Adept Technology, Inc. reports first quarter Fiscal 2007 results
Adept Technology, Inc. reports first quarter Fiscal 2007 results
Adept Technology, Inc. has announced financial results for its first quarter Fiscal 2007, ended September 30, 2006. Revenues were $12.7 million, down 13 percent from the first quarter of Fiscal 2006. This decrease reflected lower sales of remanufactured robots to disk drive manufacturers in the USA and Asia,as well as lower than expected sales of Cobra™ robots in the USA, as the automotive components market continues to be impacted by downsizing in the domestic automotive industry. Sales of the company's newer Viper six-axis robots, however, were strong, hitting volume target levels five quarters after introduction. Adept also achieved a major breakthrough in vision guided robots,delivering a record 100 Vision Software units, primarily to high-speed packaging, life science and food applications. Vision Software attachment to motion control systems doubled to approximately 50 percent of all systems delivered, versus 25 percent 12 months ago.
“Adept made solid progress against our plan to sell universal robot controllers on multi-brand mechanisms with both higher Adept Viper sales and Smart Controle service upgrades in the first quarter of 2007,” said Robert Bucher, Chief Executive Officer of Adept, “Target vertical market programs gained traction as well, leveraging Adept's control platform.” The continued sales ramp of our integrated vision guidance system software demonstrated the value of Adept vision for high-speed packaging, lab automation and the food industry. These strategic market initiatives are reducing our dependence on traditional SCARA (Cobra) robot sales as well as our reliance on the auto parts, electronics and disk drive markets. We have just completed two major trade shows introducing unique 3D part sorting and now Adept Quattro™the world's fastest packaging robot, as part of a new product portfolio for high-speed material handling and packaging applications. Both depend on precision machine vision and integrated motion with vision guidance. These control products continue to be the basis of our growth and success.
Business highlights of the first quarter
Adept signed an OEM agreement with Cool Clean Technologies and received an initial $500,000 order to provide robotics automation and controls for the CleanFlex™ cleaning system, an innovative cleaning system for disk drive manufacturers.
Reinforcing Adept's leadership in vision technology, in September, the Company introduced AdeptSight 2.0, a powerful expansion of Adept's PC-based machine vision product portfolio. New features and capabilities make it easier to design and use vision guidance and inspection in manufacturing. Included in AdeptSight 2.0 is a new color tool, which allows acquisition and calibration of color images, color matching and color processing.
Further buttressing its lead in advanced robotic vision guidance with AdeptSight 2.0, Adept introduced SmartFeed™ application software. SmartFeed technology incorporates both 2D and 3D machine vision into robot guidance. The resulting applications provide high-speed material handling and high-speed part sorting, inspection and placement. SmartFeed is available with the Adept control platform for use on any Adept or non-Adept robot mechanism.
