SAN JOSE -- Adept Technology Inc., a manufacturer of robotic and flexible automation systems for the IC and related industries, here today announced plans to reduce its workforce by 24% in the current quarter.
The company, which has been hit hard by the downturn, has also reduced research and development, sales, and administrative expenses by over 50%.
The move would result in a reduction of $3.5-to-$4 million in operating expenses on a quarterly basis. These reductions would then allow Adept to be cash flow neutral should the company achieve a quarterly revenue level of $16 million.
Through attrition and layoffs, Adept has reduced its workforce by approximately 37% over the last 12 months. In connection with the workforce reduction, Adept consolidated its operations into designated facilities.
Today, Adept posted fourth-quarter sales of $14.6 million, a decrease of 29.5% from net revenues of $20.7 million in the like period a year ago. Adept reported a net loss of $11.9 million, or $0.85 per share, for the quarter, versus a net loss of $20.3 million, or $1.55 per share, for the quarter ended June 30, 2001.