Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 27, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 27-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
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 | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 13,100,161 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 27, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $4,772 | $7,600 |
Restricted cash | 188 | 194 |
Accounts receivable, less allowance for doubtful accounts of $619 and $610 at September 27, 2014 and June 30, 2014, respectively | 11,098 | 10,974 |
Inventories | 11,248 | 10,296 |
Other current assets | 789 | 545 |
Total current assets | 28,095 | 29,609 |
Property and equipment, net | 986 | 1,082 |
Goodwill | 1,493 | 1,493 |
Other intangible assets, net | 735 | 796 |
Other assets | 95 | 90 |
Total assets | 31,404 | 33,070 |
Current liabilities: | ' | ' |
Accounts payable | 6,512 | 7,709 |
Accrued payroll and related expenses | 1,986 | 2,235 |
Accrued warranty expenses | 901 | 897 |
Deferred revenue | 457 | 644 |
Accrued income tax, current | 63 | 10 |
Other accrued liabilities | 701 | 848 |
Total current liabilities | 10,620 | 12,343 |
Long-term liabilities: | ' | ' |
Deferred income tax, long-term | 430 | 430 |
Long-term obligations | 78 | 130 |
Total liabilities | 11,128 | 12,903 |
Stockholders' equity: | ' | ' |
Common stock, $0.001 par value: 19,000 shares authorized, 13,072 shares issued and 13,067 shares outstanding at September 27, 2014, and 13,056 shares issued and 13,051 shares outstanding at June 30, 2014 | 189,738 | 189,427 |
Treasury stock, at cost, 5 shares at September 27, 2014 and June 30, 2014 | -42 | -42 |
Accumulated deficit | -169,286 | -169,368 |
Accumulated other comprehensive income (loss) | -134 | 150 |
Total stockholders' equity | 20,276 | 20,167 |
Total liabilities and stockholders' equity | $31,404 | $33,070 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 27, 2014 | Jun. 30, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $619 | $610 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 19,000 | 19,000 |
Common stock, shares issued | 13,072 | 13,056 |
Common stock, shares outstanding | 13,067 | 13,051 |
Treasury stock, shares | 5 | 5 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Income Statement [Abstract] | ' | ' |
Revenues | $14,402 | $13,571 |
Cost of revenues | 7,959 | 7,309 |
Gross margin | 6,443 | 6,262 |
Operating expenses: | ' | ' |
Research, development and engineering | 1,496 | 1,555 |
Selling, general and administrative | 4,802 | 4,888 |
Amortization of other intangible assets | 61 | 61 |
Total operating expenses | 6,359 | 6,504 |
Operating income (loss) | 84 | -242 |
Interest expense, net | ' | -5 |
Foreign currency exchange gain (loss) | 78 | -96 |
Income (loss) before income taxes | 162 | -343 |
Provision for income taxes | 80 | 55 |
Net income (loss) | 82 | -398 |
Effects of redeemable convertible preferred stock: | ' | ' |
Accretion of preferred stock to redemption value | ' | -24 |
Dividends allocated to preferred stockholders | ' | -80 |
Net income (loss) attributable to common stockholders | 82 | -502 |
Net income (loss) per share attributable to common stockholders: | ' | ' |
Basic | $0.01 | ($0.05) |
Diluted | $0.01 | ($0.05) |
Shares used to compute net income (loss) per share attributable to common stockholders: | ' | ' |
Basic | 13,059 | 10,855 |
Diluted | 13,488 | 10,855 |
Comprehensive loss: | ' | ' |
Net income (loss) | 82 | -398 |
Foreign currency translation adjustment | -284 | 313 |
Total comprehensive loss | ($202) | ($85) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Operating activities | ' | ' |
Net income (loss) | $82 | ($398) |
Non-cash adjustments to reconcile net income (loss) to net cash provided by (used in)operating activities: | ' | ' |
Deferred income taxes | ' | -67 |
Depreciation and amortization | 262 | 275 |
Loss on disposal of property and equipment | ' | 61 |
Stock-based compensation | 201 | 526 |
Net changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | -490 | 1,447 |
Inventories | -1,301 | -756 |
Other current assets | -253 | -46 |
Accounts payable | -1,137 | -536 |
Other | -506 | -365 |
Net cash provided by (used in) operating activities | -3,142 | 141 |
Investing activities | ' | ' |
Purchase of property and equipment | -6 | -51 |
Restricted cash | 6 | -93 |
Net cash used in investing activities | ' | -144 |
Financing activities | ' | ' |
Principal payments on capital lease | ' | -8 |
Proceeds from employee stock incentive program and employee stock purchase plan | 111 | 239 |
Net cash provided by financing activities | 111 | 231 |
Effect of foreign exchange rates on cash and cash equivalents | 203 | 45 |
Net increase (decrease) in cash and cash equivalents | -2,828 | 273 |
Cash and cash equivalents, beginning of period | 7,600 | 6,274 |
