+

PLEASANTON, CA - Adept Technology Inc., a provider of intelligent vision-guided robotic solutions, announced financial results for its 2009 fiscal third quarter ended March 28, 2009.

During the quarter, Adept implemented new expense reductions expected to result in quarterly savings of approximately $1 million starting in the fourth quarter of fiscal 2009, which began on March 29, 2009, with the full effect realized in the first quarter of fiscal 2010, which begins on July 1, 2009. Included in the savings were additional voluntary executive salary reductions lowering the base salary of our CEO by 15% and of other executive management by 10%, which together with salary reductions effected in January 2009, reflects a total reduction of 35% and 20%, respectively, in addition to other employee salary reductions.

Adept's cash and short-term investment balance at March 28, 2009 was $8.7 million, as compared to $11.0 million reported as of December 27, 2008.

"We experienced a significant slowdown in January and February of this year as a result of the worldwide recession," said John Dulchinos, Adept's president and chief executive officer. "We saw numerous customers idle production lines and delay capital investments in the first two months of the year, which had a significant impact on our revenue. We are encouraged by an increase in activity since then, including a 29% increase in Quattro orders during the quarter, indicating that our business may be stabilizing. Looking forward we continue to focus on managing our resources and returning to cash flow positive operations. We took steps during the quarter to reduce our operating expenses by $1 million per quarter, which should be fully reflected in our first fiscal quarter of 2010. We have now secured a $5 million line of credit and our balance sheet remains strong. With our realigned cost structure we are confident that we have sufficient cash to weather this downturn. With our new product offerings and solid design wins in our key markets of packaging and solar, we are also confident we are well positioned to return to growth and profitability once the economy begins to recover."

The company also obtained a line of credit for up to $5 million in borrowings from Silicon Valley Bank, and signed two new distribution partners during the quarter, which are focused on the Japanese robotics market, the largest in the World.

Did you enjoy this article? Click here to subscribe to Quality Magazine. 

You must login or register in order to post a comment.

Multimedia

Videos

Podcasts

 In honor of World Quality Month, we spoke to James Rooney, ASQ Past Chairman of the Board of Directors 2013, for his take on quality around the world.
For more information, read the ASQ Speaking of Quality column.
More Podcasts

Quality Magazine

CoverImage

2014 September

Check out the September 2014 edition of Quality Magazine for features!

Table Of Contents Subscribe

The Skills Gap

What is the key to solving the so-called skills gap in the quality industry?
View Results Poll Archive

Clear Seas Research

qcast_ClearSeas_logo.gifWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

eNewsletters

STAY CONNECTED

facebook_40.png twitter_40px.png  youtube_40px.pnglinkedin_40px.png