Last $9.38 USD
Change Today -0.0301 / -0.32%
Volume 40.5K
As of 1:57 PM 08/21/14 All times are local (Market data is delayed by at least 15 minutes).

adept technology inc (ADEP) Key Developments

Adept Technology Inc. Appoints Klaus Kluger as Managing Director for Europe

Adept Technology Inc. announced that Dr. Klaus Kluger has been named the company's Managing Director for Europe. Dr. Kluger began his position July 1, 2014. Prior to joining Adept, Dr. Kluger held several positions at Emerson, including managing director at Emerson Network Power; general manager for Switzerland and Austria at Emerson Process Management; and director Instruments Division for Emerson Process Management.

Adept Technology, Inc. Enters into Loan and Security Agreement with Comerica Bank

On June 9, 2014, Adept Technology Inc. entered into a Loan and Security Agreement with Comerica Bank to replace its existing line of credit with Silicon Valley Bank. Pursuant to the Loan and Security Agreement, Adept may borrow an amount not to exceed the lesser of $10 million and $2.5 million plus 80% of eligible domestic and foreign subsidiary accounts receivable. The Loan and Security Agreement specifies the criteria for determining eligible accounts receivable and sets forth ongoing conditions precedent to Adept's ability to borrow under the line of credit. Amounts borrowed under the Comerica line of credit may be repaid and reborrowed at any time without penalty or premium prior to June 9, 2016, at which time all advances under the line of credit shall be immediately due and payable in full. Any amounts borrowed under the line of credit shall bear interest at the prime rate plus 0.75%.

Adept Technology Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 29, 2014

Adept Technology Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended March 29, 2014. For the quarter, the company’s revenue was $15,121,000 compared to $10,943,000 a year ago. Operating income was $266,000 compared to loss of $1,879,000 a year ago. Income before income taxes was $418,000 compared to loss of $1,658,000 a year ago. Net income was $265,000 compared to loss of $1,754,000 a year ago. Net loss attributable to the company's common stockholders was $12,000 or $0.00 basic and diluted per share compared to $1,858,000 or $0.16 basic and diluted per share a year ago. Adjusted EBITDA was $1,228,000 compared to adjusted LBITDA of $1,130,000 a year ago. For the nine months, the company’s revenue was $43,280,000 compared to $33,121,000 a year ago. Operating income was $173,000 compared to loss of $9,899,000 a year ago. Income before income taxes was $381,000 compared to loss of $9,831,000 a year ago. Net income was $71,000 compared to loss of $10,029,000 a year ago. Net loss attributable to the company's common stockholders was $414,000 or $0.04 basic and diluted per share compared to $10,249,000 or $0.97 basic and diluted per share a year ago. Adjusted EBITDA was $2,835,000 compared to adjusted LBITDA of $5,847,000 a year ago.

Adept Technology Inc. to Report Q3, 2014 Results on May 08, 2014

Adept Technology Inc. announced that they will report Q3, 2014 results at 5:00 PM, Eastern Standard Time on May 08, 2014

Adept Technology Inc., Q3 2014 Earnings Call, May 08, 2014

Adept Technology Inc., Q3 2014 Earnings Call, May 08, 2014

 

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