Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 28, 2013 | Oct. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'ADEP | ' |
Entity Registrant Name | 'Adept Technology Inc | ' |
Entity Central Index Key | '0000865415 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 10,979,660 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $6,547 | $6,274 |
Restricted cash | 93 | ' |
Accounts receivable, less allowance for doubtful accounts of $749 and $728 at September 28, 2013 and June 30, 2013, respectively | 9,590 | 10,848 |
Inventories | 9,006 | 8,135 |
Other current assets | 619 | 477 |
Total current assets | 25,855 | 25,734 |
Property and equipment, net | 1,329 | 1,525 |
Goodwill | 1,493 | 1,493 |
Other intangible assets, net | 979 | 1,040 |
Other assets | 213 | 241 |
Total assets | 29,869 | 30,033 |
Current liabilities: | ' | ' |
Accounts payable | 6,547 | 7,069 |
Accrued payroll and related expenses | 2,041 | 1,986 |
Accrued warranty expenses | 1,056 | 1,070 |
Deferred revenue | 937 | 1,314 |
Accrued income tax, current | 54 | ' |
Other accrued liabilities | 755 | 815 |
Total current liabilities | 11,390 | 12,254 |
Long-term liabilities: | ' | ' |
Deferred income tax, long-term | 208 | 155 |
Long-term obligations | 252 | 284 |
Total liabilities | 11,850 | 12,693 |
Redeemable convertible preferred stock, $0.001 par value: 1,000 shares authorized, 8 shares issued and outstanding at September 28, 2013 and June 30, 2013 | 7,865 | 7,760 |
Stockholders' equity: | ' | ' |
Common stock, $0.001 par value: 19,000 shares authorized, 10,951 shares issued and 10,946 shares outstanding at September 28, 2013 and 10,925 shares issued and 10,920 shares outstanding at June 30, 2013 | 179,045 | 178,386 |
Treasury stock, at cost, 5 shares at September 28, 2013 and June 30, 2013 | -42 | -42 |
Accumulated deficit | -169,427 | -169,029 |
Accumulated other comprehensive income | 578 | 265 |
Total stockholders' equity | 10,154 | 9,580 |
Total liabilities, redeemable convertible preferred stock and stockholders' equity | $29,869 | $30,033 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 28, 2013 | Jun. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $749 | $728 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 8 | 8 |
Preferred stock, shares outstanding | 8 | 8 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 19,000 | 19,000 |
Common stock, shares issued | 10,951 | 10,925 |
Common stock, shares outstanding | 10,946 | 10,920 |
Treasury Stock, shares | 5 | 5 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Income Statement [Abstract] | ' | ' |
Revenues | $13,571 | $11,370 |
Cost of revenues | 7,309 | 6,661 |
Gross margin | 6,262 | 4,709 |
Operating expenses: | ' | ' |
Research, development and engineering | 1,555 | 2,130 |
Selling, general and administrative | 4,888 | 5,157 |
Restructuring charges | ' | 3 |
Amortization of other intangible assets | 61 | 117 |
Total operating expenses | 6,504 | 7,407 |
Operating loss | -242 | -2,698 |
Interest expense, net | -5 | -9 |
Foreign currency exchange loss | -96 | -366 |
Loss before income taxes | -343 | -3,073 |
Provision for (benefit from) income taxes | 55 | -13 |
Net loss | -398 | -3,060 |
Effects of redeemable convertible preferred stock: | ' | ' |
Accretion of redeemable convertible preferred stock to redemption value | -24 | ' |
Dividends allocated to redeemable convertible preferred stockholders | -80 | ' |
Net loss attributable to the Company's common stockholders | -502 | -3,060 |
Basic and diluted net loss per share attributable to common stockholders | ($0.05) | ($0.29) |
Number of shares used in computing basic and diluted net loss per share amounts | 10,855 | 10,536 |
Comprehensive loss: | ' | ' |
Net loss | -398 | -3,060 |
Foreign currency translation adjustment | 313 | 497 |
Total comprehensive loss | ($85) | ($2,563) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Operating activities | ' | ' |
Net loss | ($398) | ($3,060) |
Non-cash adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Deferred income taxes | -67 | 16 |
Depreciation | 214 | 243 |
Loss (Gain) on disposal of property and equipment | 61 | -49 |
Stock-based compensation | 526 | 336 |
Amortization of other intangible assets | 61 | 117 |
Net changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 1,447 | 2,123 |
Inventories | -756 | -743 |
Other current assets | -46 | -104 |
Accounts payable | -536 | -629 |
Other accrued liabilities and deferred revenues | -365 | -581 |
Accrued restructuring charges | -19 | -57 |
Other long-term liabilities | 19 | -21 |
Net cash provided by (used in) operating activities | 141 | -2,409 |
Investing activities | ' | ' |
Purchase of property and equipment | -51 | -41 |
Restricted cash | -93 | ' |
Proceeds from sale of property and equipment | ' | 96 |
Net cash provided by (used in) investing activities | -144 | 55 |
Financing activities | ' | ' |
Principal payments on line of credit, net | ' | -1,437 |
Principal payments on capital lease | -8 | -18 |
Principal payments on long-term obligations | ' | -6 |
Proceeds from employee stock incentive program and employee stock purchase plan | 239 | 96 |
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | ' | 7,608 |
Net cash provided by financing activities | 231 | 6,243 |
Effect of exchange rates on cash and cash equivalents | 45 | 144 |
Net increase in cash and cash equivalents | 273 | 4,033 |
Cash and cash equivalents, beginning of period | 6,274 | 8,722 |
Cash and cash equivalents, end of period | 6,547 | 12,755 |
Cash paid during the period for: | ' | ' |
Interest | 1 | 61 |
Taxes | 23 | 21 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' |
Transferred from inventory to property and equipment | 50 | 18 |
Accretion of redeemable convertible preferred stock to redemption value | 24 | ' |
Undistributed dividends allocated to redeemable convertible preferred stock | $80 | ' |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Sep. 28, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
Adept (“Adept” or the “Company”) is a global, robotics-based automation supplier of industrial (fixed) and mobile robots to enable customers to improve speed, quality and efficiency of their production environments. The Company operates in two segments: Robotics and Services and Support. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Quantitative and Qualitative Disclosures About Market Risk” and the Financial Statements and Supplementary Data included in Items 7, 7A and 8, respectively, in the Company’s Annual Report on Form 10-K for the year ended June 30, 2013 filed with the Securities and Exchange Commission (“SEC”) on September 20, 2013. | |
The accompanying interim condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and the applicable rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The June 30, 2013, condensed consolidated balance sheet was derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. | |
