This was a 5% increase from the prior quarter. Net income increased 400% sequentially from the first quarter of 2008 to $1.5 million for the second quarter. This compares with a $2.6 million loss in the same period a year earlier.
The strong results for the quarter "reflect success in our efforts to reduce expenses and leverage our financial model," said Robert Bucher, CEO. The company also credits "growing traction" in target vertical markets for packaging, life sciences, disk drive and semiconductor/solar as enabling Adept to meet and even exceed key operational and financial objectives.
Highlights for the quarter include 80% year-over-year growth in revenues in Adept's robotics segment, includ9ing record sales from Europe. Packaging and solar orders exceeded $7.5 million during the quarter. And, Adept expanded its global distribution network to over 20 companies.
On January 2, 2008, Adept acquired Cerebellum.