Adept Technology (ADEP) Executes Restructuring Plan
Adept Technology (Nasdaq: ADEP) announced that it has executed a comprehensive restructuring plan as part of an overall initiative to focus on generating cash flow while at the same time investing for growth in its target markets. The company anticipates that the restructuring actions will result in a reduction of operating expenses of $700,000 to $1 million per quarter and expects the restructuring activities to be completed by the end of its second fiscal quarter of 2009, which ends December 27, 2008.
"We are implementing these cost reductions with the intent to redistribute our sales and engineering resources to focus on our target markets of solar and packaging, while at the same time achieving the desired reduction in our cost structure to achieve cash flow positive as quickly as possible," stated John Dulchinos, Adept's Chief Executive Officer. "We have a strong balance sheet to weather the current economic conditions and will continue to focus on generating cash flow while at the same time investing for growth in our target markets. We are confident that these steps will help us achieve this balance."
Adept Technology, Inc. designs, manufactures and markets robotic systems, motion control and machine vision technology for global markets.
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