EDITOR: | October 22nd, 2014

iRobot Reports Third-Quarter Financial Results

| October 22, 2014 | No Comments
image_pdfimage_print

October 21, 2014 (Source: PR Newswire) — iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, today announced its financial results for the third quarter ended September 27, 2014.

“I am pleased to report an outstanding third quarter, with results that exceeded our expectations, as a number of orders, in both Home and D&S, originally expected in Q4 were received and delivered in Q3,” said Colin Angle, chairman and chief executive officer of iRobot. “Home Robot growth of 19 percent year-over-year drove total company revenue growth of 15 percent in Q3.  Revenue in our Defense & Security business exceeded our expectations for the third quarter, and we exited Q3 with $25 million in backlog.

“Based on our visibility into the fourth quarter, we are maintaining our full-year revenue expectations and increasing our EPS and Adjusted EBITDA expectations. We continue to expect revenue to be $555 to $565 million. We now expect EPS of between $1.20 and $1.25 and Adjusted EBITDA of $77 to $80 million, or roughly 14 percent of revenue.”

Financial Results

  • Revenue for the third quarter of 2014 was $143.5 million, compared with $124.5 million for the same quarter one year ago.
  • Net income in the third quarter of 2014 was $14.6 million, compared with $7.8 million in the third quarter of 2013.
  • Quarterly earnings per share were $0.48 for the third quarter of 2014, compared with $0.26 in the third quarter last year.
  • Adjusted EBITDA for the third quarter of 2014 was $29.7 million, compared with $17.2 million in the third quarter of 2013.

Business Highlights

  • Domestic growth of 31 percent, coupled with International revenue growth of 13 percent, fueled a 19 percent year-over-year increase in Home Robot revenue.
  • Defense & Security revenue was up six percent, and backlog was $25 million at the end of Q3 2014, providing us with increased confidence in delivering our full-year Defense & Security expectations.
  • Remote Presence sold eight Ava 500 robots to customers including AT&T, while additional robot trials are being conducted with a multinational law firm, manufacturing, pharmaceutical and financial services companies to enable remote collaboration, customer service and executive management.

Financial Expectations

Management provides the following expectations with respect to the fourth quarter and the fiscal year ending December 27, 2014.

Q4 2014:

Revenue

$158 – $167 million

Earnings Per Share

$0.26 – $0.31

Adjusted EBITDA

$17 – $20 million

Fiscal Year 2014:

Current

Prior

Revenue

$555 – $565 million

$555 – $565 million

Earnings Per Share

$1.20 – $1.25

$1.10 – $1.20

Adjusted EBITDA

$77 – $80 million

$74 – $78 million

Third-Quarter Conference Call

iRobot will host a conference call tomorrow at 8:30 a.m. ET to discuss its financial results for the third fiscal quarter 2014, business outlook, and outlook for fourth-quarter and fiscal year 2014 financial performance. Pertinent details include:


Date:

Wednesday, October 22, 2014

Time:

8:30 a.m. ET

Call-In Number:

847-619-6396

Passcode:

35967590

A live, audio broadcast of the conference call will also be available at http://investor.irobot.com/phoenix.zhtml?c=193096&p=irol-EventDetails&EventId=5041609.  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 October 29, and can be accessed by dialing 630-652-3042, passcode 35967590#.

About iRobot Corp.

iRobot designs and builds robots that make a difference. The company’s home robots help people find smarter ways to clean, its defense & security robots protect those in harm’s way, and its remote presence robots enable virtual presence from anywhere in the world. iRobot’s consumer and military robots feature proprietary technologies 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, future operating performance and growth, outlook for and performance of our businesses, demand for our robots, and anticipated revenue, earnings per share and Adjusted EBITDA for fiscal year 2014 and the fourth quarter ending December 27, 2014. 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, market acceptance of our products, our dependence on the U.S. federal government and government contracts, the timing of government contracts and orders, 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.

This press release includes Adjusted EBITDA, which is a non-GAAP financial measure as defined by SEC Regulation G. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock-based compensation expense, merger and acquisition expense, net intellectual property litigation expense, and restructuring expense. A reconciliation between net income and Adjusted EBITDA is provided in the financial tables at the end of this press release.

iRobot Reports Third-Quarter Financial Results


InvestorIntel

Editor:

InvestorIntel is a trusted source of reliable information at the forefront of emerging markets that brings investment opportunities to discerning investors.


Copyright © 2017 InvestorIntel Corp. All rights reserved. More & Disclaimer »


Leave a Reply

Your email address will not be published. Required fields are marked *