Shares of Adept Technology, Inc. (Nasdaq:ADEP), plunged $2.38 to $6.35 in after-hours trading today after the company announced its fiscal 2015 second quarter financial results.
“The Company achieved a number of important milestones in the second quarter, including the addition of 8 new mobile customers and new product introductions in our fixed and mobile product portfolio,” said Rob Cain, Adept’s President and CEO. “However, second quarter revenues were below our expectations due to delayed orders from several customers and geographic softening in China and Europe. We have carefully reviewed our opportunities and prospects for the remainder of the fiscal year and are seeing improved market conditions that gives us confidence our quarterly revenues will be closer to the quarterly revenue levels we experienced in fiscal 2014.”
“For the remainder of fiscal 2015, we will continue to strategically invest in the business to drive long term growth, but at a slower pace than originally planned until we see revenues return to higher levels,” added Mr. Cain. “We believe the growth drivers and long-term market opportunities for Adept remain intact, and we are focused on driving the business forward to deliver value for our customers and shareholders.”
Second Quarter Fiscal 2015 Results
Revenues for the second quarter of fiscal 2015 were $11.8 million, compared with $14.6 million in the second quarter of fiscal 2014. Gross margin was 43%, compared with 47% in the second quarter of fiscal 2014. Operating expenses were $7.3 million, compared with $6.7 million in the second quarter of fiscal 2014. The Company’s operating loss for the second quarter was $2.3 million, compared with operating income of $0.1 million in the second quarter of fiscal 2014. In the second quarter of fiscal 2015, Adept reported GAAP net loss attributable to common shareholders of $2.4 million, or $0.18 per share. This compares with net income of $0.1 million, or $0.01 per share, in the second quarter of fiscal 2014. Adept’s non-GAAP adjusted EBITDA loss was $1.9 million in the second quarter of fiscal 2015, compared with EBITDA of $1.1 million in the second quarter of fiscal 2014. A discussion of this non-GAAP measure and reconciliation to the applicable GAAP measure is included below. Adept’s cash and cash equivalents at December 27, 2014 totaled $4.2 million, and the Company did not draw on its credit facility during the quarter.
Quarterly Conference Call On February 4, 2015
Rob Cain, President and Chief Executive Officer, and Seth Halio, Chief Financial Officer, will host an investor conference call on Wednesday, February 4, 2015 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time), to review the Company’s financial and operating performance for the second quarter of fiscal 2015. The call can be accessed by dialing 1-888-312-3048. International callers can dial 1-719-325-2494. 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 our website. A webcast archive will also be available following the call’s conclusion until the Company reports its financial results for its third quarter of fiscal 2015. The call may include statements regarding the Company’s anticipated future financial performance and operational activities. 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.