Cash and cash equivalents, end of period | 4,772 | 6,547 |
Cash paid during the period for: | ' | ' |
Interest | ' | 1 |
Taxes | 18 | 23 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' |
Transferred from inventory to property and equipment | 116 | 50 |
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. 27, 2014 | |
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,” and the Financial Statements included in Items 7 and 8, respectively, in the Company’s Annual Report on Form 10-K for the year ended June 30, 2014 filed with the Securities and Exchange Commission (“SEC”) on August 25, 2014. | |
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, 2014, 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 27, 2014, and the results of operations, comprehensive income (loss), and cash flows for the three months ended September 27, 2014 and September 28, 2013. The interim results for the three months ended September 27, 2014, are not necessarily indicative of the results that may be expected for the year ending June 30, 2015, 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 27, 2014, as compared to the critical accounting policies described in the Company’s Annual Report on Form 10-K for the year ended June 30, 2014. | |
Recent Accounting Pronouncements | |
The Company does not believe that the adoption of recently issued accounting pronouncements will have a material impact on its consolidated financial statements. |
Balance_Sheet_Detail
Balance Sheet Detail | 3 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||||||
Balance Sheet Detail | ' | ||||||||||||||||||||||||||||||||
2. Balance Sheet Detail | |||||||||||||||||||||||||||||||||
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 deposit accounts held to secure a leased facility and a credit card facility. | |||||||||||||||||||||||||||||||||
Inventories-Inventories are stated at the lower of standard cost, which approximates actual cost on a first-in, first-out basis, or market. The components of inventory are as follows (in thousands): | |||||||||||||||||||||||||||||||||
September 27, 2014 | June 30, 2014 | ||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||
Raw materials | $ | 6,684 | $ | 6,408 | |||||||||||||||||||||||||||||
Work-in-process | 1,553 | 1,614 | |||||||||||||||||||||||||||||||
Finished goods | 3,011 | 2,274 | |||||||||||||||||||||||||||||||
Total inventory | $ | 11,248 | $ | 10,296 | |||||||||||||||||||||||||||||
Property and equipment-Property and equipment are recorded at cost. The components of property and equipment are summarized as follows (in thousands): | |||||||||||||||||||||||||||||||||
September 27, 2014 | June 30, 2014 | ||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||
Machinery and equipment | $ | 4,035 | $ | 3,991 | |||||||||||||||||||||||||||||
Computer equipment | 5,446 | 5,456 | |||||||||||||||||||||||||||||||
Software development costs | 2,688 | 2,688 | |||||||||||||||||||||||||||||||
Demonstration equipment | 1,649 | 1,605 | |||||||||||||||||||||||||||||||
Office furniture and equipment | 967 | 1,052 | |||||||||||||||||||||||||||||||
14,785 | 14,792 | ||||||||||||||||||||||||||||||||
Less accumulated depreciation | (13,799 | ) | (13,710 | ) | |||||||||||||||||||||||||||||
Net property and equipment | $ | 986 | $ | 1,082 | |||||||||||||||||||||||||||||
Other intangible assets-Other intangible assets subject to amortization were as follows (in thousands): | |||||||||||||||||||||||||||||||||
September 27, 2014 (unaudited) | June 30, 2014 | ||||||||||||||||||||||||||||||||
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 | $ | (1,037 | ) | $ | (158 | ) | $ | 735 | $ | 1,930 | $ | (976 | ) | $ | (158 | ) | $ | 796 | |||||||||||||
Customer Base | 340 | (340 | ) | — | — | 340 | (340 | ) | — | — | |||||||||||||||||||||||
Trademarks/ Tradenames | 231 | (154 | ) | (77 | ) | — | 231 | (154 | ) | (77 | ) | — | |||||||||||||||||||||
Total | $ | 2,501 | $ | (1,531 | ) | $ | (235 | ) | $ | 735 | $ | 2,501 | $ | (1,470 | ) | $ | (235 | ) | $ | 796 | |||||||||||||
A summary of future amortization as of September 27, 2014 is as follows (in thousands): | |||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | Total | |||||||||||||||||||||||||||||
Developed Technology/Patents | $ | 184 | $ | 245 | $ | 245 | $ | 61 | $ | 735 | |||||||||||||||||||||||
Warranty-The estimated cost of product warranty is provided for at the time revenue is recognized. Changes in the Company’s warranty liability: | |||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
(unaudited) | September 27, | September 28, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 897 | $ | 1,070 | |||||||||||||||||||||||||||||
Provision for warranties issued | 223 | 237 | |||||||||||||||||||||||||||||||
Warranty claims | (219 | ) | (251 | ) | |||||||||||||||||||||||||||||
