Robotics and control supplier Adept Technology, Inc. on Wednesday reported sizable fourth-quarter and fiscal 2008 revenue increases, defying a downward trend in the overall robotics industry.
At the same time, the company announced that Adept President John Dulchinos is taking over as chief executive officer, succeeding Robert Bucher, who was named executive chairman of the board. Dulchinos will also retain his title as president.
Adept’s fourth-quarter revenue reached $16.7 million, up 35.8% from $12.3 million in the prior year’s fourth quarter. And the company turned last year’s red ink black with net income of $900,000, compared with a net loss of $5.7 million. A positive currency exchange contributed $560,000 to the net income total.
For fiscal 2008, revenue totaled $60.8 million, up 24.8% from $48.7 million in fiscal 2007. Net income of $3.6 million reversed a 2007 net loss of $11.5 million. The positive impact of currency exchanges for the year was $755,000.