Adept Technology reports second-quarter FY2008 results
FEBRUARY 11, 2008--Adept Technology (Livermore, CA, USA; www.adept.com), a provider of vision-guided robotics, has announced financial results for its FY2008 second quarter, ended December 29, 2007. Revenues increased 30% to $14.4 million, compared to $11.1 million for the same period last year and up 5% from $13.7 million in the previous quarter. Net income increased 400% sequentially from the first quarter of 2008 to $1.5 million, or $0.18 per share for the second quarter of FY2008, versus a net loss of $2.6 million, or $0.34 per share, for the second quarter of FY2007.
Gross margin was 50.4% of revenue in the second fiscal quarter of 2008, compared with 35.1% of revenue in the second fiscal quarter of 2007 and 53.5% in the first quarter of FY2008. Gross margin in the second quarter of 2008 was positively affected by record European revenues including sales of Quattro, incremental software licensing revenue, and lower product manufacturing costs as a result of the company's ongoing cost reduction activities. These factors were offset by lower margin product mix and an increase to warranty reserves.
Operating expenses decreased 9% in the second quarter of 2008 to $6.0 million, compared with operating expenses of $6.6 million in the same quarter of FY2007. Operating income was $1.3 million in the second quarter of FY2008, compared with an operating loss of $2.7 million in the second quarter of FY2007. Adjusted EBITDA was $2.1 million in the second quarter of FY2008, compared with adjusted EBITDA of $(2.0) million in the second quarter of FY2007 and adjusted EBITDA of $1.1 million in the first quarter of FY2008.
Highlights of the quarter include 80% year-over-year growth in robotics segment revenues, including record sales from Europe; packaging and solar orders exceeded $7.5 million during the quarter; expansion of Adept's global distribution network to more than 20 companies. The company expects to record net income of $1.8 million to $2.3 million and adjusted EBITDA of $3.7 million to $4.5 million and to be cash-flow positive. Given the strong results of its fiscal second quarter, the company currently expects its financial performance for FY2008 as a whole will be at the higher end of this updated guidance.