TMCNet: Adept Technology Q2 net loss increases

[February 11, 2013]

Adept Technology Q2 net loss increases

Feb 11, 2013 (Datamonitor via COMTEX) -- Adept Technology, Inc., a provider of intelligent vision-guided and autonomous mobile robotic solutions, has reported that net loss for the second quarter ended December 29, 2012 was $5.21 million, or $0.49 loss per share, compared to a net loss of $1.21 million, or $0.13 loss per share, for the same quarter ended December 31, 2011.


Revenues for the second quarter ended December 29, 2012 were $10.81 million, compared to $15.15 million for the same quarter ended December 31, 2011.

Net loss for the six months ended December 29, 2012 was $8.27 million, or $0.79 loss per share, compared to a net loss of $1.83 million, or $0.2 loss per share, for the same period ended December 31, 2011.

Revenues for the six months ended December 29, 2012 were $22.18 million, compared to $31.77 million for the same period ended December 31, 2011.

"Over the last quarter we narrowed our focus, restructured our team, and implemented aggressive actions to achieve major cost reductions, substantially lowering the breakeven of the business. These efforts will give the company the opportunity to both invest key strategic resources in our future growth opportunities, while simultaneously becoming cash flow positive," said John Dulchinos, Adept's CEO.

"At the same time we achieved a major milestone in the business with the introduction and first installation of Lynx, our revolutionary autonomous mobile robot platform. Going forward our focus will be on scaling our Lynx platform through existing and new channels to market," Dulchinos concluded.

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