The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, considered necessary to state fairly the Company’s financial position as of September 28, 2013, and the results of operations, comprehensive loss, and cash flows for the three months ended September 28, 2013 and September 29, 2012. The interim results for the three months ended September 28, 2013, are not necessarily indicative of the results that may be expected for the year ending June 30, 2014, or for any other future annual or interim period. | |
The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported periods. The primary estimates underlying the Company’s financial statements include revenue recognition, product warranty, inventory valuation, allowance for doubtful accounts receivable, assumptions used in the fair value of the Company’s equity awards, useful lives of property and equipment and intangible assets, and contingent liabilities. Actual results could differ from those estimates. | |
There have been no material changes to the Company’s critical accounting policies during the three months ended September 28, 2013, as compared to the critical accounting policies described in the Company’s Annual Report on Form 10-K for the year ended June 30, 2013. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
2. Stock-Based Compensation | |||||||||||||||||
The Company has adopted equity incentive plans that provide for the grant to employees, consultants and directors of stock-based awards, including, stock options, restricted shares, and restricted stock units of Adept common stock. Option awards granted have an exercise price equal to or greater than the market price of the Company’s stock on the date of grant and generally have ten-year contractual terms. The Company also has an employee stock purchase plan (“ESPP”) that allows employees to purchase a limited number of shares of its common stock at a discount of 15% of the market value at certain plan-defined dates that are established at six-month intervals. | |||||||||||||||||
Outstanding options and restricted shares, and available shares for issuance as of September 28, 2013 were: | |||||||||||||||||
Plan | Subject to | Available shares | |||||||||||||||
Outstanding Options and Restricted Stock | for grant and issuance | ||||||||||||||||
2005 Equity Incentive Plan | 814,211 | 656,084 | |||||||||||||||
As of September 28, 2013, there were 365,140 shares available for issuance under the ESPP. Options to acquire 442,934 shares of common stock are also outstanding pursuant to four equity compensation plans which have expired or been terminated. | |||||||||||||||||
Employee grants under the option plans generally vest, and are expensed, monthly in equal installments over a four year period, except for performance awards which vest when achievement of the performance criteria occurs, begin to be expensed when achievement of the performance criteria is probable, and are expensed over the service period or when the criteria is met. For performance awards, the Company estimates the service period based on its analysis of when the vesting criteria (typically some or all of the following components: share price, annual revenue amounts, earnings per share, net cash, new customers) will occur. Restricted stock grants made under annual performance programs are subject to vesting quarterly over two years following the end of the relevant fiscal year of performance. | |||||||||||||||||
Initial and annual non-employee director grants made prior to March 2010 vest in equal installments over four years, with initial grants having a 25% cliff vest on the anniversary of the grant. Starting in 2010, annual option grants of 6,000 shares to non-employee directors vest in full on the date of the annual meeting of stockholders following the meeting at which the director is elected and the annual grant is made, and the initial option grant of 10,000 shares to non-employee directors vests in the amount of 50% of the grant on the first annual meeting of stockholders following the initial appointment or election of the director and the remaining 50% vests at the second annual meeting of stockholders of the Company following the initial appointment or election of the director. | |||||||||||||||||
All stock compensation has been accounted for as an equity instrument, and the Company recognizes the fair value of stock-based compensation as an expense ratably over the service period of the individual equity instruments. | |||||||||||||||||
The Company recorded $0.5 million and $0.3 million of stock-based compensation expense for the three months ended September 28, 2013 and September 29, 2012, respectively, for its stock plans, ESPP, and acquisition-related equity issuances. The Company did not record an income-tax benefit for the stock compensation expense because of the extent of its net operating loss carry-forwards. The Company utilized the Black-Scholes option pricing model for estimating the fair value of the stock-based compensation. The weighted average grant-date fair values of the options granted to employees and non-employee directors under the equity incentive plans for the three months ended September 28, 2013 and September 29, 2012 were $1.98 and $2.42, respectively. There were no shares purchased under the ESPP for the three months ended September 28, 2013 and September 29, 2012. | |||||||||||||||||
The weighted average grant-date fair values were calculated using the following assumptions: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 28, 2013 | September 29, 2012 | ||||||||||||||||
Equity | Equity | ||||||||||||||||
Incentive | Incentive | ||||||||||||||||
and Stock | and Stock | ||||||||||||||||
Option Plans | Option Plans | ||||||||||||||||
Average risk free interest rate | 0.75 | % | 0.53 | % | |||||||||||||
Expected life (in years) | 5.75 | 5.97 | |||||||||||||||
Expected volatility | 77 | % | 80 | % | |||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
The dividend yield of zero is based on the fact that the Company has never paid cash dividends on its common stock, is restricted from paying cash dividends by its credit facility and its redeemable convertible preferred stock, and has no present intention to pay cash dividends on its common stock. Expected volatility is based on the historical volatility of Adept’s common stock over the period commensurate with the expected life of the options or ESPP shares. The risk-free interest rate is based on the observed and expected life of options by Adept’s employees and is indexed to the Treasury Constant Maturity rate. The expected life in years is based on the historic time to post-vesting exercise and forfeitures of the options or ESPP shares. | |||||||||||||||||
