424B3 1 d424b3.htm PROSPECTUS SUPPLEMENT NO. 1 Prospectus Supplement No. 1

Prospectus Supplement No. 1 to Prospectus dated October 8, 2004

Registration No. 333-112360 Filed Pursuant to Rule 424(b)(3)

 

Adept Technology, Inc.

 

Supplement No. 1

To

Prospectus Dated October 8, 2004

 


 

This is a Supplement to Adept Technology, Inc.’s Prospectus, dated October 8, 2004, with respect to the offer and sale of up to 22,740,816 shares of Adept common stock or interests in Adept common stock, by the selling securityholders listed in the prospectus or their transferees. This Supplement amends and supplements certain information contained in the Prospectus about Adept. We encourage you to read this Supplement carefully with the Prospectus.

 

Adept Technology, Inc. provides intelligent production automation products, components and services for assembly and material handling applications to customers in many industries. This customer industry mix varies considerably from period to period due to a variety of market and economic factors. Our customers integrate our comprehensive product portfolio of high performance automation components and application development software to deliver production solutions that meet increasingly complex manufacturing requirements. Our broad range of standard high-performance high-reliability automation products reduces the time and cost for our customers to design, engineer and launch new products into high-volume production. Adept’s commitment to long-term product service and support reduces the total cost of ownership of our products. We make available regular product upgrades that incorporate the latest technology advances, providing our customers with maximum manufacturing flexibility and ease of automation redeployment as they reconfigure their factories to produce new products. Our product range currently includes integrated real-time vision and multi-axis motion controls, machine vision systems and software, application development software, industrial robots, linear modules, and other flexible automation equipment. In recent years, we have expanded our robot product lines and developed advanced software and sensing technologies that enable robots to perform a wider range of functions.

 


 

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities to be issued under this Supplement and the Prospectus or determined if this Supplement or the Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

 


 

The date of this Supplement is October 28, 2004.


CURRENT REPORTS ON FORM 8-K

 

Report on Changes to Management

 

On October 25, 2004, we filed with the Securities and Exchange Commission a Current Report on Form 8-K, announcing that Robert Strickland, Adept’s Vice President, Finance and Chief Financial Officer, replaced Michael Overby as Adept’s principal accounting officer in connection with Mr. Overby’s termination of service to Adept pursuant to a letter agreement dated October 19, 2004.

 

A copy of our Current Report on Form 8-K filed October 25, 2004 is being provided to you along with this Supplement.

 

Report on Results of Operations

 

On October 27, 2004, we disclosed our results of operations for the three months ended October 2, 2004, as set forth immediately below:

 

ADEPT TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

     Three months ended

 
    

October 2,

2004


   

September 27,

2003


 
     (unaudited)     (unaudited)  

Net revenues

   $ 11,293     $ 10,647  

Cost of revenues

     5,827       6,818  
    


 


Gross margin

     5,466       3,829  

Operating expenses:

                

Research, development and engineering

     1,661       1,766  

Selling, general and administrative

     3,710       3,147  

Restructuring expenses

     (43 )     —    

Amortization of other intangibles

     49       178  
    


 


Total operating expenses

     5,377       5,091  
    


 


Operating income (loss)

     89       (1,262 )

Interest income (expense), net

     (37 )     (132 )
    


 


Income (loss) from continuing operations before income taxes

     52       (1,394 )

Provision for income taxes

     12       13  
    


 


Income (loss) from continuing operations

     40       (1,407 )

Gain from discontinued operations, net of tax

     —         147  
    


 


Net income (loss)

   $ 40     $ (1,260 )
    


 


Basic income (loss) per share from:

                

continuing operations

   $ 0.00     $ (0.09 )
    


 


discontinued operations

   $ 0.00     $ 0.01  
    


 


Basic net income (loss) per share

   $ 0.00     $ (0.08 )
    


 


Diluted income (loss) per share from:

                

Basic number of shares used in computing per share amounts from:

                

continuing operations

     29,903       15,304  
    


 


discontinued operations

     29,903       15,304  
    


 


Diluted number of shares used in computing per share amounts from:

                

continuing operations

     30,355       15,395  
    


 


discontinued operations

     30,355       15,395  
    


 


 

Note: Amounts for prior periods have been reclassified to conform to present year’s presentation

 

2


ADEPT TECHNOLOGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

     2004

   2004*

     (unaudited)     

ASSETS

             

Current assets:

             

Cash, cash equivalents and short term investments

   $ 5,223    $ 4,957

Accounts receivable, less allowance for doubtful accounts of $1,538 at October 2, 2004 and $1,269 at June 30, 2004

     10,325      13,385

Inventories

     7,491      6,233

Prepaid expenses and other current assets

     1,051      656
    

  

Total current assets

     24,090      25,231

Property and equipment at cost

     9,562      9,372

Less accumulated depreciation and amortization

     8,171      7,924
    

  

Net property and equipment

     1,391      1,448

Goodwill

     3,176      3,176

Other intangibles, net

     374      423

Other assets

     1,294      1,293
    

  

Total assets

   $ 30,325    $ 31,571
    

  

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY (DEFICIT)

             

Current liabilities:

             

Accounts payable

   $ 4,643    $ 5,689

Accrued warranty reserve

     1,966      2,111

Other accrued liabilities

     3,456      3,720
    

  

Total current liabilities

     10,065      11,521

Commitments and contingencies

             

Long term liabilities:

             

Restructuring charges

     —        —  

Subordinated convertible note

     3,000      3,000

Other long term liabilities

     1,446      1,422

Redeemable convertible preferred stock

            —  

Total shareholders’ equity (deficit)

     15,814      15,628
    

  

Total liabilities and shareholders’ equity (deficit)

   $ 30,325    $ 31,571
    

  


* Based on audited information included on Form 10-K for fiscal year ended June 30, 2004.

 

3


Information about documents that have been incorporated by reference into the Prospectus is included in the section of the Prospectus captioned “Where You Can Find More Information About Us.”

 

Prospectus Supplement dated October 28, 2004.

 

4