We have been pleased with the reception of our new generation of mobile robots
announced in January at the Automate show in
Restructuring and Cost Reduction Actions
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Operationally, from time to time we have undertaken restructuring and other cost reduction actions to support our business model. We continue to emphasize cost efficiency balanced with investments in our products and revenue generating activities. We remain committed to managing our business to generate cash. During fiscal 2013, we incurred
$0.8 millionin restructuring charges, primarily due to severance costs related to a reduction in work force and from terminating our lease in Wissous, France. In October 2011, we announced the decision to consolidate the InMoTx operations in Denmarkinto the Company's Pleasanton, Californiaoperations. Consolidation activities began during the second quarter of fiscal 2012, and were completed by June 30, 2012. Summary of the Fiscal 2013 Fourth Quarter Revenues for the fourth quarter of fiscal 2013 were $13.7 million, down 19% from $17.0 millionfor the fourth quarter of fiscal 2012 as a result of weakened demand in our European and U.S. markets, partially offset by strong fourth quarter sales in our Asian markets. Gross margin was 46.0% of revenue in the fourth quarter of fiscal 2013, compared with 41.5% of revenue in the fourth quarter of fiscal 2012. Gross margin in the fiscal 2013 fourth quarter was favorably impacted by a higher margin product mix and lower manufacturing direct cost. Operating expenses were $6.8 millionin the fourth quarter of fiscal 2013, a decrease of 11% compared with $7.6 millionin the fourth quarter of fiscal 2012. The decrease primarily resulted from lower payroll expenses due to a reduction in the total number of employees. Operating loss for the fourth quarter of fiscal 2013 was $477,000, compared to an operating loss of $531,000for the fourth quarter of fiscal 2012. Net income for the fiscal 2013 fourth quarter was $4,000and net loss attributable to common stockholders was $100,000, or $0.01loss per share, compared to a net loss of $358,000, or $0.04net loss per share, for the fourth quarter of fiscal 2012. Results of Operations This discussion summarizes the significant factors affecting our consolidated operating results, financial condition, liquidity and cash flow during the two-year period ended June 30, 2013, each year therein referred to as fiscal 2013 and 2012, reflecting requirements applicable to Adept as a smaller reporting company. Unless otherwise indicated, references to any year in this Management's Discussion and Analysis of Financial Condition and Results of Operations refer to our fiscal year ended June 30. This discussion should be read with the consolidated financial statements and financial statement footnotes included in this Annual Report on Form 10-K.