For the three months ended September 28, 2013 and September 29, 2012, stock-based compensation expense was based on the Company’s historical experience of option cancellations prior to vesting. The Company has assumed an annualized forfeiture rate of 5% for each period for its options. The Company adjusts stock-based compensation expense if the actual forfeiture rate is different than estimated. | |||||||||||||||||
A summary of stock option activity under the option plans as of September 28, 2013 is presented below: | |||||||||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
(in thousands) | Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Per Share | Contractual | (in thousands) | |||||||||||||||
Term (years) | |||||||||||||||||
Outstanding at June 30, 2013 | 844 | $ | 4.39 | ||||||||||||||
Granted | 602 | $ | 4.52 | ||||||||||||||
Exercised | (52 | ) | $ | 3.36 | |||||||||||||
Forfeited or Expired | (137 | ) | $ | 5.12 | |||||||||||||
Outstanding at September 28, 2013 | 1,257 | $ | 4.42 | 8.25 | $ | 3,375 | |||||||||||
Vested/Expected to Vest at September 28, 2013 | 1,165 | $ | 4.4 | 8.13 | $ | 3,158 | |||||||||||
Exercisable at September 28, 2013 | 602 | $ | 4.26 | 6.8 | $ | 1,771 | |||||||||||
A summary of restricted stock activity as of September 28, 2013 is presented below: | |||||||||||||||||
Awards | Shares | Weighted Average- | |||||||||||||||
Grant Date | |||||||||||||||||
Fair Value Per Share | |||||||||||||||||
Balance at June 30, 2013 | 174,068 | $ | 3.69 | ||||||||||||||
Awarded | 7,500 | 3.27 | |||||||||||||||
Released from restrictions | (57,449 | ) | 3.2 | ||||||||||||||
Forfeited due to cancellation or for taxes | (26,115 | ) | 3.52 | ||||||||||||||
Balance at September 28, 2013 | 98,004 | $ | 4 | ||||||||||||||
As of September 28, 2013 , there was approximately $1.1 million of total unrecognized compensation cost related to non-vested stock options and restricted stock awards granted and outstanding, the cost of which is expected to be recognized through fiscal 2017, with a weighted average remaining period of 3.01 years for stock options and 0.35 years for stock awards. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Sep. 28, 2013 | |
Cash And Cash Equivalents [Abstract] | ' |
Cash and Cash Equivalents | ' |
3. Cash and Cash Equivalents | |
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash consists of a deposit account held to secure a leased facility. |
Inventories
Inventories | 3 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
4. Inventories | |||||||||
Inventories are stated at the lower of standard cost, which approximates actual cost, or market value. The components of inventory are as follows (in thousands): | |||||||||
September 28, 2013 | June 30, 2013 | ||||||||
(unaudited) | |||||||||
Raw materials | $ | 5,664 | $ | 5,182 | |||||
Work-in-process | 1,637 | 1,327 | |||||||
Finished goods | 1,705 | 1,626 | |||||||
Total inventory | $ | 9,006 | $ | 8,135 | |||||
Property_and_Equipment
Property and Equipment | 3 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
5. Property and Equipment | |||||||||
Property and equipment are recorded at cost. The components of property and equipment are summarized as follows (in thousands): | |||||||||
September 28, 2013 | June 30, 2013 | ||||||||
(unaudited) | |||||||||
Machinery and equipment | $ | 5,299 | $ | 5,213 | |||||
Computer equipment | 5,456 | 5,451 | |||||||
Software development costs | 2,688 | 2,688 | |||||||
Office furniture and equipment | 969 | 1,057 | |||||||
14,412 | 14,409 | ||||||||
Less accumulated depreciation | (13,083 | ) | (12,884 | ) | |||||
Net property and equipment | $ | 1,329 | $ | 1,525 | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||||||||||
6. Goodwill and Other Intangible Assets | |||||||||||||||||||||||||||||||||
Intangible assets subject to amortization as of September 28, 2013 and June 30, 2013 were as follows (in thousands): | |||||||||||||||||||||||||||||||||
September 28, 2013 (unaudited) | June 30, 2013 | ||||||||||||||||||||||||||||||||
Gross Assets | Accumulated | Impairment of | Net | Gross | Accumulated | Impairment of | Net | ||||||||||||||||||||||||||
Amortization | Intangible | Carrying | Assets | Amortization | Intangible | Carrying | |||||||||||||||||||||||||||
Assets | Amount | Assets | Amount | ||||||||||||||||||||||||||||||
Developed Technology/ Patents | $ | 1,930 | $ | (793 | ) | $ | (158 | ) | $ | 979 | $ | 1,930 | $ | (732 | ) | $ | (158 | ) | $ | 1,040 | |||||||||||||
Customer Base | 340 | (340 | ) | — | — | 340 | (340 | ) | — | — | |||||||||||||||||||||||
Trademarks/ Tradenames | 231 | (154 | ) | (77 | ) | — | 231 | (154 | ) | (77 | ) | — | |||||||||||||||||||||
Total | $ | 2,501 | $ | (1,287 | ) | $ | (235 | ) | $ | 979 | $ | 2,501 | $ | (1,226 | ) | $ | (235 | ) | $ | 1,040 | |||||||||||||
Amortization expense totaled $61,000 and $117,000 for the three months ended September 28, 2013 and September 29, 2012, respectively. | |||||||||||||||||||||||||||||||||
A summary of future amortization as of September 28, 2013 is as follows (in thousands): | |||||||||||||||||||||||||||||||||
Year 1 | Year 2 | Year 3 | Year 4 | More than 5 | Total | ||||||||||||||||||||||||||||
Years | |||||||||||||||||||||||||||||||||
Developed Technology/Patents | $ | 245 | $ | 245 | $ | 245 | $ | 212 | $ | 32 | $ | 979 |
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock | 3 Months Ended |
Sep. 28, 2013 | |
Equity [Abstract] | ' |
Redeemable Convertible Preferred Stock | ' |
7. Redeemable Convertible Preferred Stock | |
In 2013, the Company issued 8,000 shares of its Series A redeemable convertible preferred stock (the “redeemable convertible preferred stock”), par value $0.001 per share, at a price of $1,000 per share, subject to the terms of its Certificate of Designations, Preferences and Rights of Series A Convertible Preferred Stock (the “Certificate of Designations”) for net proceeds of $7.6 million. The Certificate of Designations sets forth the terms, rights, provisions for conversion to common stock, obligations and preferences of the redeemable convertible preferred stock and provides that holders of the redeemable convertible preferred stock are entitled to receive dividends payable quarterly in arrears, at the election of Adept either in cash, or, subject to certain equity conditions, in common stock calculated based upon the volume weighted average price of the common stock for a period preceding the dividend date. Dividends on the redeemable convertible preferred stock accrue at the prime rate plus 3% up to a maximum amount of 4%. Each share of redeemable convertible preferred stock is convertible, at the option of the holder and upon certain mandatory conversion events, into common stock, at a conversion rate of $4.60 per common share (as adjusted for stock splits, stock dividends, reverse stock splits, stock combinations, reclassifications and similar events). For the three months ended September 28, 2013, the Company accrued approximately $80,000 of redeemable convertible preferred stock dividends, all of which was settled in common stock. | |
