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IRobot Reports First-Quarter 2012 Financial Results

Stocks in this article: IRBT

iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, today announced its financial results for the first quarter ended March 31, 2012.

  • Revenue for the first quarter of 2012 was $97.8 million, compared with $106.3 million for the same quarter one year ago.
  • Net income in the first quarter of 2012 was $0.7 million, compared with $7.5 million in the first quarter of 2011.
  • Quarterly earnings per share were $0.02, compared with $0.27 in the first quarter last year.
  • Adjusted EBITDA for the first quarter of 2012 was $6.1 million, compared with $15.2 million in the first quarter of 2011.

“We kicked off 2012 with a better than anticipated quarter, and therefore we are reaffirming our full-year fiscal 2012 financial expectations. The results and outlook for our Home Robot business are excellent while the near-term visibility in our Defense & Security business continues to be limited,” said Colin Angle, chairman and chief executive officer of iRobot.

“The improvement in domestic sales, expanded distribution of new products and further penetration into long-term international markets will drive growth in the Home Robot business. Orders for FirstLook and SUGV robots from the U.S. military and sales to foreign countries will support our Defense & Security business in the second half of 2012.”

Business Highlights

  • Strong growth in both domestic and international markets fueled a 20 percent year-over-year Q1 increase in Home Robot revenue. For the full year, we have increased our expectations for the Home Robot business and now expect revenue in this business unit to comprise 75 percent of total company revenue.
  • Defense & Security Q1 results were below our expectations. We continue to experience funding delays that will impact Q2 revenue as well. We have reflected that impact in our lower full-year expectations for this business unit.
  • In mid-April, we launched one of the largest domestic marketing campaigns in our history. The multifaceted media blitz, based on the concept “iRobot, Do You?”, includes an extensive integrated presence on television, online and print publications.

Financial Expectations

Management provides the following expectations with respect to the second quarter ending June 30, 2012 and full year ending December 29, 2012.

Q2 2012:

     
Revenue $102 - $112 million
Earnings Per Share $0.05 - $0.13
Adjusted EBITDA $7 - $10 million
 

Fiscal Year 2012:

Revenue $465 - $485 million
Earnings Per Share $0.75 - $0.95
Adjusted EBITDA $56 - $63 million
 

Full-Year 2012 Business Unit Revenue

Home Robots $345 - $355 million
Defense & Security Robots $120 - $130 million

First-Quarter Conference Call

iRobot will host a conference call tomorrow at 8:30 a.m. ET to discuss its results for the first fiscal quarter 2012, business outlook, and outlook for 2012 financial performance. Pertinent details include:

        Date:         Wednesday, April 25, 2012
Time: 8:30 a.m. ET
Call-In Number: 847-413-3362
Passcode: 32231617

A live, audio broadcast of the conference call will also be available at http://investor.irobot.com/phoenix.zhtml?c=193096&p=irol-irhome. An archived version of the broadcast will be available on the same website shortly after the conclusion of the live event. A replay of the telephone conference call will be available through May 2, and can be accessed by dialing 630-652-3042, passcode 32231617#.

About iRobot Corp.

iRobot designs and builds robots that make a difference. The company’s home robots help people find smarter ways to clean, and its defense & security robots protect those in harm’s way. iRobot’s consumer and military robots feature iRobot Aware® robot intelligence systems, proprietary technology incorporating advanced concepts in navigation, mobility, manipulation and artificial intelligence. For more information about iRobot, please visit www.irobot.com.

For iRobot Investors

Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corp.’s expectations regarding future financial performance and growth, demand for our robots, and operating performance, anticipated mix of revenue for the year ending December 29, 2012 and the second quarter ending June 30, 2012, and anticipated revenue, earnings per share and Adjusted EBITDA for the year ending December 29, 2012 and the second quarter ending June 30, 2012. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: our ability to operate in an emerging market, the financial strength of our customers and retailers, general economic conditions, our dependence on the U.S. federal government and government contracts, the timing of government contracts and orders, market acceptance of our products, changes in government policies or spending priorities, and competition. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot Corp. undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot Corp., see the disclosure contained in our public filings with the Securities and Exchange Commission.

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