Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - ADEPT TECHNOLOGY INC | f8ka_091813.htm |
Exhibit 99.1
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ADEPT TECHNOLOGY, INC.
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(in thousands)
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June 30,
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June 30,
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|||||||
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2013
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2012
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 6,274 | $ | 8,722 | ||||
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Accounts receivable, less allowance for doubtful accounts of $728 at June 30, 2013 and $629 at June 30, 2012
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10,848 | 11,905 | ||||||
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Inventories
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8,135 | 7,954 | ||||||
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Other current assets
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477 | 514 | ||||||
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Total current assets
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25,734 | 29,095 | ||||||
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Property and equipment, net
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1,525 | 2,292 | ||||||
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Goodwill
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1,493 | 2,967 | ||||||
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Intangible assets
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1,040 | 1,686 | ||||||
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Other assets
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241 | 121 | ||||||
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Total assets
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$ | 30,033 | $ | 36,161 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
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Accounts payable
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$ | 7,069 | $ | 6,183 | ||||
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Accrued payroll and related expenses
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1,986 | 2,006 | ||||||
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Accrued warranty
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1,070 | 1,243 | ||||||
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Line of credit, short-term
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- | 5,500 | ||||||
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Deferred revenue
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1,314 | 279 | ||||||
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Other accrued liabilities
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815 | 1,761 | ||||||
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Total current liabilities
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12,254 | 16,972 | ||||||
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Long-term liabilities:
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Tax liabilities, long-term
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155 | 399 | ||||||
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Other long-term liabilities
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284 | 446 | ||||||
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Total liabilities
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12,693 | 17,817 | ||||||
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Total stockholders' equity
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17,340 | 18,344 | ||||||
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Total liabilities and stockholders' equity
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$ | 30,033 | $ | 36,161 | ||||
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ADEPT TECHNOLOGY, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(in thousands, except per share data)
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Three Months Ended
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Twelve Months Ended
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June 30,
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June 30,
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June 30,
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June 30,
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2013
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2012
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2013
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2012
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Revenues
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$ | 13,695 | $ | 16,972 | $ | 46,816 | $ | 66,219 | ||||||||
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Cost of revenues
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7,393 | 9,929 | 27,696 | 38,219 | ||||||||||||
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Gross margin
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6,302 | 7,043 | 19,120 | 28,000 | ||||||||||||
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Operating expenses:
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Research, development and engineering
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1,757 | 2,015 | 7,634 | 8,714 | ||||||||||||
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Selling, general and administrative
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4,656 | 5,401 | 18,958 | 20,701 | ||||||||||||
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Restructuring charges, including accelerated stock compensation expense
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276 | 42 | 785 | 1,256 | ||||||||||||
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Amortization of other intangibles
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89 | 116 | 411 | 466 | ||||||||||||
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Impairment of intangible assets and goodwill
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- | - | 1,708 | - | ||||||||||||
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Total operating expenses
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6,778 | 7,574 | 29,496 | 31,137 | ||||||||||||
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Operating loss
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(476 | ) | (531 | ) | (10,376 | ) | (3,137 | ) | ||||||||
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Interest income (expense), net
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3 | (78 | ) | (37 | ) | (250 | ) | |||||||||
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Other income
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71 | - | 71 | - | ||||||||||||
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Currency exchange loss
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(111 | ) | (343 | ) | (3 | ) | (732 | ) | ||||||||
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Loss before income taxes
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(513 | ) | (952 | ) | (10,345 | ) | (4,119 | ) | ||||||||
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Benefit from income taxes
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(517 | ) | (594 | ) | (320 | ) | (396 | ) | ||||||||
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Net income (loss)
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$ | 4 | $ | (358 | ) | $ | (10,025 | ) | $ | (3,723 | ) | |||||
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Effects of preferred stock
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Less accretion of preferred stock to redemption value
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(24 | ) | - | (73 | ) | - | ||||||||||
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Less dividends allocated to preferred shareholders
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(80 | ) | - | (250 | ) | - | ||||||||||
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Net loss attributable to the company’s common shareholders
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$ | (100 | ) | $ | (358 | ) | $ | (10,348 | ) | $ | (3,723 | ) | ||||
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Basic and diluted loss per share
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$ | (0.01 | ) | $ | (0.04 | ) | $ | (0.99 | ) | $ | (0.40 | ) | ||||
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Shares used in computing basic and diluted per share amounts
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10,698 | 9,491 | 10,437 | 9,386 | ||||||||||||
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ADEPT TECHNOLOGY, INC.
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Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (Loss)
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(in thousands)
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Three Months ended
June 30, 2013
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Three Months ended
March 31, 2013
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Three Months ended
June 30, 2012
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Net income (loss)
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$ | 4 | $ | (1,754 | ) | $ | (358 | ) | ||||
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Interest (income) expense, net
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(3 | ) | (8 | ) | 78 | |||||||
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Income tax expense (benefit)
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(517 | ) | 96 | (594 | ) | |||||||
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Depreciation
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233 | 245 | 179 | |||||||||
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Amortization of intangibles
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89 | 89 | 116 | |||||||||
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Stock compensation expense
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166 | 88 | 196 | |||||||||
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Restructuring charges
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276 | 114 | 42 | |||||||||
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Adjusted EBITDA (loss)
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$ | 248 | $ | (1,130 | ) | $ | (341 | ) | ||||
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Twelve Months ended
June 30, 2013
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Twelve Months ended
June 30, 2012
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Net loss
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$ | (10,025 | ) | $ | (3,723 | ) | ||
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Interest expense, net
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37 | 250 | ||||||
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Income tax benefit
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(320 | ) | (396 | ) | ||||
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Depreciation
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966 | 893 | ||||||
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Amortization of intangibles
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411 | 466 | ||||||
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Stock compensation expense
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836 | 1,201 | ||||||
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Restructuring charges
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785 | 1,256 | ||||||
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Impairment of intangible assets and goodwill
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1,708 | — | ||||||
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Adjusted EBITDA (loss)
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$ | (5,602 | ) | $ | (53 | ) | ||
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