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Adept Technology Inc (ADEP) SEC Filing 10-K Annual report for the fiscal year ending Friday, June 30, 2006

Adept Technology Inc

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CIK: 865415 Ticker: ADEP
               
 
 


Contacts:
Steven L. Moore
Chief Financial Officer
925 245 3400
investor.relations@adept.com
 
 
ADEPT REPORTS FINANCIAL RESULTS FOR ITS FOURTH QUARTER
AND FISCAL YEAR 2006
 
Livermore, CA - October 13, 2006
 - Adept Technology, Inc. (Nasdaq: ADEP), a leading provider of control software, precision robotics and automation services, today reported financial results for its fiscal fourth quarter and year ended June 30, 2006 and announced the restatement of its fiscal 2006 quarterly reports.
 
Fourth quarter 2006 revenues were $14.9 million, a 4% increase compared with revenues of $14.4 million for the fourth quarter of 2005. Revenues for the full year ended June 30, 2006 were $57.6 million, up 14% from revenues of $50.5 million for fiscal 2005. Fourth quarter 2006 net income was $984,000, or $0.14 per basic share outstanding, compared with net income of $903,000, or $0.15 per basic share, for the fourth quarter of 2005. Net income for the full year 2006 was $538,000, or $0.08 per basic share outstanding, compared with net income of $1.3 million, or $0.21 per basic share for the prior year. Net income for 2006 includes non-cash stock compensation expense of $1.2 million, associated primarily with the valuation of stock options, as required by FAS 123R. No stock compensation expense was included in 2005 earnings. Additionally, net income reflects a gain on currency exchange of $86,000 for the full fiscal year 2006 compared with a gain on currency exchange and other income of $584,000 in fiscal 2005.
 
Gross margin for fiscal 2006 was 47.3%, compared with gross margin of 45.9% in the previous year. Operating income for fiscal 2006 was $566,000, compared with operating income of $874,000 in fiscal 2005. Operating income for fiscal 2006 includes stock compensation expense of $1.2 million while fiscal 2005 operating income does not.
 
 
 
The following information was filed by Adept Technology Inc (ADEP) on Friday, October 13, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: ADEP
CIK: 865415
Form Type: 10-K Annual Report
Accession Number: 0001193125-06-207546
Submitted to the SEC: Fri Oct 13 2006 2:59:51 PM EST
Accepted by the SEC: Fri Oct 13 2006
Period: Friday, June 30, 2006
Industry: Special Industry Machinery

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