Adept Technology, Inc., a leading provider of intelligent vision-guided and autonomous mobile robotic solutions, today announced financial results for its fiscal 2012 third quarter ended March 31, 2012.
Third quarter Fiscal 2012 Results
Revenues for the third quarter of fiscal 2012 grew 37% to $17.5 million, compared to $12.8 million for the third quarter of fiscal 2011 and up 15% from $15.2 million for the previous quarter of fiscal 2012. The solid revenue growth was driven primarily by strength in our core markets including a return to growth in Europe and a normal cyclical uptick in disk drive sales, as well as strength in our Mobile and Packaging Solutions initiatives over the same period last year. Adept reported a GAAP net loss of $1.5 million, or $0.16 per share in the third quarter of fiscal 2012, which compares to a net loss of $3.3 million, or $0.37 per share in the third quarter of fiscal 2011, and a net loss of $1.2 million, or $0.13 per share in the previous quarter.
Gross margin was 41.1% of revenue in the third quarter of fiscal 2012, compared to 44.8% of revenue in the third quarter of fiscal 2011 and 43.0% in the previous quarter. The decline in gross margin for the third quarter was driven almost entirely by a large order from Europe for a lower margin traditional product. The Company expects gross margins to return to normalized levels in the fourth fiscal quarter.Operating expenses in the third quarter of fiscal 2012, which included $791,000 of restructuring expenses related to the consolidation of the Denmark facility into the Company's headquarters in California, were $8.3 million, compared to $8.6 million for the same period last year and $7.5 million in the previous quarter. The Company's operating loss for the third quarter of fiscal 2012 was $1.2 million, which compares to an operating loss of $2.9 million for the third quarter of fiscal 2011 and an operating loss of $1.0 million in the previous quarter.
Adept's adjusted EBITDA loss was $51,000 in the third quarter of fiscal 2012, compared with an adjusted EBITDA loss of $870,000 in the third quarter of fiscal 2011 and adjusted EBITDA loss of $79,000 in the previous quarter. A discussion of this non-GAAP measure and reconciliation to the applicable GAAP measure is included below.
Adept ended the quarter with cash and cash equivalents of $6.0 million at March 31, 2012, compared to $6.5 million at December 31, 2011.
"The third quarter was a very strong quarter for Adept as we experienced solid growth in both revenues and orders led by a return to strength in Europe as well as improved results from Asia," said John Dulchinos, president and chief executive officer of Adept. "We also continued to make excellent progress in our new initiatives of packaging solutions and mobile robots which made up over 17% of the quarter's revenues. In natural products packaging, we delivered and commissioned our first cells to Earthbound Farms, a leader in the FreshCut produce industry, to automate their prewashed leafy greens packaging process. In our mobile robots business we received 45% of our revenue from commercial logistics solutions in the healthcare, cleanroom and warehousing industries as we continued to seed the market with our innovative natural feature navigation technology. Both businesses continue to track to our plan and we expect to see profit margins increase as these new products become an increasingly larger portion of our product mix."
Delivered packaging solution to Earthbound Farms, one of the leading FreshCut organic food companies in America
Received multiple large orders for traditional robotics including a $1.4 million order from an international OEM; a $1 million order from major German Auto Supplier; and an $820,000 order from a consumer electronics supplier in southeast Asia
Appointed Robert Malley as Vice President of Global Operations
Quarterly Conference Call
John Dulchinos, president and chief executive officer, and Lisa Cummins, senior vice president and chief financial officer, will host an investor conference call today, May 2, 2012 at 5:00 P.M. Eastern Time, to review the Company's financial and operating performance for the fiscal 2012 third quarter. The call may also include statements regarding the Company's anticipated operations during the remainder of fiscal 2012. These statements will be forward-looking, and actual results may differ materially. The Company intends to continue its practice of not updating forward-looking statements or providing anticipated financial performance information except as is included in this press release. The call can be accessed by dialing 1-877-941-6009. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. In addition, the conference call will be available over the Internet at www.adept.com in the Investor Relations section of the website. For those who are not available to listen to the live broadcast, the call will be archived at www.adept.com and a telephonic playback of the conference call will also be available for seven days following the call. Replay listeners should call 1-800-406-7325 and entering the pass code 4532388#.
Adept is a global, leading provider of intelligent robots and autonomous mobile solutions and services that enable customers to achieve precision, speed, quality and productivity in their assembly, handling, packaging, testing, and logistical processes. With a comprehensive portfolio of high-performance motion controllers, application development software, vision-guidance technology and high-reliability robot mechanisms with autonomous capabilities, Adept provides specialized, cost-effective robotics systems and services to high-growth markets including Packaging, Medical, Disk Drive/Electronics, and Solar; as well as to traditional industrial markets including machine tool automation and automotive components. More information is available at www.adept.com .