Adept Technology (ADEP) 8-K/A Results of Operations and Financial Condition

Exhibit 99.1

ADEPT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
	June 30,		June 30,
	2013		2012
ASSETS
Current assets:
Cash and cash equivalents	$	6,274	$	8,722
Accounts receivable, less allowance for doubtful accounts of $728 at June 30, 2013 and $629 at June 30, 2012		10,848		11,905
Inventories		8,135		7,954
Other current assets		477		514
Total current assets		25,734		29,095
Property and equipment, net		1,525		2,292
Goodwill		1,493		2,967
Intangible assets		1,040		1,686
Other assets		241		121
Total assets	$	30,033	$	36,161
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	7,069	$	6,183
Accrued payroll and related expenses		1,986		2,006
Accrued warranty		1,070		1,243
Line of credit, short-term		-		5,500
Deferred revenue		1,314		279
Other accrued liabilities		815		1,761
Total current liabilities		12,254		16,972
Long-term liabilities:
Tax liabilities, long-term		155		399
Other long-term liabilities		284		446
Total liabilities		12,693		17,817
Total stockholders' equity		17,340		18,344
Total liabilities and stockholders' equity	$	30,033	$	36,161

ADEPT TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
	Three Months Ended						Twelve Months Ended
	June 30,			June 30,			June 30,			June 30,
	2013			2012			2013			2012
Revenues	$	13,695		$	16,972		$	46,816		$	66,219
Cost of revenues		7,393			9,929			27,696			38,219
Gross margin		6,302			7,043			19,120			28,000
Operating expenses:
Research, development and engineering		1,757			2,015			7,634			8,714
Selling, general and administrative		4,656			5,401			18,958			20,701
Restructuring charges, including accelerated stock compensation expense		276			42			785			1,256
Amortization of other intangibles		89			116			411			466
Impairment of intangible assets and goodwill		-			-			1,708			-
Total operating expenses		6,778			7,574			29,496			31,137
Operating loss		(476	)		(531	)		(10,376	)		(3,137	)
Interest income (expense), net		3			(78	)		(37	)		(250	)
Other income		71			-			71			-
Currency exchange loss		(111	)		(343	)		(3	)		(732	)
Loss before income taxes		(513	)		(952	)		(10,345	)		(4,119	)
Benefit from income taxes		(517	)		(594	)		(320	)		(396	)
Net income (loss)	$	4		$	(358	)	$	(10,025	)	$	(3,723	)
Effects of preferred stock
Less accretion of preferred stock to redemption value		(24	)		-			(73	)		-
Less dividends allocated to preferred shareholders		(80	)		-			(250	)		-
Net loss attributable to the company’s common shareholders	$	(100	)	$	(358	)	$	(10,348	)	$	(3,723	)
Basic and diluted loss per share	$	(0.01	)	$	(0.04	)	$	(0.99	)	$	(0.40	)
Shares used in computing basic and diluted per share amounts		10,698			9,491			10,437			9,386

ADEPT TECHNOLOGY, INC.
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (Loss)
(in thousands)
	Three Months ended June 30, 2013			Three Months ended March 31, 2013			Three Months ended June 30, 2012
Net income (loss)	$	4		$	(1,754	)	$	(358	)
Interest (income) expense, net		(3	)		(8	)		78
Income tax expense (benefit)		(517	)		96			(594	)
Depreciation		233			245			179
Amortization of intangibles		89			89			116
Stock compensation expense		166			88			196
Restructuring charges		276			114			42
Adjusted EBITDA (loss)	$	248		$	(1,130	)	$	(341	)

	Twelve Months ended June 30, 2013			Twelve Months ended June 30, 2012
Net loss	$	(10,025	)	$	(3,723	)
Interest expense, net		37			250
Income tax benefit		(320	)		(396	)
Depreciation		966			893
Amortization of intangibles		411			466
Stock compensation expense		836			1,201
Restructuring charges		785			1,256
Impairment of intangible assets and goodwill		1,708			—
Adjusted EBITDA (loss)	$	(5,602	)	$	(53	)

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