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The market doesn't like 50% margins? I think they probably do.
iRBT's market cap is over half a billion, more than 3 times paid in capital. That's a LOTTA LOVE.
If you're wondering why the price fell in Feb, probably because they guided down on revenues and profits.
Might be a good time to buy. After all, they have almost 1/3 of their market cap in cash and working capital.
LOL, 6 million units sold with about a 50% gross margin.
I'll take those any day.
LOL, 6 million units sold with about a 50% gross margin.
I'll take those any day.
I wouldn't worry about 20 complaints. I've had one for years and found it incredibly effective, highly reliable and just a lot of fun. It's as enjoyable as a toy, but a lot more functional at keeping the house, and even garage, clean.
Seems IRBT doesn't stand behind their product and its warranty. There are many complaints out there. Here is only one URL:
http://www.complaintsboard.com/complaints/roomba-c506709.html
The Roomba is nothing but a toy, IMO.
Have no fear. Those cuts will never go through.
But remember, most of iRBT's revenue is from home robots, which enjoy much higher profit margins than their defense work.
As the economy picks up, that is likely to only get stronger.
If anything, they're likely to increase in the coming years.
Interestingly, 60% of their sales are for home robots (Roomba, et. al.) and the margins are much higher for those revenues (2011 annual report, p. 74).
Don't look for too much of a drop in U.S. DOD robotics contracts though. If anything, they're likely to increase in the coming years.
By the end of this year the government "money trough" may be dried up.
IRBT stock seems volatile, IMO. Not sure if this is a good investment or not, especially considering that their government money will probably be reduced considerably after the end of the year.
IRBT needs to be seriously looking at other markets besides the military. By the end of this year the government "money trough" may be dried up. JMO.
Apparently the company doesn't agree.
http://www.irobot.com/ava/
Ava. According to Colin Angle they have been working on Ava to be used in the home for over 20 years. What could possibly be taking so long? I would say that project is no longer viable.
New order for iRobot.
iRobot Receives $12.7 Million Order for Small Unmanned Ground Vehicles
Monday 4 June 2012
iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, has received a $12.7 million order from the U.S. Army Contracting Command in Warren, Michigan for 68 of the company’s model 310 SUGV robots and spares kits. All deliveries will be completed by August 31, 2012.
iRobot 310 SUGV features a highly dexterous manipulator for investigating and neutralizing suspicious objects. (Photo: Business Wire)
This is the second order under a requirements contract that allows the Army to purchase iRobot 310 SUGV robots and spares kits through September 2015. To date, 138 robots and spares kits have been delivered under the contract, bringing its total current value to approximately $24 million.
The iRobot 310 SUGV is a man-portable robot with dexterous manipulator and wearable controller. A smaller and lighter version of the combat-proven iRobot PackBot, it enters areas that are inaccessible or too dangerous for people, providing state-of-the-art technology for infantry troops, combat engineers, mobile EOD technicians and other personnel.
“While primarily geared towards dismounted EOD operations, 310 SUGV is adaptable and expandable,” said Tim Trainer, interim general manager of iRobot’s Defense & Security business unit. “The robot can be outfitted with a wide range of payloads and sensors, allowing warfighters and public safety professionals to stay out of harm’s way while gathering situational awareness in a variety of missions.”
iRobot has delivered more than 4,500 unmanned ground vehicles to military and civil defense forces worldwide
I sure hope all that R&D spending is AVA related. Haven't they been working on it for 20 years now?
Seems that the military, their bread and butter, is not spending as much.
6 mil? Yawn....
Rut ro.
Looks like the "wisdom of crowds" failed on this one. Has it hit bottom yet?
iRobot Receives U.S. Army Orders Totaling $6 Million
Today : Wednesday 30 May 2012
iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, has received two orders from the U.S. Army’s Robotic Systems Joint Program Office (RSJPO) totaling $6 million. The orders call for the delivery of spares for iRobot 510 PackBot robots, including operator control units, manipulator arms and radios. All deliveries will be completed by November 30, 2012.
iRobot 510 PackBot (Photo: Business Wire)
Modular, adaptable and expandable, 510 PackBot is a tactical mobile robot that keeps warfighters and first responders out of harm’s way. The robot is ideal for a variety of missions, including reconnaissance, route clearance, hazardous materials detection and bomb disposal.
“Over the course of the past decade, PackBot has proven its worth as a life-saving tool in areas of conflict and for emergency response,” said Tim Trainer, interim general manager of iRobot’s Defense & Security business unit. “These robots represent a safer, more effective and more efficient way to conduct dangerous operations both on and off the battlefield. We believe that this technology is an important piece of the military’s future and are pleased that the Army continues to invest in its current fleet of robots.”
iRobot has delivered more than 4,500 unmanned ground vehicles to military and civil defense forces worldwide.
About iRobot Corp.
iRobot designs and builds robots that make a difference. The company’s home robots help people with 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 concerning delivery of future orders. 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. 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 including, without limitation, our most recent Annual Report on Form 10-K.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50290227&lang=en
Sounds like the major focus will be commercializing the Ava platform. Could be a buying opp.
