LIVERMORE, CA -Adept Technology Inc., a provider of intelligent vision-guided robotics and global robotics services, today announced financial results for its fiscal fourth quarter and year ended June 30, 2008.
Revenues for the fourth quarter of fiscal 2008 increased 35.8% to $16.7 million, compared to $12.3 million for the same period last year, and 3.7% from $16.1 million in the third quarter. Net income increased substantially from the prior year, growing to $900,000, or $0.10 per fully diluted share, compared to a net loss of $5.7 million, or $0.73 per fully diluted share for the fourth quarter of fiscal 2007, and decreased from net income for the third quarter of fiscal 2008 of $1.0 million, or $0.12 per fully diluted share. Net income in the quarter was positively impacted by a foreign currency exchange gain of $560,000.
Gross margin was 48.5% of revenue in the fourth fiscal quarter of 2008, compared with 44.9% of revenue in the fourth fiscal quarter of 2007 and 46.3% in the third fiscal quarter of 2008. Operating expenses decreased in the fourth quarter of 2008 to $8.0 million, compared with operating expenses of $11.5 million in the same quarter of fiscal 2007. Operating income was $116,000 in the fourth quarter of fiscal 2008, compared with an operating loss of $6.0 million in the fourth quarter of fiscal 2007.
Adjusted EBITDA was $1.4 million in the fourth quarter of fiscal 2008, compared with adjusted EBITDA loss of $2.0 million in the fourth quarter of fiscal 2007 and adjusted EBITDA of $1.6 million in the third quarter of fiscal 2008. A discussion of this non-GAAP measure and reconciliation of this measure to the applicable GAAP measure is included below.
Adept’s cash and short-term investment balance at June 30, 2008 was $15.2 million, up 23.6% from $12.3 million reported as of March 29, 2008 and up 39.4% from $10.9 million at June 30, 2007