SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): October 27, 1999
<CAPTION>
ADEPT TECHNOLOGY, INC.
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(Exact name of registrant as specified in its charter)
<S> <C> <C>
California 0-27122 94-2900635
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(State or other jurisdiction of (Commission File Number) (IRS Employer Identification No.)
incorporation or organization)
150 Rose Orchard Way, San Jose, California 95134
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(Address of principal executive offices of Registrant, including zip code)
(408) 432-0888
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(Registrant's telephone number, including area code)
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Item 5. Other Events.
In a press release made on October 27, 1999, Adept Technology,
Inc., a California corporation, reported its financial results for its fiscal
year 2000. The text of this press release is attached hereto as Exhibit 99.1
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Press Release dated October 27, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Amendment to its Report to be signed on its
behalf by the undersigned, thereunto duly authorized.
Dated: November 1, 1999
ADEPT TECHNOLOGY, INC.
(Registrant)
/s/ KATHLEEN M. FISHER
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Kathleen M. Fisher
Chief Financial Officer
(Principal Financial and
Accounting Officer)
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Exhibit 99.1
Press Release
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Exhibit 99.1
For Immediate Release
Financial Analyst:
Kathleen Fisher
Chief Financial Officer
408.434.5112 (voice)
408.434.6263 (fax)
[email protected]
ADEPT TECHNOLOGY REPORTS FIRST QUARTER 2000 RESULTS
(SAN JOSE, CA) October 27, 1999--Adept Technology, Inc. (Nasdaq
National Market System Symbol: ADTK), a leading designer and
manufacturer of intelligent automation products, today reported
financial results for the first quarter of fiscal 2000.
All financial information presented includes BYE/Oasis Engineering,
Inc. ("BYE/Oasis") which was acquired in July 1999 and was accounted
for as a pooling of interests.
For the quarter ended October 2, 1999, Adept reported revenues of $20.6
million compared with revenues of $21.0 million in the first quarter of
fiscal 1999. The company reported a net loss of $1.4 million, or $.15
of diluted loss per share, before previously announced merger-related
expenses related to the company's acquisition of BYE/Oasis during the
quarter, compared with net income of $408,000, or $.04 of diluted
earnings per share, in the first quarter of fiscal 1999. Including
merger-related expenses of $988,000, Adept reported a loss of $2.4
million, or $.26 of diluted loss per share, in the first quarter of
fiscal 2000.
As announced previously, the company indicated that component supply
issues, seasonal softness in orders, a longer than anticipated sales
cycle for software offerings and overall adverse changes in product
sales mix impacted its financial performance for the quarter.
"While the summer quarter is traditionally Adept's slowest, the product
mix of our revenues varied significantly from our forecasts. In
addition, we experienced lower software sales which not only impacted
revenues, but also gross margins," noted Brian R. Carlisle, chairman
and chief executive officer of Adept.
The operating loss before merger-related expenses for the quarter was
$2.8 million compared with operating income of $405,000 in the first
quarter of 1999. Gross margin for the quarter was 38.2 percent versus
43.1 percent in the first quarter of fiscal 1999. Operating expenses
were $10.7 million versus $8.6 million in the same period a year ago.
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ADEPT TECHNOLOGY REPORTS FIRST QUARTER 2000 RESULTS/Page 2
"Despite the disappointing results for the quarter, the integration of
BYE/Oasis is going very well and the response from the semiconductor
market has been very positive. As a result of growing demand, revenues
from BYE/Oasis are ahead of plan. Interest from the telecommunications
sector continues to be robust as well," said Charlie Duncheon, senior
vice president of sales and marketing.
Duncheon added that the company generated a high level of leads at both
the Assembly Technology Exposition (ATE) and European Motek show,
particularly for the new linear modules with Smart Amp and Adept's
Production Pilot software offering.
Founded in 1983, Adept Technology, Inc., designs, manufactures and
markets intelligent automation software and hardware products for
manufacturers in the electronics, semiconductor, telecommunications,
appliances, pharmaceuticals, food production and automotive components
industries. The company is the largest manufacturer of industrial
robots in the U.S. with more than 15,000 systems installed worldwide.