In 2013, the Company entered into a letter agreement with the holders of the redeemable convertible preferred stock (the “Letter Agreement”), with respect to the waiver and deferrals of certain rights related to the redeemable convertible preferred stock. | |
Under certain circumstances, including common stock trading price thresholds, Adept can convert the redeemable convertible preferred stock up to certain defined limited number of shares of common stock. Upon certain triggering events, such as bankruptcy, insolvency or a material adverse effect or failure of Adept to issue shares upon conversion of the redeemable convertible preferred stock in accordance with its obligations, the redeemable convertible preferred stockholders may require Adept to redeem all or some of the redeemable convertible preferred stock at a price as specified in the Certificate of Designations. On and after September 30, 2016, each redeemable convertible preferred stockholder can require Adept to redeem its redeemable convertible preferred stock in cash at a price equal to 100% of the conversion amount being redeemed plus accrued and unpaid dividends. |
Bank_Credit_Facility
Bank Credit Facility | 3 Months Ended |
Sep. 28, 2013 | |
Debt Disclosure [Abstract] | ' |
Bank Credit Facility | ' |
8. Bank Credit Facility | |
The Company has a credit facility with a bank which was originally entered into in 2009 and amended and restated in 2013. Pursuant to the credit facility, Adept may borrow up to $8 million, at an 80% advance rate against eligible domestic accounts and up to $6 million against eligible foreign accounts (at specified advance rates of 90% or 70%, depending on the currency in which the receivable is payable), and eligible export-related inventory (at a 75% advance rate). The advance rates are subject to adjustment at the bank’s discretion. | |
The maturity date of the credit facility is March 24, 2014. The maximum aggregate borrowing under the facility may not exceed $8 million, and the face amount of financed domestic accounts receivable may not exceed $10 million. The amount of export-related inventory advances outstanding at any time may not exceed the lesser of $3.6 million or 60% of the outstanding obligations under the sublimit. If outstanding obligations at any time exceed any of these limits, Adept must repay the excess. Interest is charged at the bank’s announced prime rate plus 1.75% per annum and is based on the full face amount of financed accounts receivable, and the gross amount of financed export-related inventory, rather than the actual amount of the advances. | |
At September 28, 2013, Adept had no outstanding principal balance under the facility. |
Product_Warranty
Product Warranty | 3 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Product Warranty | ' | ||||||||
9. Product Warranty | |||||||||
The Company provides for the estimated cost of product warranty at the time revenue is recognized. Changes in the Company’s warranty liability for the three months ended September 28, 2013 and September 29, 2012 are as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
(unaudited) | September 28, | September 29, | |||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 1,070 | $ | 1,243 | |||||
Provision for warranties issued | 237 | 114 | |||||||
Warranty claims | (251 | ) | (167 | ) | |||||
Balance at end of period | $ | 1,056 | $ | 1,190 | |||||
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
Sep. 28, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
10. Legal Proceedings | |
From time to time, the Company is party to various legal proceedings or claims, either asserted or unasserted, which arise in the ordinary course of its business. The Company has reviewed pending legal matters and believes that the resolution of these matters will not have a material adverse effect on its business, financial condition, or results of operations. | |
Adept has in the past received communications from third parties asserting that it has infringed upon certain patents and other intellectual property rights of others, or seeking indemnification against alleged infringement. While it is not feasible to predict or determine the likelihood or outcome of any actual or potential actions from such assertions against the Company or other matters, the Company believes the ultimate resolution of these matters will not have a material adverse effect on its financial position, results of operations, or cash flows. |
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
11. Income Taxes | |
The Company provides for income taxes during interim reporting periods using the discrete period method. The Company also maintains a liability to cover the cost of additional tax exposure items pertaining to the filing of federal and state income tax returns, as well as filings in foreign jurisdictions. Each of these filing jurisdictions may audit the tax returns filed and propose adjustments. Adjustments may arise from a variety of factors, including different interpretations of statutes and regulations. | |
The Company recorded a tax provision of $55,000 for the three months ended September 28, 2013, primarily due to foreign tax of certain foreign entities and a nominal amount of state minimum taxes. The Company recorded a tax benefit of $13,000 for the three months ended September 29, 2012, primarily due to foreign tax of certain foreign entities and a nominal amount of state minimum taxes. | |
The Company had gross unrecognized tax benefits of approximately $7.1 million and $7.0 million as of September 28, 2013 and June 30, 2013, respectively. Approximately $6.1 million of the unrecognized tax benefit has been offset by a full valuation allowance. If all of these unrecognized tax benefits were recognized, approximately $0.2 million and $0.2 million, respectively, would benefit the income tax provision. In addition, the Company does not expect any material changes to the estimated amount of the liability associated with its uncertain tax positions within the next twelve months. | |
The Company files income tax returns in the U.S. federal jurisdiction, California and various state and foreign tax jurisdictions in which it has a subsidiary or branch operation. The tax years 1998 to 2013 remain open to examination by the U.S. and state tax authorities, and the tax years 2006 to 2013 remain open to examination by the foreign tax authorities. | |
Adept’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of September 28, 2013, the Company had accrued interest or penalties associated with unrecognized tax benefits of approximately $22,000. |
Net_Loss_per_Share
Net Loss per Share | 3 Months Ended |
Sep. 28, 2013 | |
Earnings Per Share [Abstract] | ' |
Net Loss per Share | ' |
12. Net Loss per Share | |
