SAN JOSE, Calif. -- Adept Technology, Inc. (Nasdaq/NMS:ADTK), a leading manufacturer of flexible automation for the telecommunications, fiber optic and semiconductor industries, today reported financial results for its third quarter ended March 30, 2002. Net revenues for the quarter ended March 30, 2002 were $14.6 million, a decrease of 39.0% from net revenues of $23.9 million for the quarter ended March 31, 2001. Gross margin for the quarter was 32.4% versus 39.8% in the same quarter a year ago. Operating expenses for the quarter were $17.7 million, compared to $16.6 million in the same quarter ended March 31, 2001. The March 30, 2002 operating expenses includes the first of five quarterly expenditures of $1.0 million which are part of joint development commitments with JDS Uniphase, Inc. as well as $5.3 million of non-cash restructuring charges. The non-cash restructuring charges include $3.0 million for the shut down of the company's Tucson, AZ manufacturing facility and $2.3 million for the write off of a strategic investment made to secure manufacturing capacity in Europe. The charges are part of management's continuing efforts to align capacity needs with the company's business outlook. Adept reported a net loss before cumulative effect of accounting changes of $9.9 million, or $0.72 per share, for the quarter ended March 30, 2002, versus a net loss of $11.7 million, or $0.99 per share, for the quarter ended March 31, 2001. The figures above include amortization of $0.2 million for the quarter ended March 30, 2002 versus $2.1 million for the same quarter a year ago. Adept implemented SFAS 142 during the first quarter of fiscal 2002. It completed the measurement of impairment loss in the third quarter of 2002 and is reporting an impairment charge of $9.8 million or $0.71 per share as the cumulative effect of a change in accounting principle. Including the cumulative effect of a change in accounting principle, Adept reported a net loss of $19.7 million or $1.43 per share for the quarter ended March 30, 2002. Adept Technology Inc.