ADEPT TECHNOLOGY INC

CIK:0000865415|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]
Revenues	$ 54,195	$ 57,540	$ 46,816
Cost of revenues	31,441	30,920	27,696
Gross margin	22,754	26,620	19,120
Operating expenses:
Research, development and engineering	7,365	6,758	7,634
Selling, general and administrative	19,705	19,806	18,958
Restructuring charges			785
Legal settlement	260	159
Amortization of other intangible assets	244	244	411
Impairment of intangible assets and goodwill			1,708
Total operating expenses	27,574	26,967	29,496
Operating loss	(4,820)	(347)	(10,376)
Foreign currency exchange gain (loss)	(463)	350	(3)
Interest income	1	59	34
Interest expense	(47)	(54)	(71)
Other income		2	71
Income (loss) before income taxes	(5,329)	10	(10,345)
Provision for (benefit from) income taxes	(320)	349	(320)
Net loss	(5,009)	(339)	(10,025)
Effects of redeemable convertible preferred stock:
Accretion of preferred stock to redemption value		(239)	(73)
Dividends allocated to preferred stockholders		(203)	(250)
Net loss attributable to common stockholders	$ (5,009)	$ (781)	$ (10,348)
Net loss per share attributable to common stockholders:
Basic	$ (0.38)	$ (0.07)	$ (0.99)
Diluted	$ (0.38)	$ (0.07)	$ (0.99)
Number of shares used in computing net loss per share attributable to common stockholders:
Basic	13,205	11,718	10,437
Diluted	13,205	11,718	10,437
Comprehensive loss, net of taxes
Net loss	$ (5,009)	$ (339)	$ (10,025)
Foreign currency translation adjustment	(371)	(115)	321
Total comprehensive loss	$ (5,380)	$ (454)	$ (9,704)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Operating activities
Net loss	$ (5,009)	$ (339)	$ (10,025)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	1,030	1,095	1,378
Deferred income taxes	(219)	55	(57)
Loss (gain) on disposal of property and equipment		50	(65)
Stock-based compensation	924	2,022	836
Impairment of goodwill and other intangible assets			1,708
Net changes in operating assets and liabilities:
Accounts receivable	(666)	115	1,336
Inventories	(1,442)	(2,215)	(175)
Other assets	108	33	(29)
Accounts payable	(2,089)	622	868
Other accrued liabilities and deferred revenue	(528)	(580)	(747)
Other liabilities	(252)	96	260
Net cash provided by (used in) operating activities	(8,143)	954	(4,712)
Investing activities
Purchase of property and equipment	(531)	(240)	(86)
Proceeds from sale of property and equipment		17	127
Restricted cash	116	(194)
Net cash provided by (used in) investing activities	(415)	(417)	41
Financing activities
Borrowings from (repayments of) line of credit, net			(5,500)
Principal payments on capital leases and long-term obligations		(8)	(59)
Proceeds from employee stock plans	512	1,792	512
Net proceeds from common stock issued under public offering	7,888
Net proceeds from issuance of preferred stock			7,608
Cash dividends paid on redeemable convertible preferred stock			(171)
Costs of conversion of redeemable convertible preferred stock		(34)
Payment for taxes for restricted stock awards surrendered to satisfy tax obligations		(499)	(85)
Net cash provided by financing activities	8,400	1,251	2,305
Effect of exchange rates on cash and cash equivalents	1,066	(462)	(82)
Increase (decrease) in cash and cash equivalents	908	1,326	(2,448)
Cash and cash equivalents, beginning of period	7,600	6,274	8,722
Cash and cash equivalents, end of period	8,508	7,600	6,274
Cash paid during the period for:
Interest	46	3	71
Income taxes	29	49	22
Supplemental disclosure of non-cash investing and financing activities:
Transfers from inventory to property and equipment	$ 419	204	161
Accretion of preferred stock to redemption value		239	73
Conversion of preferred stock		$ 8,000
Undistributed dividends allocated to preferred stock			$ 79

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Current assets:
Cash and cash equivalents	$ 8,508	$ 7,600
Restricted cash	78	194
Accounts receivable, less allowance for doubtful accounts of $405 and $610 at June 30, 2015 and 2014, respectively	10,585	10,974
Inventories	10,419	10,296
Other current assets	432	545
Total current assets	30,022	29,609
Property and equipment, net	1,396	1,082
Goodwill	1,493	1,493
Other intangible assets, net	552	796
Other assets	294	90
Total assets	33,757	33,070
Current liabilities:
Accounts payable	5,447	7,709
Accrued payroll and related expenses	2,397	2,235
Accrued warranty expenses	854	897
Deferred revenue	142	644
Accrued income tax		10
Other accrued liabilities	509	848
Total current liabilities	9,349	12,343
Long-term liabilities:
Income taxes payable	291	430
Long-term obligations	6	130
Total liabilities	$ 9,646	$ 12,903
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock, $0.001 par value: 19,000 shares authorized, 14,569 shares issued and 14,564 shares outstanding at June 30, 2015 and 13,051 shares issued and 13,046 shares outstanding at June 30, 2014	$ 198,751	$ 189,427
Treasury stock, at cost, 5 shares at June 30, 2015 and 2014	(42)	(42)
Accumulated deficit	(174,377)	(169,368)
Accumulated other comprehensive income (loss)	(221)	150
Total stockholders' equity	24,111	20,167
Total liabilities and stockholders' equity	$ 33,757	$ 33,070