Balance at end of period | $ | 901 | $ | 1,056 | |||||||||||||||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
3. 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. As of September 27, 2014, there were options to purchase approximately 252,000 shares of common stock available for grant under all option plans and approximately 314,000 shares available for issuance under the ESPP. | |||||||||||||||||
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, and/or new customers) will occur. Restricted stock grants made under performance programs are subject to vesting quarterly over two years following the end of the relevant fiscal year of performance. | |||||||||||||||||
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. | |||||||||||||||||
Employee option grants are subject to a change of control plan adopted by the Company in 2014 for equity awards that provides for acceleration and vesting in full of options in connection with a change of control transaction under certain circumstances. 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 $0.2 million and $0.5 million of stock-based compensation expense for the three months ended September 27, 2014 and September 28, 2013, respectively. 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 were $6.37 and $1.98 for the three months ended September 27, 2014 and September 28, 2013, respectively. There were no shares purchased under the ESPP for the three months ended September 27, 2014 and September 28, 2013. The weighted average grant-date fair values were calculated using the following assumptions: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 27, | September 28, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Average risk free interest rate | 1.66 | % | 0.75 | % | |||||||||||||
Expected life (in years) | 4.66 | 5.75 | |||||||||||||||
Expected volatility | 78 | % | 77 | % | |||||||||||||
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 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. The risk-free interest rate is based on the observed and expected life of options 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. Stock-based compensation expense was based on the Company’s historical experience of option cancellations prior to vesting. The Company has generally 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 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, 2014 | 1,158 | $ | 5.87 | ||||||||||||||
Granted | 126 | $ | 10.37 | ||||||||||||||
Exercised | (24 | ) | $ | 4.7 | |||||||||||||
Forfeited or Expired | (9 | ) | $ | 5.38 | |||||||||||||
Outstanding at September 27, 2014 | 1,251 | $ | 6.35 | 8.27 | $ | 3,627 | |||||||||||
Vested/Expected to Vest | 1,216 | $ | 6.29 | 8.24 | $ | 3,571 | |||||||||||
Exercisable | 857 | $ | 5.01 | 7.87 | $ | 3,064 | |||||||||||
In 2014, the Company granted restricted stock units (“RSUs”) for up to 112,500 shares of common stock to its Chief Executive Officer (“CEO”). The RSUs vest upon the earlier of the CEO’s separation from service or a change in control. The number of shares issuable upon vesting and settlement of the RSUs, if any, will be determined based on the Company’s stock price on the vesting date and, in the case of a separation from service, the extent to which certain performance criteria has been met. No compensation expense has been recognized on these RSUs as the fair value is not determinable. | |||||||||||||||||
As of September 27, 2014 , there was approximately $1.6 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. |
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock | 3 Months Ended |
Sep. 27, 2014 | |
Equity [Abstract] | ' |
Redeemable Convertible Preferred Stock | ' |
4. 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 for net proceeds of $7.6 million. Dividends on the redeemable convertible preferred stock accrued at the prime rate plus 3% up to a maximum amount of 4%. In February 2014, all of the outstanding redeemable convertible preferred stock plus accrued dividends through the date of conversion was converted into 1.7 million shares of common stock of the Company. |
Bank_Credit_Facility
Bank Credit Facility | 3 Months Ended |
Sep. 27, 2014 | |
Debt Disclosure [Abstract] | ' |
Bank Credit Facility | ' |
5. Bank Credit Facility | |
In 2014, the Company entered into a Loan and Security Agreement (the “Agreement”) with a bank. Under the Agreement, the Company may borrow an amount not to exceed the lesser of (i) $10.0 million and (ii) $2.5 million plus 80% of eligible domestic and foreign subsidiary accounts receivable. The Agreement specifies the criteria for determining eligible accounts receivable and sets forth ongoing conditions precedent to the Company’s ability to borrow under the Agreement. Amounts borrowed under the Agreement may be repaid and reborrowed until its maturity on June 9, 2016, at which time all advances shall be immediately due and payable in full. Amounts borrowed under the Agreement shall bear interest at the prime rate plus 0.75%. Adept and certain of its subsidiaries have granted the bank a security interest in substantially all of their respective assets (excluding intellectual property) to secure the outstanding obligations under the Agreement. | |
The Agreement contains customary representations and warranties by the Company and customary affirmative and negative covenants, including, among other requirements, requirements as to permissible use of proceeds, restrictions on Adept’s ability to dispose of assets, make acquisitions, be acquired, undergo a change of control, incur indebtedness, grant liens, transfer funds to subsidiaries, make distributions to its stockholders, make investments, or enter into certain transactions with affiliates, subject to specified exceptions. Further, the Agreement contains a financial covenant that requires the Company to achieve certain minimum EBITDA levels specified in the Agreement. | |
The Agreement contains customary events of default that entitle the bank to accelerate Adept’s obligations and require repayment of the outstanding indebtedness, increase the applicable interest rate by an additional 4.00% per annum, and enforce the bank’s security interest against the collateral. These events of default include, among others, Adept’s breach of payment obligations or covenants, material misrepresentations, events constituting a material adverse change, and bankruptcy and insolvency defaults. | |
At September 27, 2014, the Company had no borrowings under the Agreement. |
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
Sep. 27, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
6. 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. | |
In March 2014, the Commercial Court of Lorient, France held that Adept did not fulfill certain obligations relating to a contract between Adept and a sub-contractor, requiring Adept to pay the sub-contractor 362,000 euros. Adept reached agreement to settle this matter and, in 2014, accrued $159,000 relating to the settlement. |
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
7. 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 $0.1 million for each of the three months ended September 27, 2014 and September 28, 2013, respectively, 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 $7.4 million as of each of September 27, 2014 and June 30, 2014, respectively. Approximately $6.0 million of the unrecognized tax benefit as of each period has been offset by a full valuation allowance. If all of these unrecognized tax benefits were recognized, approximately $0.4 million, as of both September 27, 2014 and June 30, 2014, 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 1999 to 2014 remain open to examination by the U.S. and state tax authorities, and the tax years 2010 to 2014 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 27, 2014, accrued interest and penalties associated with unrecognized tax benefits was not material. |
Net_Loss_per_Share
Net Loss per Share | 3 Months Ended |
Sep. 27, 2014 | |
Earnings Per Share [Abstract] | ' |
Net Loss per Share | ' |
8. Net Loss per Share | |
The computation of diluted net income (loss) per share attributable to common stockholders for the three months ended September 27, 2014 and September 28, 2013, does not include 0.3million and 0.7 million, respectively, of unvested restricted shares and options to purchase shares as these common stock equivalents were anti-dilutive. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
9. 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 Executive Officer who is the chief operating decision maker in deciding how to allocate resources and in assessing performance. 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. All goodwill is carried in the Robotics segment. 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 27, | September 28, | |||||||
2014 | 2013 | ||||||||
Revenues: | |||||||||
Robotics | $ | 11,283 | $ | 10,357 | |||||
Services and Support | 3,119 | 3,214 | |||||||
Total revenues | $ | 14,402 | $ | 13,571 | |||||
Segment operating income: | |||||||||
Robotics | $ | 905 | $ | 1,176 | |||||
Services and Support | 1,213 | 1,358 | |||||||
Segment operating income | 2,118 | 2,534 | |||||||
Unallocated research, development and engineering and general and administrative expenses | (1,973 | ) | (2,715 | ) | |||||
Amortization of intangible assets | (61 | ) | (61 | ) | |||||
Operating income (loss) | 84 | (242 | ) | ||||||
Net interest expense | (5 | ) | |||||||
Foreign currency exchange gain (loss) | 78 | (96 | ) | ||||||
Income (loss) before income taxes | $ | 162 | $ | (343 | ) | ||||
