Adept sees decline in revenue for the fiscal 2009 second quarter

February 4, 2009
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

October 31, 2025
Australia's solar and energy storage sectors delivered transformative performance during the third quarter of 2025, with grid-scale solar generation reaching 1,699MW average output while battery systems expanded capacity by 2,936MW since Q3 2024.
October 31, 2025
Acen Australia has committed to recycling around one million solar modules from its 400MW Stubbo solar PV power plant in New South Wales.
October 30, 2025
Scatec posted development and construction (D&C) revenues of NOK1,760 million (US$175.1 million) in the third quarter of this year.
October 30, 2025
Global net zero by 2050 is now “impossible” and the world is on course for temperature rises of 2.6°C, according to energy market analyst Wood Mackenzie.
October 30, 2025
US microinverter producer Enphase Energy posted increased revenues, margin and income in Q3 2025, as it doubles down on its US manufacturing operations.
October 30, 2025
Nexamp has secured US$600 million in financing for distributed solar and energy storage projects in the US.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 12, 2025
10am PST / 1pm EST
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany