Adept’s restructuring is paying off: earnings better and stock higher
It was just last February that Rob Cain replaced John Dulchinos as CEO of Adept Technology. Cain had worked with Adept for a few months as advisor and representative of Hale Capital Partners and crafted a restructuring plan approved by the company and it’s financial partners. It appears that things are working according to plan.
On August 27th Adept announced their quarterly earnings which were essentially just reaching break-even, but it showed that Adept’s turnaround plan was working. The stock rallied to close up 26.9% to $4.15 on August 27 and is up again to $5.95 – another 27% for the day.
One analyst reported: While the June 2013 quarter represents a tentative improvement, it shows demand for Adept’s robots is returning and the company has a much lower cost structure than one year earlier.