Analyst Conference Summary

robotics

conference date: February 4, 2015 @ 2:00 PM Pacific Time
for quarter ending: December 31, 2014 (Q2 fiscal 2015)

But I did own ADEP starting 11/05/2012 and ending 2/10/2014.
Forward-looking statements

Overview: Pretty poor quarter. Stock way overpriced.

Basic data (GAAP):

Revenue was $11.8 million, down 18% sequentially from $14.4 million and down 19% from $14.6 million year-earlier.

Net income was negative $2.4 million, down sequentially from $0.1 million and also down from $0.1 million in the year-earlier quarter.

Diluted Earnings Per Share (EPS) were negative $0.18, down sequentially from $0.01 and also down from $0.01 year-earlier.

Guidance:

none given

Conference Highlights:

"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."

Adjusted EBITDA was $ million, up sequentially from $0.6 million and up from $ million year-earlier.

Cash and equivalents balance ended at $ million, down sequentially from $4.8 million. There is no debt, but a $10 million line of credit is available.

Cost of revenue was $6.7 million. Gross margin $5.1 million. Operating expenses were $7.3 million, consisting of: research and development $1.9 million; selling, general and administrative $5.1 million; litigation settlement $0.26 million; amortization $61 thousand. Leading to operating income of negative $2.3 million. Foreign currency loss $174 thousand. Income tax benefit $90 thousand.

Q&A:

I decided that until the stock price drops dramatically or orders pick up, there is no reason to waste time listening. Unless you want to see which company analysts have been hyping the stock. - William P. Meyers

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