Adept Technology Inc. Reports its Fourth Quarter Results
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