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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CONTACTS:
Maili Bergman Mike Overby
Director of Investor Relations Chief Financial Officer
408.434.5158 (voice) 408.434.5112 (voice)
408.434.5005 (fax) 408.434.5005 (fax)
[email protected] [email protected]
ADEPT TECHNOLOGY REPORTS 34% INCREASE IN REVENUE OVER SAME QUARTER OF PRIOR YEAR
(SAN JOSE, CA) October 25, 2000--Adept Technology, Inc. (Nasdaq/NMS: ADTK), a
leading manufacturer of flexible automation for the telecommunications, fiber
optic and semiconductor industries, today reported financial results for its
first quarter ended September 30, 2000. Net revenues for the quarter ended
September 30, 2000 were $27.6 million, an increase of 34% over net revenues of
$20.6 million for the quarter ended October 2, 1999. Adept reported net income,
before amortization of goodwill and other intangibles resulting from Adept's
acquisition of companies ("amortization expense"), of $0.7 million, or $0.06 per
fully diluted share, for the quarter ended September 30, 2000, versus net loss
of $1.5 million, or $0.15 per fully diluted share, for the quarter ended October
2, 1999. Including amortization expense of $1.4 million, Adept reported net loss
of $0.7 million, or $0.07 per fully diluted share, for the quarter ended
September 30, 2000.
Operating income for the quarter ended September 30, 2000 was $0.1 million
before amortization expense, or a loss of $1.3 million including amortization
expense, as compared to operating loss of $3.8 million for the quarter ended
October 2, 1999. Gross margin for the quarter ended September 30, 2000 was 46.5%
versus 38.2% in the quarter ended October 2, 1999. Operating expenses excluding
amortization expense for the quarter ended September 30, 2000 were $12.7
million, or $14.1 million including amortization expense, compared to $11.7
million in operating expenses for the quarter ended October 2, 1999.
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All financial information presented includes the results for BYE/Oasis
Engineering, Inc., which was acquired in July 1999 and was accounted for as a
pooling of interests. The fourth quarter of fiscal 2000 and fiscal year 2000
results both include the results of operations for two months of Pensar Tucson,
Inc., which was acquired on April 28, 2000, as well as the results of operations
for one month of NanoMotion, Inc., which was acquired on May 31, 2000. Adept
completed the acquisition of HexaVision Technologies on July 21, 2000. The
Pensar, NanoMotion and HexaVision acquisitions were accounted for using the
purchase method of accounting.
Brian R. Carlisle, Chairman and Chief Executive Officer of Adept noted "During
the summer and fall quarters we have been integrating the acquisitions of
Pensar, NanoMotion and HexaVision, which we made in the spring, and developing
products based on the new technologies. We expect that these products, which
include precision microstages for fiber optic assembly, and our new Adept Vision
AVI, will begin shipping in the second half of our fiscal year. Towards the end
of our fiscal year we expect to begin shipping our standard platforms for fiber
optic assembly, which integrate microstages, precision vision, Adept robots and
material handling into work cells that perform certain assembly operations for
fiber optic components."
"We are pleased with our first quarter increase of 34% over the respective
quarter one year ago," said Carlisle. "We intend to continue our focused R&D,
marketing and sales efforts on providing precision assembly products for our
three key markets: fiber optics, semiconductors and
telecommunications/electronics. "
We continue to make excellent progress in both fiber optics and semiconductors.
In fiber optics we achieved significant year to year growth in both bookings and
revenues. In semiconductors we received three new OEM design wins for our Adept
FPE 200 integrated front end handling system."
Adept Technology designs, manufactures and markets factory automation components
and systems for the fiber optic, telecommunications, semiconductor, automotive,
food and durable goods industries throughout the world. Adept's robots,
controllers, and software products are used for small parts assembly, material
handling and ultra precision process applications. Our intelligent automation
product lines include industrial robots, configurable linear modules, flexible
feeders, semiconductor process components, nanopositioners, machine controllers
for robot mechanisms and other flexible automation equipment, machine vision
systems and software, application software, and simulation software. Founded in
1983, Adept is America's largest manufacturer of industrial robots. More
information is available at www.adept.com.
