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Adeptron Reports Profitable 3Q08 Results
November 14, 2008 |Estimated reading time: 3 minutes
Adeptron Technologies Corporation, a specialist at delivering integrated product solutions and support to the global technology and electronics industry, today reports unaudited third quarter financial results for the three-month and nine-month periods ended September 30, 2008.
Third quarter sales increased by $1,456,000 or 18% over the third quarter of 2007 to $9,636,000; Gross margin improved to 15.5% compared to 10.5% for the same period last year; Net income of $104,000 compared to a net loss of $1,102,000 for the same period last year; EBITDA of $541,000 compared to an EBITDA loss of $514,000 for the same period last year; Earnings per share of nil compared to a loss of $0.03 per share in the third quarter last year
Business Developments
Adeptron was selected to provide electronics manufacturing solutions and services valued at over $15 million annually to an OEM of a top selling range of proprietary technology products.
Adeptron was selected to provide electronics manufacturing solutions and services on a turnkey basis valued at over $4 million annually to an OEM of a top selling line of products used in commercial applications.
F. Michael Marti, President and CEO of Adeptron, commented, "The third quarter of 2008 signifies the completion of the restructuring activity of the company, first initiated over a year ago and the return to profitability for Adeptron."
"This turnaround is positively influenced by our industry affiliation with and investments by RH Global Technologies Ltd. (RGT) which has enhanced Adeptron's sales and marketing activities and positively influenced our supply chain, procurement and manufacturing activities," said Marti. "Adeptron is now able to provide manufacturing services out of six manufacturing locations worldwide which is an attractive value proposition for our current and future customers."
Marti continued, "As evidence of Adeptron's attractive value proposition, the company has been successful in winning new significant customers while expanding our service offerings to existing customers. The new customer activity is expected to have a positive impact on both revenues and profitability beginning in the fourth quarter of 2008. In addition the company has increased the level of inventory to support this growth in business."
"Given our stronger position, we anticipate the fruition of other new customer relationships and that they will positively influence Adeptron's revenues and profitability in 2009." concluded Marti.
Sales for the third quarter of 2008 of $9,636,000 increased 18% from $8,180,000 for the same period in 2007. Sales increased 4% to $29,646,000 in the first nine months of 2008 compared to the same period in 2007.
Gross profit as a percentage of sales for the third quarter of 2008 was 15.5% compared to 10.5% for the same period in 2007. The increase in gross profit and percentage in the third quarter of 2008 in comparison to the same period in 2007 is largely due to the increased sales level, change in customer mix and reduced expenses resulting from the restructuring activities in the previous year.
Gross profit, expressed as a percentage of sales for the nine-months ended September 30, 2008, was consistent at 14.4% compared to 14.6% for the nine-months ended September 30, 2007.
Selling, general and administrative (SG&A) expenses increased 4.9% to $1,209,000 (12.5% of sales) in the third quarter of 2008 compared to $1,153,000 (14.1% of sales) for the same period in 2007. SG&A expenses for the nine-months ended September 30, 2008 increased 1.1% to $3,658,000 (12.3% of sales) compared to $3,617,000 (12.7% of sales) for the same period in 2007.
For the three-month period ended September 30, 2008, Adeptron reported earnings of $104,000 ($0.00 per share) compared to a net loss of $1,102,000 (loss $0.03 per share) for the third quarter of 2007.
About Adeptron
Adeptron delivers product solutions and support for the complete product life cycle to the global electronics and related technologies industries. These solutions and support include design, prototyping, supply chain management, manufacturing, assembly, testing, product assurance, distribution and after-sales service.
Adeptron, as part of an affiliated group of companies in the Electronics Manufacturing Services (EMS) sector, having annual global revenues of approximately $250 million, provides manufacturing services from six facilities worldwide including Markham and Ottawa in Ontario, San Jose and Livermore in California, Israel and through its partner in China. Adeptron's facilities are ISO 9001:2000 registered. Visit Adeptron at http://www.adeptron.com/ or http://www.investorfile.com.