EXHIBIT 99.1
CORRECTION -- Adept Technology Reports First Quarter Fiscal Year 2011 Results
PLEASANTON, Calif., Nov. 4, 2010 (GLOBE NEWSWIRE) -- Adept Technology, Inc. (Nasdaq:ADEP), has noticed a typographical error on the Condensed Consolidated Statements of Operations in the news release dated November 4, 2010, titled "Adept Technology Reports First Quarter Fiscal Year 2011 Results" (the "Press Release"). Net loss for the three months ended September 25, 2010 and September 26, 2009 should read $(1,059) and $(82), respectively. The corrected Condensed Consolidated Statements of Operations is attached.
Company Profile
Adept is a global, leading provider of intelligent robotics systems and services that enable customers to achieve precision, speed, quality and productivity in their assembly, handling, packaging, testing and other automated processes. With a comprehensive portfolio of high-performance motion controllers, application development software, vision-guidance technology and high-reliability robot mechanisms with autonomous capabilities, Adept provides specialized, cost-effective robotics systems and services to high-growth markets including Packaging, Medical, Disk Drive/Electronics and Solar; as well as to traditional industrial markets including machine tool automation and automotive components. More information is available at www.adept.com.
All trade names are either trademarks or registered trademarks of their respective holders.
| ADEPT TECHNOLOGY, INC. | ||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
| (in thousands, except per share data) | ||
| (unaudited) | ||
| Three Months Ended | ||
| September 25, | September 26, | |
| 2010 | 2009 | |
| Revenues | $14,614 | $11,706 |
| Cost of revenues | 8,221 | 6,382 |
| Gross margin | 6,393 | 5,324 |
| Operating expenses: | ||
| Research, development | ||
| development | ||
| and engineering | 1,682 | 1,214 |
| Selling, general and | ||
| administrative | 5,291 | 4,319 |
| Amortization of other | ||
| intangibles assets | 58 | -- |
| Total operating expenses | 7,031 | 5,533 |
| Operating loss | (638) | (209) |
| Interest expense, net | (12) | (1) |
| Currency exchange gain | ||
| (loss) | (370) | 179 |
| Loss before income | ||
| taxes | (1,020) | (31) |
| Provision for income | ||
| taxes | 39 | 51 |
| Net loss | $(1,059) | $(82) |
| Loss per share: | ||
| Basic and diluted | ($0.12) | ($0.01) |
| Shares used in | ||
| computing per share | ||
| amounts: | ||
| Basic and diluted | 8,639 | 8,288 |
CONTACT: Adept Technology, Inc.
Lisa Cummins, Chief Financial Officer
925-245-3400
Investor.relations@adept.com