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Financing Arrangements
9 Months Ended
Mar. 31, 2012
Financing Arrangements [Abstract]  
Debt Disclosure [Text Block]
Financing Arrangements
Adept has a revolving line of credit with Silicon Valley Bank, or SVB. Adept originally entered into the Loan and Security Agreement and related agreements for the revolving line on May 1, 2009. On March 25, 2011, Adept entered into an additional Loan and Security Agreement (EX-IM Loan Facility) and related agreements with SVB, pursuant to which a portion of the revolving line (the “EX-IM Line”) is guaranteed by the Export-Import Bank of the United States, and Adept's potential borrowing base is expanded by enabling advances against foreign accounts receivable and export-related inventory. On February 6, 2012, Adept entered into amendments to the May 2009 Loan and Security Agreement (as previously amended), the March 2011 Loan and Security Agreement (EX-IM Loan Facility) and related agreements.

The February 2012 amendments extended the maturity date of the EX-IM Line from March 24, 2012 to March 25, 2013, and modified the financial covenants Adept must meet during the term of the revolving line. As modified, Adept must maintain (a) liquidity (domestic cash plus the available domestic borrowing base) of at least $3.5 million, and (b) minimum aggregate quarterly EBITDA (measured at the end of each fiscal quarter) equal to or exceeding specified amounts (which are lower than the amounts applicable prior to the February 2012 amendments) for each fiscal quarter beginning December 2011. The quarterly EBITDA amounts in the Loan and Security Agreement are minimum amounts for financial covenant purposes only, and do not represent projections of Adept's financial results. The domestic portion of the revolving line no longer includes a sublimit for foreign exchange contracts, cash management services and letters of credit. Adept's available borrowing base under the revolving line is reduced by the principal balance of outstanding advances under the domestic portion of the revolving line and the EX-IM Line.

The Loan and Security Agreement requires Adept to cause its U.S. customers to transmit payments on accounts receivable to a lockbox account at SVB. During the second quarter of 2012, SVB began applying all qualifying daily domestic cash receipts on either the next or second business day to repay outstanding obligations under the Loan and Security Agreement with any excess transferred to Adept's deposit account with SVB. This lockbox arrangement will continue to apply following the February 2012 amendments, regardless of Adept's Adjusted Quick Ratio of unrestricted cash, cash equivalents and accounts receivable to current liabilities. Paragraph 470-10-45-5A of Accounting Standards Codification Topic 470, Debt (“ASC 470”) indicates that when such arrangements exist, all outstanding borrowings under a revolving credit facility such as the Loan Security Agreement are to be classified as a current liability. As such, Adept classifies the outstanding line of credit balance as a current liability, and the maturity date for borrowings against domestic accounts receivable remains March 25, 2013. Adept may re-borrow funds under the revolving line if there is available borrowing base to do so, and Adept meets the other conditions precedent for borrowing set forth in the loan documents.

Adept will pay the collateral monitoring fee of $850 per month if there is any principal or interest outstanding under the revolving line of credit during such month, regardless of Adept's Adjusted Quick Ratio. Adept paid a $50,000 facility fee in connection with the amendment of the loan documents and the renewal of the EX-IM Line. Please refer to the audited consolidated financial statements and Note 6 thereto for the fiscal year ended June 30, 2011, included in Adept's Annual Report on Form 10-K as filed with the SEC on September 6, 2011, for additional disclosures regarding the revolving line of credit.