iRobot Reports First-Quarter 2012 Financial Results
Revenue for the first quarter of 2012 was $97.8 million, compared with $106.3 million for the same quarter one year ago.
BEDFORD, Mass., April 24, 2012 - 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
Featured Product
Midwest Motion Products is a leading provider of robust and reliable Motion Control Products.
MMP specializes in supplying high-quality Brushed & Brushless DC Motors & Gearmotors for Robotics and Automation Equipment with a wide range of motor windings and gear ratios. With an impressive track record of more than 8,000 released DC Gearmotors designs and over 2,000,000 individual part numbers, we are renowned for our ability to handle large-scale orders. Due to our huge on-hand inventory, we are also well known for lightning-fast delivery of our standard products. We take pride in our dedicated customer service and our team of knowledgeable sales and engineering experts who are ready to assist you with custom design solutions tailored to your specific application. Additionally, we also offer a wide range of complimentary products, such as DC Motor Controls, DC Linear Actuators, AC-DC power Supplies, and DC Servo Amplifiers and others.