Management also assesses the Company’s performance, operations and assets by geographic areas. Revenue and long-lived tangible assets are summarized as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
(unaudited) | September 27, | September 28, | |||||||
2014 | 2013 | ||||||||
Revenues: | |||||||||
United States | $ | 2,349 | $ | 2,933 | |||||
Europe | 8,279 | 6,313 | |||||||
Asia | 3,230 | 3,953 | |||||||
All other countries | 544 | 372 | |||||||
Total | $ | 14,402 | $ | 13,571 | |||||
(unaudited) | September 27, 2014 | June 30, 2014 | |||||||
Long-lived tangible assets: | |||||||||
United States | $ | 709 | $ | 795 | |||||
All other countries | 372 | 377 | |||||||
Total long-lived tangible assets | $ | 1,081 | $ | 1,172 | |||||
Adept’s revenues are reported by geographic region based on the ship-to location of the customer order. |
Leases
Leases | 3 Months Ended | ||||
Sep. 27, 2014 | |||||
Leases [Abstract] | ' | ||||
Leases | ' | ||||
10. 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 each of the three months ended of September 27, 2014 and September 28, 2013 was $0.5 million. Future minimum lease payments under non-cancelable operating leases with original terms in excess of one year as of September 27, 2014 are as follows (in thousands): | |||||
Fiscal Year | |||||
2015 | $ | 1,500 | |||
2016 | 1,400 | ||||
2017 | 500 | ||||
2018 | 200 | ||||
2019 | — | ||||
Thereafter | — | ||||
Total minimum lease payments | $ | 3,600 | |||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Sep. 27, 2014 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
The Company does not believe that the adoption of recently issued accounting pronouncements will have a material impact on its consolidated financial statements. |
Balance_Sheet_Detail_Tables
Balance Sheet Detail (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||||||
Components of Inventory | ' | ||||||||||||||||||||||||||||||||
The components of inventory are as follows (in thousands): | |||||||||||||||||||||||||||||||||
September 27, 2014 | June 30, 2014 | ||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||
Raw materials | $ | 6,684 | $ | 6,408 | |||||||||||||||||||||||||||||
Work-in-process | 1,553 | 1,614 | |||||||||||||||||||||||||||||||
Finished goods | 3,011 | 2,274 | |||||||||||||||||||||||||||||||
Total inventory | $ | 11,248 | $ | 10,296 | |||||||||||||||||||||||||||||
Components of Property and Equipment | ' | ||||||||||||||||||||||||||||||||
The components of property and equipment are summarized as follows (in thousands): | |||||||||||||||||||||||||||||||||
September 27, 2014 | June 30, 2014 | ||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||
Machinery and equipment | $ | 4,035 | $ | 3,991 | |||||||||||||||||||||||||||||
Computer equipment | 5,446 | 5,456 | |||||||||||||||||||||||||||||||
Software development costs | 2,688 | 2,688 | |||||||||||||||||||||||||||||||
Demonstration equipment | 1,649 | 1,605 | |||||||||||||||||||||||||||||||
Office furniture and equipment | 967 | 1,052 | |||||||||||||||||||||||||||||||
14,785 | 14,792 | ||||||||||||||||||||||||||||||||
Less accumulated depreciation | (13,799 | ) | (13,710 | ) | |||||||||||||||||||||||||||||
Net property and equipment | $ | 986 | $ | 1,082 | |||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | ' | ||||||||||||||||||||||||||||||||
Other intangible assets-Other intangible assets subject to amortization were as follows (in thousands): | |||||||||||||||||||||||||||||||||
September 27, 2014 (unaudited) | June 30, 2014 | ||||||||||||||||||||||||||||||||
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 | $ | (1,037 | ) | $ | (158 | ) | $ | 735 | $ | 1,930 | $ | (976 | ) | $ | (158 | ) | $ | 796 | |||||||||||||
Customer Base | 340 | (340 | ) | — | — | 340 | (340 | ) | — | — | |||||||||||||||||||||||
Trademarks/ Tradenames | 231 | (154 | ) | (77 | ) | — | 231 | (154 | ) | (77 | ) | — | |||||||||||||||||||||
Total | $ | 2,501 | $ | (1,531 | ) | $ | (235 | ) | $ | 735 | $ | 2,501 | $ | (1,470 | ) | $ | (235 | ) | $ | 796 | |||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | ' | ||||||||||||||||||||||||||||||||
A summary of future amortization as of September 27, 2014 is as follows (in thousands): | |||||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | Total | |||||||||||||||||||||||||||||
Developed Technology/Patents | $ | 184 | $ | 245 | $ | 245 | $ | 61 | $ | 735 | |||||||||||||||||||||||
Schedule of Changes in Warranty Liability | ' | ||||||||||||||||||||||||||||||||
Changes in the Company’s warranty liability: | |||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
(unaudited) | September 27, | September 28, | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 897 | $ | 1,070 | |||||||||||||||||||||||||||||
Provision for warranties issued | 223 | 237 | |||||||||||||||||||||||||||||||
Warranty claims | (219 | ) | (251 | ) | |||||||||||||||||||||||||||||
Balance at end of period | $ | 901 | $ | 1,056 | |||||||||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
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 27, | September 28, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Average risk free interest rate | 1.66 | % | 0.75 | % | |||||||||||||
Expected life (in years) | 4.66 | 5.75 | |||||||||||||||
Expected volatility | 78 | % | 77 | % | |||||||||||||
Dividend yield | 0 | % | 0 | % | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||||||
A summary of stock option activity under the option plans 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, 2014 | 1,158 | $ | 5.87 | ||||||||||||||
Granted | 126 | $ | 10.37 | ||||||||||||||
Exercised | (24 | ) | $ | 4.7 | |||||||||||||
Forfeited or Expired | (9 | ) | $ | 5.38 | |||||||||||||
Outstanding at September 27, 2014 | 1,251 | $ | 6.35 | 8.27 | $ | 3,627 | |||||||||||
Vested/Expected to Vest | 1,216 | $ | 6.29 | 8.24 | $ | 3,571 | |||||||||||
Exercisable | 857 | $ | 5.01 | 7.87 | $ | 3,064 | |||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
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 27, | September 28, | |||||||
2014 | 2013 | ||||||||
Revenues: | |||||||||
Robotics | $ | 11,283 | $ | 10,357 | |||||
Services and Support | 3,119 | 3,214 | |||||||
Total revenues | $ | 14,402 | $ | 13,571 | |||||
Segment operating income: | |||||||||
Robotics | $ | 905 | $ | 1,176 | |||||
Services and Support | 1,213 | 1,358 | |||||||
Segment operating income | 2,118 | 2,534 | |||||||
Unallocated research, development and engineering and general and administrative expenses | (1,973 | ) | (2,715 | ) | |||||
Amortization of intangible assets | (61 | ) | (61 | ) | |||||
Operating income (loss) | 84 | (242 | ) | ||||||
Net interest expense | (5 | ) | |||||||
Foreign currency exchange gain (loss) | 78 | (96 | ) | ||||||
Income (loss) before income taxes | $ | 162 | $ | (343 | ) | ||||
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. Revenue and long-lived tangible assets are summarized as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
(unaudited) | September 27, | September 28, | |||||||
2014 | 2013 | ||||||||
Revenues: | |||||||||
United States | $ | 2,349 | $ | 2,933 | |||||
Europe | 8,279 | 6,313 | |||||||
Asia | 3,230 | 3,953 | |||||||
All other countries | 544 | 372 | |||||||
Total | $ | 14,402 | $ | 13,571 | |||||
(unaudited) | September 27, 2014 | June 30, 2014 | |||||||
Long-lived tangible assets: | |||||||||
United States | $ | 709 | $ | 795 | |||||
All other countries | 372 | 377 | |||||||
Total long-lived tangible assets | $ | 1,081 | $ | 1,172 | |||||
Leases_Tables
Leases (Tables) | 3 Months Ended | ||||
Sep. 27, 2014 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases | ' | ||||
Future minimum lease payments under non-cancelable operating leases with original terms in excess of one year as of September 27, 2014 are as follows (in thousands): | |||||
Fiscal Year | |||||
2015 | $ | 1,500 | |||
2016 | 1,400 | ||||
2017 | 500 | ||||
2018 | 200 | ||||
2019 | — | ||||
Thereafter | — | ||||
Total minimum lease payments | $ | 3,600 | |||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Sep. 27, 2014 | |
Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of operating segments | 2 |
Balance_Sheet_Detail_Component
Balance Sheet Detail - Components of Inventory (Detail) (USD $) | Sep. 27, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw materials | $6,684 | $6,408 |
Work-in-process | 1,553 | 1,614 |
Finished goods | 3,011 | 2,274 |
Total inventory | $11,248 | $10,296 |
Balance_Sheet_Detail_Component1
Balance Sheet Detail - Components of Property and Equipment (Detail) (USD $) | Sep. 27, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $14,785 | $14,792 |
Less accumulated depreciation | -13,799 | -13,710 |
Net property and equipment | 986 | 1,082 |
Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 4,035 | 3,991 |
Computer equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 5,446 | 5,456 |
Software development costs [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 2,688 | 2,688 |
Demonstration equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,649 | 1,605 |
Office furniture and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $967 | $1,052 |
Balance_Sheet_Detail_Schedule_
Balance Sheet Detail - Schedule of Finite-Lived Intangible Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Jun. 30, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Assets | $2,501 | $2,501 |
Accumulated Amortization | -1,531 | -1,470 |
Impairment of Intangible Assets | -235 | -235 |
Net Carrying Amount | 735 | 796 |
Developed Technology/Patents [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Assets | 1,930 | 1,930 |
Accumulated Amortization | -1,037 | -976 |
Impairment of Intangible Assets | -158 | -158 |
Net Carrying Amount | 735 | 796 |
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) |
Balance_Sheet_Detail_Schedule_1
Balance Sheet Detail - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Detail) (USD $) | Sep. 27, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, amortization expense, net | $735 | $796 |
Developed Technology/Patents [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, amortization expense, year one | 184 | ' |
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 | 61 | ' |
Finite-lived intangible assets, amortization expense, net | $735 | $796 |
Balance_Sheet_Detail_Schedule_2
Balance Sheet Detail - Schedule of Changes in Warranty Liability (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' | ' |
Balance at beginning of period | $897 | $1,070 |
Provision for warranties issued | 223 | 237 |
Warranty claims | -219 | -251 |
Balance at end of period | $901 | $1,056 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares of common stock available for grant | 252,000 | ' |
Stock-based compensation | $201,000 | $526,000 |
Weighted average grant-date fair values of the options | $6.37 | $1.98 |
Shares purchased under ESPP | $0 | $0 |
Dividend yield | 0.00% | 0.00% |
Assumed annualized forfeiture rate | 5.00% | ' |
Unrecognized compensation cost | 1,600,000 | ' |
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 | 6,000 | ' |
Director Option Plan [Member] | Initial 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 | ' |
Share-based compensation arrangement by share-based payment award, award annual vesting percentage | 50.00% | ' |
Stock Option Plans [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock option contractual terms | '10 years | ' |
Share-based compensation arrangement by share-based payment award, award vesting period | '4 years | ' |
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 | ' |
Shares available for issuance under employee stock purchase plan | 314,000 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Recognized compensation expense | $0 | ' |
Restricted Stock Units (RSUs) [Member] | CEO [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock units granted | 112,500 | ' |
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 | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Share-based Payment Award, Valuation Assumptions (Detail) | 3 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Average risk free interest rate | 1.66% | 0.75% |
Expected life (in years) | '4 years 7 months 28 days | '5 years 9 months |
Expected volatility | 78.00% | 77.00% |
Dividend yield | 0.00% | 0.00% |
StockBased_Compensation_Schedu1
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. 27, 2014 |
Share-based Arrangements with Employees and Nonemployees [Abstract] | ' |
Options Outstanding | 1,158 |
Options Granted | 126 |
Options Exercised | -24 |
Options Forfeited or Expired | -9 |
Options Outstanding | 1,251 |
Vested/Expected to Vest at September 27, 2014, shares | 1,216 |
Exercisable at September 27, 2014, shares | 857 |
Options Outstanding, Weighted-Average Exercise Price Per Share | $5.87 |
Options Granted, Weighted-Average Exercise Price Per Share | $10.37 |
Options Exercised, Weighted-Average Exercise Price Per Share | $4.70 |
Options Forfeited or Expired, Weighted-Average Exercise Price Per Share | $5.38 |
Options Outstanding, Weighted-Average Exercise Price Per Share | $6.35 |
Vested/Expected to Vest at September 27, 2014, Weighted-Average Exercise Price Per Share | $6.29 |
Exercisable at September 27, 2014, Weighted-Average Exercise Price Per Share | $5.01 |
Weighted-Average Remaining Contractual Term (years), Outstanding at September 27, 2014 | '8 years 3 months 7 days |
Weighted-Average Remaining Contractual Term (years), Vested/Expected to Vest at September 27, 2014 | '8 years 2 months 27 days |
Weighted-Average Remaining Contractual Term (years), Exercisable at September 27, 2014 | '7 years 10 months 13 days |
Outstanding, Aggregate Intrinsic Value | $3,627 |
Vested/Expected to Vest at September 27, 2014, Aggregate Intrinsic Value | 3,571 |
Exercisable at September 27, 2014, Aggregate Intrinsic Value | $3,064 |
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Feb. 28, 2014 | Sep. 27, 2014 | 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 | ' | $7.60 | ' |
Dividends accrued on the preferred stock in excess of prime rate, percent | ' | 3.00% | ' |
Maximum dividends accrued on the preferred stock, percent | ' | 4.00% | ' |
Redeemable convertible preferred stock converted to common stock | 1,700,000 | ' | ' |
Bank_Credit_Facility_Additiona
Bank Credit Facility - Additional Information (Detail) (USD $) | 3 Months Ended |
Sep. 27, 2014 | |
Debt Instrument [Line Items] | ' |
Maximum accounts receivable balance under Loan and Security Agreement | $10,000,000 |
Maximum domestic and foreign subsidiary accounts receivable balance under Loan and Security Agreement | 2,500,000 |
Loan and Security Agreement advance rate against account receivable | 80.00% |
Maturity date of Loan and Security Agreement | 9-Jun-16 |
Debt Instrument, Maturity Date, Description | 'Amounts borrowed under the Agreement may be repaid and reborrowed until its maturity on June 9, 2016, at which time all advances shall be immediately due and payable in full. |
Loan and Security Agreement increase in interest rate | 4.00% |
Borrowings | $0 |
Prime Rate [Member] | ' |
Debt Instrument [Line Items] | ' |
Interest rate in addition to prime rate for Agreement financing charges | 0.75% |
Legal_Proceedings_Additional_I
Legal Proceedings - Additional Information (Detail) | 3 Months Ended | |
Sep. 27, 2014 | Mar. 29, 2014 | |
USD ($) | EUR (€) | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Obligations relating to a contract | ' | € 362,000 |
Accrued legal settlement | $159,000 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Jun. 30, 2014 | |
Income Taxes [Line Items] | ' | ' | ' |
Provision for (benefit from) income taxes | $80,000 | $55,000 | ' |
Unrecognized tax benefits | 7,400,000 | ' | 7,400,000 |
Unrecognized tax benefits that, if recognized, would reduce the effective tax rate | 400,000 | ' | 400,000 |
Accrued interest and penalties, unrecognized tax benefits | 0 | ' | ' |
Unrecognized tax benefit [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Valuation allowance, amount | $6,000,000 | ' | $6,000,000 |
Net_Loss_per_Share_Additional_
Net Loss per Share - Additional Information (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Anti-dilutive shares excluded from calculation of diluted net income (loss) per share attributable to common stockholders | 0.3 | 0.7 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Segment | ||
Segment Reporting Information [Line Items] | ' | ' |
Number of operating segments | 2 | ' |
Revenue | $14,402 | $13,571 |
Inter-segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenue | $0 | ' |
Segment_Information_Schedule_o
Segment Information - Schedule of Segment Results (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Revenues: | ' | ' |
Revenues | $14,402 | $13,571 |
Segment operating income: | ' | ' |
Unallocated research, development and engineering and general and administrative expenses | -1,973 | -2,715 |
Amortization of intangible assets | -61 | -61 |
Operating income (loss) | 84 | -242 |
Net interest expense | ' | -5 |
Foreign currency exchange gain (loss) | 78 | -96 |
Income (loss) before income taxes | 162 | -343 |
Operating Segments [Member] | ' | ' |
Segment operating income: | ' | ' |
Operating income (loss) | 2,118 | 2,534 |
Robotics [Member] | Operating Segments [Member] | ' | ' |
Revenues: | ' | ' |
Revenues | 11,283 | 10,357 |
Segment operating income: | ' | ' |
Operating income (loss) | 905 | 1,176 |
Services and Support [Member] | Operating Segments [Member] | ' | ' |
Revenues: | ' | ' |
Revenues | 3,119 | 3,214 |
Segment operating income: | ' | ' |
Operating income (loss) | $1,213 | $1,358 |
Segment_Information_Schedule_o1
Segment Information - Schedule of Revenue from External Customers and Long-lived Assets, by Geographical Areas (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Jun. 30, 2014 |
Revenues: | ' | ' | ' |
Revenues | $14,402 | $13,571 | ' |
Long-lived assets: | ' | ' | ' |
Long-lived assets | 1,081 | ' | 1,172 |
United States [Member] | Geographic Concentration Risk [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Revenues | 2,349 | 2,933 | ' |
United States [Member] | Reportable Geographical Components [Member] | ' | ' | ' |
Long-lived assets: | ' | ' | ' |
Long-lived assets | 709 | ' | 795 |
All other countries [Member] | Geographic Concentration Risk [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Revenues | 544 | 372 | ' |
All other countries [Member] | Reportable Geographical Components [Member] | ' | ' | ' |
Long-lived assets: | ' | ' | ' |
Long-lived assets | 372 | ' | 377 |
Europe [Member] | Geographic Concentration Risk [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Revenues | 8,279 | 6,313 | ' |
Asia [Member] | Geographic Concentration Risk [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Revenues | $3,230 | $3,953 | ' |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Leases [Abstract] | ' | ' |
Rent expense | $0.50 | $0.50 |
Leases_Schedule_of_Future_Mini
Leases - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases (Detail) (USD $) | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
Fiscal Year 2015 | $1,500 |
Fiscal Year 2016 | 1,400 |
Fiscal Year 2017 | 500 |
Fiscal Year 2018 | 200 |
Fiscal Year 2019 | ' |
Fiscal Years Thereafter | ' |
Total minimum lease payments | $3,600 |