The computation of diluted net loss per share for the three months ended September 28, 2013 does not include 579,734 options to purchase shares and 98,004 shares of unvested restricted stock due to the net loss in that period. The computation of diluted net loss per share for the three months ended September 29, 2012 does not include 1,057,545 options to purchase shares and 181,898 shares of unvested restricted stock due to the net loss in that period. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
13. Segment Information | |||||||||
The Company discloses certain information regarding operating segments, geographic areas of operations and major customers. This reporting is based upon the Company’s operating segments for which separate financial information is (i) available and (ii) evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Adept’s chief operating decision maker is its Chief Executive Officer. The Company has two operating segments: Robotics and Services and Support. | |||||||||
Segment operating income is comprised of income before unallocated research, development and engineering expenses, unallocated selling, general and administrative expenses, interest income, and other expenses. | |||||||||
Management does not fully allocate research, development and engineering expenses and selling, general and administrative expenses when making capital spending and expense funding decisions or assessing segment performance. Segment information for total assets and capital expenditures is not presented as such information is not used in measuring segment performance or allocating resources between segments. There is no inter-segment revenue recognized. Transfers of materials or labor between segments are recorded at cost. | |||||||||
The operating results for the Company’s identified segments are presented as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
(unaudited) | September 28, 2013 | September 29, 2012 | |||||||
Revenues: | |||||||||
Robotics | $ | 10,357 | $ | 8,852 | |||||
Services and Support | 3,214 | 2,518 | |||||||
Total revenues | $ | 13,571 | $ | 11,370 | |||||
Segment operating income (loss): | |||||||||
Robotics | $ | 1,176 | $ | (644 | ) | ||||
Services and Support | 1,358 | 890 | |||||||
Segment operating income | 2,534 | 246 | |||||||
Unallocated research, development and engineering and general and administrative expenses | (2,715 | ) | (2,824 | ) | |||||
Restructuring charges | — | (3 | ) | ||||||
Amortization of intangible assets | (61 | ) | (117 | ) | |||||
Operating loss | (242 | ) | (2,698 | ) | |||||
Net interest expense | (5 | ) | (9 | ) | |||||
Foreign currency exchange loss | (96 | ) | (366 | ) | |||||
Loss before income taxes | $ | (343 | ) | $ | (3,073 | ) | |||
Management also assesses the Company’s performance, operations and assets by geographic areas, and, therefore, revenue and long-lived tangible assets are summarized as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
(unaudited) | September 28, 2013 | September 29, 2012 | |||||||
Revenues: | |||||||||
United States | $ | 3,078 | $ | 3,751 | |||||
Europe | 6,348 | 5,340 | |||||||
Asia | 3,833 | 1,908 | |||||||
All other countries | 312 | 371 | |||||||
Total | $ | 13,571 | $ | 11,370 | |||||
(unaudited) | September 28, 2013 | June 30, 2013 | |||||||
Long-lived tangible assets: | |||||||||
United States | $ | 3,143 | $ | 3,278 | |||||
All other countries | 871 | 1,021 | |||||||
Total long-lived tangible assets | $ | 4,014 | $ | 4,299 | |||||
Adept’s revenues are reported by geographic region based on the ship-to location of the customer order. |
Foreign_Currency_Translation
Foreign Currency Translation | 3 Months Ended |
Sep. 28, 2013 | |
Foreign Currency [Abstract] | ' |
Foreign Currency Translation | ' |
14. Foreign Currency Translation | |
The Company has determined that the local currency is the functional currency for its foreign subsidiaries. The Company’s foreign subsidiaries’ balance sheet accounts are translated at current period ending exchange rates and income and expenses are translated at the average rate for the period. Translation gains and losses are recorded as a separate component of accumulated other comprehensive income in stockholders’ equity. Foreign currency transaction losses were $96,000 and $366,000 for the three months ended September 28, 2013 and September 29, 2012, respectively. |
Leases
Leases | 3 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||||||||||
Leases | ' | ||||||||||||||||||||||||
15. Leases | |||||||||||||||||||||||||
Adept leases facilities in the United States, Germany, France, Singapore and China. Adept records lease expense on a straight-line basis over the related lease term. Rent expense for the three months ended of both September 28, 2013 and September 29, 2012 was $482,000. A summary of contractual obligations as of September 28, 2013 was as follows (in thousands): | |||||||||||||||||||||||||
Total | Year 1 | Year 2 | Year 3 | Year 4 | 5 or more years | ||||||||||||||||||||
Operating Lease Obligations | $ | 3,628 | $ | 1,720 | $ | 1,044 | $ | 776 | $ | 76 | $ | 12 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Share Outstanding and Available for Grant | ' | ||||||||||||||||
Outstanding options and restricted shares, and available shares for issuance as of September 28, 2013 were: | |||||||||||||||||
Plan | Subject to | Available shares | |||||||||||||||
Outstanding Options and Restricted Stock | for grant and issuance | ||||||||||||||||
2005 Equity Incentive Plan | 814,211 | 656,084 | |||||||||||||||
Schedule of Share-based Payment Award, Valuation Assumptions | ' | ||||||||||||||||
The weighted average grant-date fair values were calculated using the following assumptions: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 28, 2013 | September 29, 2012 | ||||||||||||||||
Equity | Equity | ||||||||||||||||
Incentive | Incentive | ||||||||||||||||
and Stock | and Stock | ||||||||||||||||
Option Plans | Option Plans | ||||||||||||||||
Average risk free interest rate | 0.75 | % | 0.53 | % | |||||||||||||
Expected life (in years) | 5.75 | 5.97 | |||||||||||||||
Expected volatility | 77 | % | 80 | % | |||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||||||
A summary of stock option activity under the option plans as of September 28, 2013 is presented below: | |||||||||||||||||
Options | Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
(in thousands) | Average | Average | Intrinsic | ||||||||||||||
Exercise Price | Remaining | Value | |||||||||||||||
Per Share | Contractual | (in thousands) | |||||||||||||||
Term (years) | |||||||||||||||||
Outstanding at June 30, 2013 | 844 | $ | 4.39 | ||||||||||||||
Granted | 602 | $ | 4.52 | ||||||||||||||
Exercised | (52 | ) | $ | 3.36 | |||||||||||||
Forfeited or Expired | (137 | ) | $ | 5.12 | |||||||||||||
Outstanding at September 28, 2013 | 1,257 | $ | 4.42 | 8.25 | $ | 3,375 | |||||||||||
Vested/Expected to Vest at September 28, 2013 | 1,165 | $ | 4.4 | 8.13 | $ | 3,158 | |||||||||||
Exercisable at September 28, 2013 | 602 | $ | 4.26 | 6.8 | $ | 1,771 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | ||||||||||||||||
