REPORTS FINANCIAL RESULTS FOR ITS FOURTH QUARTER
FISCAL YEAR 2006
CA - October 13, 2006
Technology, Inc. (Nasdaq: ADEP), a leading provider of control software,
precision robotics and automation services, today reported financial results
its fiscal fourth quarter and year ended
30, 2006 and announced the restatement of its fiscal 2006 quarterly reports.
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
share outstanding, compared with net income of $903,000, or $0.15 per basic
share, for the fourth quarter of 2005. Net
full year 2006 was $538,000, or $0.08 per basic share outstanding, compared
net income of $1.3 million, or $0.21 per basic share for the prior year.
income for 2006 includes non-cash stock compensation expense of $1.2 million,
associated primarily with the valuation of stock options, as required by
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.
margin for fiscal 2006 was 47.3%, compared with gross margin of 45.9% in
previous year. Operating income for fiscal 2006 was $566,000, compared with
operating income of $874,000 in fiscal 2005. Operating income for fiscal
includes stock compensation expense of $1.2 million while fiscal 2005 operating
income does not.