The company provides direct sales, service and training in the U.S.,
Europe, South Korea, Singapore and with a partner in Japan, and offers
turnkey flexible automation systems through specialized automation
engineering companies throughout the world. Adept Technology product
and service information is available at World Wide Web site
http://www.adept.com.
This press release contains certain forward-looking statements that
involve a number of risks and uncertainties. The following important
factors could cause the company's actual results to differ materially
from those expressed in any of the above forward-looking statements:
the potential delays associated with the development and introduction
of new products or software releases; the potential fluctuations in the
company's quarterly and annual results of operations; the cyclicality
of capital spending of the company's customers; the company's
dependence on the continued growth of the intelligent automation
market; the risks associated with sole or single sources of supply and
lengthy procurement lead times; the company's highly competitive
industry; rapid technological change within the company's industry; the
lengthy sales cycles for the company's products; the risks associated
with reliance on systems integrators; the risks associated with
international sales and purchases; the risks associated with potential
acquisitions, including integration risks associated with our recent
acquisition of BYE/Oasis, and the need to manage growth; the risks
associated with new product development and the need to manage product
transitions; the company's dependence on retention and attraction of
key employees; the risks associated with product defects; the company's
dependence on third-party relationships; the uncertainty of patent and
proprietary technology protection and third party intellectual property
claims; change in, or failure or inability to comply with government
regulations; general economic and business conditions; the failure of
any new products to be accepted in the marketplace; any decreased
investment in robotics generally, and in the company's intelligent
automation products particularly, as a result of general or specific
economic conditions or conditions affecting any of the company's
primary markets; or decreased acceptance of the company's current
products in the marketplace.
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ADEPT TECHNOLOGY REPORTS FIRST QUARTER 2000 RESULTS/Page 3
For a further discussion of risk factors relating to the company's
business, see the company's Form 10-K for the fiscal year ended June
30, 1999, including the discussion in Management's Discussion and
Analysis of Financial Condition and Results of Operations.
# # #
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ADEPT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
<CAPTION>
October 2, June 30,
1999 1999
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(Restated)*
ASSETS
Current assets:
Cash, cash equivalents and short term investments $ 25,425 $ 27,016
Accounts receivable, less allowance for doubtful accounts of
$947 at October 2, 1999 and $716 at June 30, 1999 18,553 19,707
Inventories 12,874 11,782
Deferred tax assets and prepaid expenses 4,986 5,600
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Total current assets 61,838 64,105
Property and equipment at cost 24,909 24,822
Less accumulated depreciation and amortization 19,395 18,940
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Net property and equipment 5,514 5,882
Other assets 1,915 1,689
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Total assets $ 69,267 $ 71,676
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 7,458 $ 6,837
Other accrued liabilities 8,771 9,653
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Total current liabilities 16,229 16,490
Commitments and contingencies
Total shareholders' equity 53,038 55,186
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Total liabilities and shareholders' equity $ 69,267 $ 71,676
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<FN>
*Restated to include the balance sheet of BYE/Oasis.
</FN>
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ADEPT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(In thousands, except per share data)
<CAPTION>
Three months ended
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October 2, September 26,
1999 1998
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(Restated)*
Net revenues $ 20,634 $ 20,993
Cost of revenues 12,747 11,943
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Gross margin
7,887 9,050
Operating expenses:
Research, development and engineering 3,459 2,584
Selling, general and administrative 7,257 6,061
Merger-related expenses 988 --
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Total operating expenses 11,704 8,645
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Operating income (loss) (3,817) 405
Interest income, net 309 204
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Income (loss) before provision for income taxes (3,508) 609
Provision for (benefit from) income taxes (1,062) 201
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Net income (loss) ($ 2,446) $ 408
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Net income (loss) per share:
Basic ($ 0.26) $ .04
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Diluted ($ 0.26) $ .04
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Number of shares used in computing per share amounts:
Basic 9,491 9,360
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Diluted 9,491 9,484
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<FN>
*Restated to include the results of operations of BYE/Oasis.
</FN>
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