A summary of restricted stock activity as of September 28, 2013 is presented below: | |||||||||||||||||
Awards | Shares | Weighted Average- | |||||||||||||||
Grant Date | |||||||||||||||||
Fair Value Per Share | |||||||||||||||||
Balance at June 30, 2013 | 174,068 | $ | 3.69 | ||||||||||||||
Awarded | 7,500 | 3.27 | |||||||||||||||
Released from restrictions | (57,449 | ) | 3.2 | ||||||||||||||
Forfeited due to cancellation or for taxes | (26,115 | ) | 3.52 | ||||||||||||||
Balance at September 28, 2013 | 98,004 | $ | 4 | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventory | ' | ||||||||
The components of inventory are as follows (in thousands): | |||||||||
September 28, 2013 | June 30, 2013 | ||||||||
(unaudited) | |||||||||
Raw materials | $ | 5,664 | $ | 5,182 | |||||
Work-in-process | 1,637 | 1,327 | |||||||
Finished goods | 1,705 | 1,626 | |||||||
Total inventory | $ | 9,006 | $ | 8,135 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Schedule of Property and Equipment | ' | ||||||||
The components of property and equipment are summarized as follows (in thousands): | |||||||||
September 28, 2013 | June 30, 2013 | ||||||||
(unaudited) | |||||||||
Machinery and equipment | $ | 5,299 | $ | 5,213 | |||||
Computer equipment | 5,456 | 5,451 | |||||||
Software development costs | 2,688 | 2,688 | |||||||
Office furniture and equipment | 969 | 1,057 | |||||||
14,412 | 14,409 | ||||||||
Less accumulated depreciation | (13,083 | ) | (12,884 | ) | |||||
Net property and equipment | $ | 1,329 | $ | 1,525 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | ' | ||||||||||||||||||||||||||||||||
Intangible assets subject to amortization as of September 28, 2013 and June 30, 2013 were as follows (in thousands): | |||||||||||||||||||||||||||||||||
September 28, 2013 (unaudited) | June 30, 2013 | ||||||||||||||||||||||||||||||||
Gross Assets | Accumulated | Impairment of | Net | Gross | Accumulated | Impairment of | Net | ||||||||||||||||||||||||||
Amortization | Intangible | Carrying | Assets | Amortization | Intangible | Carrying | |||||||||||||||||||||||||||
Assets | Amount | Assets | Amount | ||||||||||||||||||||||||||||||
Developed Technology/ Patents | $ | 1,930 | $ | (793 | ) | $ | (158 | ) | $ | 979 | $ | 1,930 | $ | (732 | ) | $ | (158 | ) | $ | 1,040 | |||||||||||||
Customer Base | 340 | (340 | ) | — | — | 340 | (340 | ) | — | — | |||||||||||||||||||||||
Trademarks/ Tradenames | 231 | (154 | ) | (77 | ) | — | 231 | (154 | ) | (77 | ) | — | |||||||||||||||||||||
Total | $ | 2,501 | $ | (1,287 | ) | $ | (235 | ) | $ | 979 | $ | 2,501 | $ | (1,226 | ) | $ | (235 | ) | $ | 1,040 | |||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | ||||||||||||||||||||||||||||||||
A summary of future amortization as of September 28, 2013 is as follows (in thousands): | |||||||||||||||||||||||||||||||||
Year 1 | Year 2 | Year 3 | Year 4 | More than 5 | Total | ||||||||||||||||||||||||||||
Years | |||||||||||||||||||||||||||||||||
Developed Technology/Patents | $ | 245 | $ | 245 | $ | 245 | $ | 212 | $ | 32 | $ | 979 |
Product_Warranty_Tables
Product Warranty (Tables) | 3 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Guarantees [Abstract] | ' | ||||||||
Schedule of Changes in Warranty Liability | ' | ||||||||
Changes in the Company’s warranty liability for the three months ended September 28, 2013 and September 29, 2012 are as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
(unaudited) | September 28, | September 29, | |||||||
2013 | 2012 | ||||||||
Balance at beginning of period | $ | 1,070 | $ | 1,243 | |||||
Provision for warranties issued | 237 | 114 | |||||||
Warranty claims | (251 | ) | (167 | ) | |||||
Balance at end of period | $ | 1,056 | $ | 1,190 | |||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule of Segment Results | ' | ||||||||
The operating results for the Company’s identified segments are presented as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
(unaudited) | September 28, 2013 | September 29, 2012 | |||||||
Revenues: | |||||||||
Robotics | $ | 10,357 | $ | 8,852 | |||||
Services and Support | 3,214 | 2,518 | |||||||
Total revenues | $ | 13,571 | $ | 11,370 | |||||
Segment operating income (loss): | |||||||||
Robotics | $ | 1,176 | $ | (644 | ) | ||||
Services and Support | 1,358 | 890 | |||||||
Segment operating income | 2,534 | 246 | |||||||
Unallocated research, development and engineering and general and administrative expenses | (2,715 | ) | (2,824 | ) | |||||
Restructuring charges | — | (3 | ) | ||||||
Amortization of intangible assets | (61 | ) | (117 | ) | |||||
Operating loss | (242 | ) | (2,698 | ) | |||||
Net interest expense | (5 | ) | (9 | ) | |||||
Foreign currency exchange loss | (96 | ) | (366 | ) | |||||
Loss before income taxes | $ | (343 | ) | $ | (3,073 | ) | |||
Schedule of Revenue from External Customers and Long-lived Assets, by Geographical Areas | ' | ||||||||
Management also assesses the Company’s performance, operations and assets by geographic areas, and, therefore, revenue and long-lived tangible assets are summarized as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
(unaudited) | September 28, 2013 | September 29, 2012 | |||||||
Revenues: | |||||||||
United States | $ | 3,078 | $ | 3,751 | |||||
Europe | 6,348 | 5,340 | |||||||
Asia | 3,833 | 1,908 | |||||||
All other countries | 312 | 371 | |||||||
Total | $ | 13,571 | $ | 11,370 | |||||
(unaudited) | September 28, 2013 | June 30, 2013 | |||||||
Long-lived tangible assets: | |||||||||
United States | $ | 3,143 | $ | 3,278 | |||||
All other countries | 871 | 1,021 | |||||||
Total long-lived tangible assets | $ | 4,014 | $ | 4,299 | |||||
Leases_Tables
Leases (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||
Leases [Abstract] | ' | ||||||||||||||||||||||||
Summary of Contractual Obligation | ' | ||||||||||||||||||||||||
A summary of contractual obligations as of September 28, 2013 follows (in thousands): | |||||||||||||||||||||||||
Total | Year 1 | Year 2 | Year 3 | Year 4 | 5 or more years | ||||||||||||||||||||
Operating Lease Obligations | $ | 3,628 | $ | 1,720 | $ | 1,044 | $ | 776 | $ | 76 | $ | 12 |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Sep. 28, 2013 | |
Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Number of operating segments | 2 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Jun. 30, 2013 | |
Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for issuance under Employee Stock Purchase Plan | 365,140 | ' | ' |
Number of shares of common stock outstanding | 1,257,000 | ' | 844,000 |
Expired equity compensation plans, number | 4 | ' | ' |
Stock-based compensation | $526,000 | $336,000 | ' |
Weighted average grant-date fair values of the options | $1.98 | $2.42 | ' |
Shares purchased under ESPP | 0 | 0 | ' |
Dividend yield | 0.00% | ' | ' |
Assumed annualized forfeiture rate | 5.00% | 5.00% | ' |
Total unrecognized compensation cost related to non-vested stock options granted and outstanding | $1,100,000 | ' | ' |
Director Option Plan [Member] | Annual Non-Employee Director Grant [Member] | Prior to March 2010 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' | ' |
Cliff vest percentage on the anniversary of the grant | 25.00% | ' | ' |
Director Option Plan [Member] | Annual Non-Employee Director Grant [Member] | From March 2010 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Annual option grants | 10,000 | ' | ' |
Director Option Plan [Member] | Initial Director Grant [Member] | From March 2010 [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Annual option grants | 6,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Annual Vesting Percentage | 50.00% | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock option contractual term | '10 years | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' | ' |
Options outstanding, weighted average remaining contractual life | '3 years 4 days | ' | ' |
ESPP [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Discount percentage, ESPP | 15.00% | ' | ' |
Plan-defined purchase date intervals | '6 months | ' | ' |
Equity compensation plans [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares of common stock outstanding | 442,934 | ' | ' |
Restricted Stock and RSU [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '2 years | ' | ' |
Options outstanding, weighted average remaining contractual life | '4 months 6 days | ' | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Share-based Compensation, Share Outstanding and Available for Grant (Detail) | Sep. 28, 2013 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Subject to Outstanding Options and Restricted Stock | 1,257,000 | 844,000 |
2005 Equity Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Subject to Outstanding Options and Restricted Stock | 814,211 | ' |
Available shares for grant and issuance | 656,084 | ' |
StockBased_Compensation_Schedu1
Stock-Based Compensation - Schedule of Share-based Payment Award, Valuation Assumptions (Detail) | 3 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Dividend yield | 0.00% | ' |
Equity Incentive and Stock Option Plans [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Average risk free interest rate | 0.75% | 0.53% |
Expected life (in years) | '5 years 9 months | '5 years 11 months 19 days |
Expected volatility | 77.00% | 80.00% |
Dividend yield | 0.00% | 0.00% |
StockBased_Compensation_Schedu2
Stock-Based Compensation - Schedule of Share-based Compensation, Stock Options, Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 |
Share Based Arrangements To Obtain Goods And Services [Abstract] | ' |
Options Outstanding | 844 |
Options Granted | 602 |
Options Exercised | -52 |
Options Forfeited or Expired | -137 |
Options Outstanding | 1,257 |
Vested/Expected to Vest at September 28, 2013, shares | 1,165 |
Exercisable at September 28, 2013, shares | 602 |
Options Outstanding, Weighted-Average Exercise Price Per Share | $4.39 |
Options Granted, Weighted-Average Exercise Price Per Share | $4.52 |
Options Exercised, Weighted-Average Exercise Price Per Share | $3.36 |
Options Forfeited or Expired, Weighted-Average Exercise Price Per Share | $5.12 |
Options Outstanding, Weighted-Average Exercise Price Per Share | $4.42 |
Vested/Expected to Vest at September 28, 2013, Weighted-Average Exercise Price Per Share | $4.40 |
Exercisable at September 28, 2013, Weighted-Average Exercise Price Per Share | $4.26 |
Weighted-Average Remaining Contractual Term (years), Outstanding | '8 years 3 months |
Weighted-Average Remaining Contractual Term (years), Vested/Expected to Vest at September 28, 2013 | '8 years 1 month 17 days |
Weighted-Average Remaining Contractual Term (years), Exercisable at September 28, 2013 | '6 years 9 months 18 days |
Outstanding, Aggregate Intrinsic Value | $3,375 |
Vested/Expected to Vest at September 28, 2013, Aggregate Intrinsic Value | 3,158 |
Exercisable at September 28, 2013, Aggregate Intrinsic Value | $1,771 |
StockBased_Compensation_Schedu3
Stock-Based Compensation - Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity (Detail) (2005 Equity Incentive Plan [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 |
2005 Equity Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Balance at June 30, 2013, Shares | 174,068 |
Restricted stock awards, Awarded | 7,500 |
Released from restrictions | -57,449 |
Restricted stock awards, Forfeited due to cancellation or for taxes | -26,115 |
Balance at September 28, 2013, Shares | 98,004 |
Balance of Awards, Weighted Average-Grant Date Fair Value Per Share | $3.69 |
Awards Awarded, Weighted Average-Grant Date Fair Value Per Share | $3.27 |
Released from restrictions | $3.20 |
Awards Forfeited, Weighted Average-Grant Date Fair Value Per Share | $3.52 |
Balance of Awards, Weighted Average-Grant Date Fair Value Per Share | $4 |
Inventories_Components_of_Inve
Inventories - Components of Inventory (Detail) (USD $) | Sep. 28, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Net [Abstract] | ' | ' |
Raw materials | $5,664 | $5,182 |
Work-in-process | 1,637 | 1,327 |
Finished goods | 1,705 | 1,626 |
Total inventory | $9,006 | $8,135 |
Property_and_Equipment_Schedul
Property and Equipment - Schedule of Property and Equipment (Detail) (USD $) | Sep. 28, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $14,412 | $14,409 |
Less accumulated depreciation | -13,083 | -12,884 |
Net property and equipment | 1,329 | 1,525 |
Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 5,299 | 5,213 |
Computer equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 5,456 | 5,451 |
Software development costs [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 2,688 | 2,688 |
Office furniture and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $969 | $1,057 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Jun. 30, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Assets | $2,501 | $2,501 |
Accumulated Amortization | -1,287 | -1,226 |
Impairment of Intangible Assets | -235 | -235 |
Net Carrying Amount | 979 | 1,040 |
Developed Technology/Patents [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Assets | 1,930 | 1,930 |
Accumulated Amortization | -793 | -732 |
Impairment of Intangible Assets | -158 | -158 |
Net Carrying Amount | 979 | 1,040 |
Customer Base [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Assets | 340 | 340 |
Accumulated Amortization | -340 | -340 |
Trademarks/Tradenames [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Assets | 231 | 231 |
Accumulated Amortization | -154 | -154 |
Impairment of Intangible Assets | ($77) | ($77) |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization expense | $61 | $117 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Detail) (USD $) | Sep. 28, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, amortization expense, net | $979 | $1,040 |
Developed Technology/Patents [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, amortization expense, year one | 245 | ' |
Finite-lived intangible assets, amortization expense, year two | 245 | ' |
Finite-lived intangible assets, amortization expense, year three | 245 | ' |
Finite-lived intangible assets, amortization expense, year four | 212 | ' |
Finite-lived intangible assets, amortization expense, after year five | 32 | ' |
Finite-lived intangible assets, amortization expense, net | $979 | $1,040 |
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Jun. 30, 2013 | |
Debt Disclosure [Abstract] | ' | ' | ' |
Redeemable convertible preferred stock, shares issued | ' | ' | 8,000 |
Redeemable convertible preferred stock, par value | $0.00 | ' | ' |
Redeemable convertible preferred stock, issued price per share | $1,000 | ' | ' |
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | ' | $7,608,000 | ' |
Dividends accrued on the preferred stock in excess of prime rate, percent | 3.00% | ' | ' |
Maximum dividends accrued on the preferred stock, percent | 4.00% | ' | ' |
Conversion rate, value | 4.6 | ' | ' |
Redeemable preferred stock dividends | $80,000 | ' | ' |
Redemption price as percentage of conversion amount | 100.00% | ' | ' |
Bank_Credit_Facility_Additiona
Bank Credit Facility - Additional Information (Detail) (USD $) | 3 Months Ended |
Sep. 28, 2013 | |
Debt Disclosure [Abstract] | ' |
Line of credit facility, maximum borrowing capacity | $8,000,000 |
Line of credit advance rate against accounts receivable | 80.00% |
Line of credit maximum borrowing amount against foreign accounts receivable | 6,000,000 |
Maximum percent of borrowing against foreign AR | 90.00% |
Minimum advance rate for borrowing against foreign AR | 70.00% |
Line of credit advance rate against inventory | 75.00% |
Maximum accounts receivable balance under line of credit | 10,000,000 |
Maximum inventory balance under line of credit | 3,600,000 |
Max rate of balance under sublimit | 60.00% |
Interest rate in addition to prime rate for line of credit financing charges | 1.75% |
Maturity date of credit facility | 24-Mar-14 |
Outstanding principal balance | $0 |
Product_Warranty_Schedule_of_C
Product Warranty - Schedule of Changes in Warranty Liability (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Movement In Standard Product Warranty Accrual [Roll Forward] | ' | ' |
Balance at beginning of period | $1,070 | $1,243 |
Provision for warranties issued | 237 | 114 |
Warranty claims | -251 | -167 |
Balance at end of period | $1,056 | $1,190 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Jun. 30, 2013 | |
Income Taxes [Line Items] | ' | ' | ' |
Provision for (benefit from) income taxes | $55,000 | ($13,000) | ' |
Unrecognized tax benefits | 7,100,000 | ' | 7,000,000 |
Unrecognized tax benefits that, if recognized, would reduce the effective tax rate | 200,000 | ' | 200,000 |
Accrued interest or penalties, unrecognized tax benefits | 22,000 | ' | ' |
Unrecognized tax benefit [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Valuation allowance, amount | $6,100,000 | ' | ' |
Net_Loss_per_Share_Additional_
Net Loss per Share - Additional Information (Detail) | 3 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Stock Options [Member] | ' | ' |
Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive shares excluded from calculation of diluted net loss per share | 579,734 | 1,057,545 |
Restricted Stock [Member] | ' | ' |
Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive shares excluded from calculation of diluted net loss per share | 98,004 | 181,898 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Sep. 28, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of operating segments | 2 |
Segment_Information_Schedule_o
Segment Information - Schedule of Segment Results (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Revenues: | ' | ' |
Revenues | $13,571 | $11,370 |
Segment operating income (loss): | ' | ' |
Unallocated research, development and engineering and general and administrative expenses | -2,715 | -2,824 |
Restructuring charges | ' | -3 |
Amortization of intangible assets | -61 | -117 |
Operating income (loss) | -242 | -2,698 |
Net interest expense | -5 | -9 |
Foreign currency exchange loss | -96 | -366 |
Loss before income taxes | -343 | -3,073 |
Operating Segments [Member] | ' | ' |
Segment operating income (loss): | ' | ' |
Operating income (loss) | 2,534 | 246 |
Robotics [Member] | Operating Segments [Member] | ' | ' |
Revenues: | ' | ' |
Revenues | 10,357 | 8,852 |
Segment operating income (loss): | ' | ' |
Operating income (loss) | 1,176 | -644 |
Services and Support [Member] | Operating Segments [Member] | ' | ' |
Revenues: | ' | ' |
Revenues | 3,214 | 2,518 |
Segment operating income (loss): | ' | ' |
Operating income (loss) | $1,358 | $890 |
Segment_Information_Segment_In
Segment Information - Segment Information Revenue by Geographic Area (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Revenues: | ' | ' |
Revenues | $13,571 | $11,370 |
United States [Member] | Reportable Geographical Components [Member] | ' | ' |
Revenues: | ' | ' |
Revenues | 3,078 | 3,751 |
Europe [Member] | Reportable Geographical Components [Member] | ' | ' |
Revenues: | ' | ' |
Revenues | 6,348 | 5,340 |
Asia [Member] | Reportable Geographical Components [Member] | ' | ' |
Revenues: | ' | ' |
Revenues | 3,833 | 1,908 |
All other countries [Member] | Reportable Geographical Components [Member] | ' | ' |
Revenues: | ' | ' |
Revenues | $312 | $371 |
Segment_Information_Segment_In1
Segment Information - Segment Information Long-lived Asset Balances by Geographic Area (Detail) (USD $) | Sep. 28, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Long-lived tangible assets: | ' | ' |
Long-lived assets | $4,014 | $4,299 |
United States [Member] | Reportable Geographical Components [Member] | ' | ' |
Long-lived tangible assets: | ' | ' |
Long-lived assets | 3,143 | 3,278 |
All other countries [Member] | Reportable Geographical Components [Member] | ' | ' |
Long-lived tangible assets: | ' | ' |
Long-lived assets | $871 | $1,021 |
Foreign_Currency_Translation_A
Foreign Currency Translation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Foreign Currency [Abstract] | ' | ' |
Foreign currency transaction losses | ($96) | ($366) |
Leases_Summary_of_Contractual_
Leases - Summary of Contractual Obligation (Detail) (USD $) | Sep. 28, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
Operating Lease Obligations, Total | $3,628 |
Operating Lease Obligations, Year 1 | 1,720 |
Operating Lease Obligations, Year 2 | 1,044 |
Operating Lease Obligations, Year 3 | 776 |
Operating Lease Obligations, Year 4 | 76 |
Operating Lease Obligations, 5 or more years | $12 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 3 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Leases [Abstract] | ' | ' |
Operating leases, Rent expense | $482,000 | $482,000 |