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INVESTOR CONFERENCE CALL
Brian Carlisle, Chairman and Chief Executive Officer; Mike Overby, Vice
President and Chief Financial Officer; and John Dulchinos, Vice President Sales
will host an investor conference call today, October 25, 2000 at 5:00p.m.
Eastern Time to review the company's financials and operations for the first
quarter of fiscal 2001. The call will include statements regarding the company's
expectations regarding its financial performance in the second quarter of fiscal
2001. 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 until its next quarter end for fiscal year 2001
results announcement. The call will be open to all interested investors through
a live audio Web broadcast via the Internet at www.vcall.com. For those who are
not available to listen to the live broadcast, the call will be archived at
www.adept.com and www.vcall.com. A telephonic playback of the conference call
will also be available for 5 business days from 6:00p.m., Eastern Time,
Wednesday, October 25, 2000 to 9:00pm., Eastern Time, Wednesday, November 1,
2001. Listeners should call 800.428.6051 and use Reservation No. 138846.
This press release contains certain forward-looking statements, including
specifically statements made by Brian Carlisle and statements in the BUSINESS
OUTLOOK section, that involve a number of risks and uncertainties. The company's
actual results could differ materially from those expressed in any of the above
forward-looking statements for a variety of reasons, including: future economic,
competitive and market conditions including those in Europe and Asia and those
related to its strategic markets; the potential delays associated with the
development and introduction of new products or software releases; 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 timing of orders, cancellations by, and shipments to customers;
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 acquisition of
BYE/Oasis, Pensar-Tucson, NanoMotion and HexaVision, unanticipated costs in
connection with the acquisition or integration, loss of employees or other
business disruptions, 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.
For a discussion of other risk factors relating to Adept's business, see the
company's Form 10Q for the quarters ended October 2, 1999, January 1, 2000 and
April 1, 2000, as well as the company's annual report on Form 10K for the fiscal
year ended June 30, 1999, including the
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discussion in Management's Discussion and Analysis of Financial Condition and
Results of Operations filed as an exhibit thereto, filed on September 28, 2000.
# # #
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ADEPT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(In thousands, except per share data)
<TABLE>
<CAPTION>
Three months ended
---------------------------
September 30, October 2,
2000 1999
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<S> <C> <C>
Net revenues $ 27,621 $ 20,634
Cost of revenues 14,783 12,747
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Gross margin 12,838 7,887
Operating expenses:
Research, development and engineering 4,866 3,459
Selling, general and administrative 7,836 7,257
Merger-related expenses -- 988
Amortization of goodwill and other intangibles 1,425 --
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Total operating expenses 14,127 11,704
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Operating loss (1,289) (3,817)
Interest income, net 189 309
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Loss before income taxes (1,100) (3,508)
Benefit for income taxes (385) (1,062)
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Net loss ($ 715) ($ 2,446)
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Net income (loss) per share:
Basic ($ 0.07) ($ 0.26)
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Diluted ($ 0.07) ($ 0.26)
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Number of shares used in computing per share amounts:
Basic 10,743 9,491
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Diluted 10,743 9,491
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</TABLE>
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<TABLE>
<CAPTION>
September 30, June 30,
2000 2000
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<S> <C> <C>
ASSETS
Current assets:
Cash, cash equivalents and short term investments $ 8,575 $20,437
Accounts receivable, less allowance for doubtful accounts of
$793 at September 30, 2000 and $637 at June 30, 2000 22,721 25,527
Inventories 17,818 15,153
Deferred tax assets and prepaid expenses 6,919 7,049
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Total current assets 56,033 68,166
Property and equipment at cost 28,716 25,675
Less accumulated depreciation and amortization 21,227 20,092
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Net property and equipment 7,489 5,583
Goodwill and other intangibles, net 21,604 16,963
Other assets 5,499 2,811
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Total assets $90,625 $93,523
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 8,805 $10,841
Other accrued liabilities 9,541 10,732
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Total current liabilities 18,346 21,573
Commitments and contingencies
Long term liabilities:
Deferred income tax 1,403 1,222
Total shareholders' equity 70,876 70,728
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Total liabilities and shareholders' equity $90,625 $93,523
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