Adept sees decline in revenue for the fiscal 2009 second quarter

Facebook
Twitter
LinkedIn
Reddit
Email

Adept Technology, Inc. has announced its financial results for the fiscal 2009 second quarter, ending December 27, 2008. Revenues were down to US$11 million, compared to US$14.4 million in the same period last year and US$14.3 million in the first quarter of fiscal 2009.

This decrease is due to a decline in orders and service business, which can be attributed to the current weakening economic climate as well as a decline in capital spending relating to Adept’s industrial and automotive business in Germany. The company suffered a GAAP net lost of US$4.6 million, including restructuring costs of US$1.9 million, US$1.4 million of which came as the result of the write down of service inventory related to the discontinuation of remanufactured robots. This compares to a net income of US$1.5 million and a net loss of US$1.6 million for the first quarter of fiscal 2009.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Adept’s gross margin also decreased to 42.2% of revenue in the second quarter of fiscal 2009 from 50.4% of revenue in the same period last year and 46.2% in the first quarter of fiscal 2009. The company’s gross margin in the second quarter of 2009 suffered due to the weakening of the Euro and strengthening of the Yen compared to the dollar, in addition to a decline in their higher margin service business.

At December 27, 2008, Adept’s cash and short-term investment balance was US$11.0 million, compared to US$12.3 million at September 27, 2009 and US$15.2 million at June 30, 2008.

“During the quarter we experienced softness due to macroeconomic effects on our customers,” commented John Dulchinos, Adept’s president and CEO. “In particular, we saw a slow down in capital spending from our industrial business coming out of Germany, mainly attributable to their automotive industry, while our U.S. business was steady due to our focus on the packaged goods vertical. In packaging, we continue to gain traction with our Quattro robot and our new packaging management software, ACE PackXpert and in solar, we are seeing good customer interest in our recently announced inspection technology, Eclipse.”

Read Next

September 12, 2025
Colombian energy supplier Celsia is seeking more than US$1.2 billion in investment to build wind and solar generation projects in Peru. 
September 12, 2025
German trade association BSW-Solar has called the German government for a simplified, standardised and more digitalised grid access for solar PV and energy storage operators.
September 12, 2025
ACME Venus Urja has secured INR3.8 billion (US$43 million) to develop and construct a solar-plus-storage project in Barmer, Rajasthan.
Premium
September 12, 2025
Vote Solar's Sean Garren tells PV Tech Premium that Georgia Power's latest IRP is 'skewed so heavily towards fossil fuels'.
September 11, 2025
Founder Group has won a RM10 million (US$2.3 million) engineering, procurement, construction and commissioning contract for a 30MW solar plant in Malaysia.
September 11, 2025
German renewable energy developer ib vogt has signed a 70MW solar PV virtual power purchase agreement (vPPA) in Romania.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines