Adept Technology Reports Continued Earnings Improvements In Q4 And Fiscal 2005

LIVERMORE, Calif.—(BUSINESS WIRE)—Sept. 1, 2005— Adept Technology, Inc. (OTCBB: ADEO) today announced results of its operations for the fourth quarter fiscal 2005 which ended June 30 included revenue of $14.4 million and net income of $633,000, or $0.10 per share. These results are compared with results for the same quarter of fiscal 2004 in the table below:
                          Revenue             from        Net
 Time Period               from       Gross   Continuing Income Basic
                          Continuing  Margin  Operations (Loss)  EPS
                          Operations           Before
Current quarter:
 Q4-05                     $14,377     $6,407   $604      $633  $0.10
Prior year's quarter:
 Q4-04                     $14,465     $6,099   $557      $569  $0.10
Change from Q4-04 
 to Q4-05                    (0.6)%      5.1%    8.4%     11.2%     -

For the fiscal year ended June 30, 2005, Adept reported revenues of $50.5 million, net income of $1.0 million, and earnings per share of $0.17. These results are compared with fiscal 2004 in the table below:

                         Revenue               from       Net
 Time Period               from     Gross    Continuing  Income  Basic
                        Continuing  Margin   Operations  (Loss)   EPS
                        Operations             Before
Fiscal 2005               $50,480   $23,161    $1,025   $1,025  $0.17
Fiscal 2004               $49,084   $19,596   $(1,664) $(7,325)$(1.35)
Change from
2004 to 2005                  2.8%     18.2%       NM      NM     NM

"Adept now has recorded 6 straight quarters of operational profitability and the first annual profitability since fiscal year 1999. This success required a disciplined business model combining cost control, sales focus and operational streamlining," said Robert Bucher, chairman and chief executive officer of Adept Technology, Inc. "Now our focus will expand to generate top line growth in fiscal 2006. To fuel that growth, we are introducing an expanded portfolio of Intelligent Adept Cobra(TM) SCARA and AdeptViper(TM) 6-axis robots, plus a broad lineup of non-proprietary Adept SmartController(TM) Motion Controls and Adept iSight(TM) Machine Vision products. New sales programs will target both competitor markets and new market geographies for material handling and assembly robotics systems."

During the fourth quarter, Adept rounded out its management team with the appointment of Barry Dale as vice president, worldwide sales, and Janine Roth as vice president, marketing. The Company also formed a dedicated worldwide Adept service business unit reporting to Lee Blake.

"These changes reflect our renewed focus on marketing, sales and sales channel development," Bucher remarked. "Combined with our expanded product portfolio, additions to our veteran sales staff, and the previously announced in-country Asia and China programs, European manufacturing and delivery center, and vertical markets selling team, we are structured to drive increased revenue from sales and service worldwide."

Bucher continued, "Already, sales traction in our vertical markets programs is contributing significantly to our growth, generating over 20% of our fourth quarter 2005 revenue. Our focus on the major manufacturers of disk drive, smart card, cell phones and consumer electronic products has produced major design wins in the US, Northern Europe, Singapore, and China. The vertical markets team also has been the major contributor to our increased bookings in service sales, primarily from remanufactured robotics systems destined for expanding Asian manufacturing plants."

Adept believes its extensive and growing product portfolio, service offerings and expanded sales teams will deliver further revenue opportunities. Whether in the Americas, Asia, or Europe, Adept is well positioned to grow with the market as investments by manufacturers continue to improve. This effort, together with the company's ongoing operational execution, provides a solid basis for improved top line results and shareholder value.

Details of the Fourth Quarter and Fiscal Year

Statement of Operations Highlights - Three months and year ended June 30, 2005

-- Revenue for the fourth quarter of fiscal 2005 decreased 0.6% from the fourth quarter of fiscal 2004. The decrease resulted from reduced sales of components for semiconductor manufacturing systems, partially offset by increased sales of remanufactured robots in the Company's Service and Support business segment. Revenue for fiscal 2005 increased 2.8% over fiscal 2004. The revenue increase was the result primarily of strong sales of Adept's Cobra family of robots, which are 4-axis SCARA (Selective Compliance Assembly Robot Arm) robot mechanisms designed primarily for assembly and material handling applications, increased sales of 6-axis robots, and a significant software license sale in the first quarter of 2005.

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