Adept Technology announced its fiscal 2015 fourth quarter and full year financial results. Q4 revenues were $13.9 million, compared with $14.3 million in 2014.
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Excluding the impact of changes in foreign currency rates, revenue increased 8% in the quarter.
Gross margin was 39%, compared with 46.3% in 2014. Excluding the impacts of changes in foreign currency rates, gross margin declined 280 basis points in the quarter.
Total operating expenses were $7.0 million, compared with $7.1 million in 2014. Operating loss for the fourth quarter was $1.5 million, compared with $0.5 million in 2014.
GAAP net loss attributable to common shareholders was $1.4 million, or $0.10 per share, compared with a net loss of $0.4 million, or $0.03 per share, in 2014.
Non-GAAP adjusted EBITDA loss was $1.1 million in the 2015 fourth quarter, compared with an adjusted EBITDA of $0.3 million in 2014. A discussion of this non-GAAP measure and reconciliation to the applicable GAAP measure is included below.
Adept's cash and cash equivalents at June 30, 2015 totaled $8.7 million, compared with cash and cash equivalents of $7.6 million at June 30, 2014, and the company had no outstanding balance on its credit facility.
Revenues for fiscal 2015 were $54.2 million, compared with $57.5 million in 2014. Excluding the impact of changes in foreign currency rates, revenue declined 1% for the year.
Gross margin was 42%, compared with 46.3% in 2014. Excluding the impacts of changes in foreign currency rates, gross margin declined 250 basis points for the year.
Total operating expenses were $27.6 million, compared with $27.0 million in 2014.
The company's operating loss was $4.8 million, compared with $0.3 million in 2014.
GAAP net loss attributable to common shareholders was $5.0 million, or $0.38 per share, compared with a net loss of $0.8 million, or $0.07 per share, in 2014.
Non-GAAP adjusted EBITDA loss was $3.3 million, compared with an adjusted EBITDA of $3.1 million in 2014. ■
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