A reorg could be a good thing or a bad thing.
http://www.boston.com/business/technology/innoeco/2012/02/irobot_reorg_aims_to_enable_co.html
Let's see in a couple of quarters if they can capture lightning in a bottle with their military contracts being slashed.
4-Star Stocks Poised to Pop: IRBT iRobot
Interesting article on IRBT stock. It says that IRBT has the highest 4 star ranking and On CAPS, 90% of the 1,234 members who have rated iRobot believe the stock will outperform the S&P 500 going forward.
Check out this article!
http://www.fool.com/investing/high-growth/2012/02/15/4-star-stocks-poised-to-pop-irobot.aspx
IRBT pps will go back up! This stock is way oversold & undervalued in my opinion.
~ $IRBT ~ Mixed scan results (Daily and Weekly) for for the week of Feb 13th 2012 - Daily and Weekly views.
Chart results for you to ponder with me.. These are technical scans only, Click next or previous at the top of the page to see my others. Twitter: @MACDgyver ---> IRBT <---
Keyword: MACDscan ----> http://tinyurl.com/MACDscan
Great time to buy here now, what a gift to be able to buy more shares here
looks like they may have hit saturation in the floorbot market.
any news on their AVA personal assistant software ready robot?
speculation is good-
URL's are better!
MO
50
Sales have been trending upward sporadically, but net income has been pretty steadily gaining. Last quarter was a blowout, increasing close to 100% from the previous quarterly trends.
Whether that was a one time jump or a new level remains to be seen. If it's a trend, then the P/E of 15 is pretty low for a strong growth company. If it's one time, the P/E in the low 20s is probably about right.
I suspect you won't lose much with a position in iRBT, but whether you'll see the price continue moving upward depends on the next couple of quarters' results.
oh yeah, lots of retail market penetration with their floorbots-
good to see their price above IPO price lately-
WB
wonder when they will be expanding their floorbot product line?
WB
really high priced for the sales?
WB
big time!
I have my doubts about these guys, but we shall see-
WB
Its been one of the better.. this and Ford are making nice moves. The latter has a beautiful channel going.
real
Profits really soared this quarter. Looks like a P/E of about 15-20 for 2012 without a PPS increase.
The stock has been strong this year, but with the last quarter being the best, I wonder if it's poised to set some new highs.
Thoughts?
iRobot Reports Record Third-Quarter Financial Results
iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, today announced its financial results for the third quarter ended October 1, 2011.
Revenue for the third quarter of 2011 increased 28 percent to $120.4 million, compared with $94.2 million for the same quarter one year ago. Revenue for the first nine months of 2011 increased 17 percent to $334.7 million from $287.0 million last year.
Net income in the third quarter of 2011 was $14.1 million, compared with $7.0 million in the third quarter of 2010. For the first nine months, net income was $29.6 million, up from $18.5 million a year ago. Net income included a one-time tax benefit of $3.5 million in the third-quarter and nine-month periods in 2011. Net income for the third-quarter and nine-month periods in 2010 included a one-time tax benefit of $2.3 million.
Quarterly earnings per share grew by 85 percent to $0.50, compared with $0.27 in the third quarter last year. Nine-month earnings per share grew to $1.06, up from $0.70 in 2010. EPS included a one-time tax benefit of $0.12 in 2011 and $0.09 in 2010.
Adjusted EBITDA for the third quarter of 2011 was $20.2 million, or 17 percent of revenue, compared with $11.5 million, or 12 percent of revenue, in the third quarter of 2010. Adjusted EBITDA for the first nine months of 2011 was $51.7 million, compared with $37.6 million for the same period a year ago.
“Our third quarter and year-to-date results were excellent across all measures and far exceeded our expectations,” said Colin Angle, chairman and chief executive officer of iRobot. “Due to strong performance by both divisions and our expectations for the fourth quarter, we are increasing our full-year 2011 expectations for the second time this year.”
Business Highlights
International home robot business continued to perform well in long-term markets as it lays the groundwork to enter new markets. In Q3, international home robot revenue grew 56 percent over Q3 2010 and comprised 75 percent of total home robot revenue.
During the third quarter, Government and Industrial Robots division revenue grew 21 percent, and it received delivery orders totaling $51 million, primarily for delivery of PackBot and SUGV robots.
Operating cash flow was $25 million in Q3 2011, due to record net income and reduced inventory levels, compared with $10 million in the third quarter last year. Cash and investments totaled $145 million, up $38 million from Q3 last year.
Research and development expense increased 45 percent in Q3 2011 and 58 percent in the first nine months year over year.
Driven by expectations for a reduction in government-funded research in 2012, iRobot implemented a reduction in force in the Government and Industrial Robots division in the fourth quarter.
Financial Expectations
Management provides the following expectations with respect to the fourth quarter ending December 31, 2011.
Q4 2011:
Revenue $130 - $135 million
Earnings Per Share
$0.26 - $0.30
Adjusted EBITDA $16 - $18 million
Management raises its expectations for the full year ending December 31, 2011.
Fiscal Year 2011:
Current
Prior
Revenue $465 - $470 million $460 - $470 million
Earnings Per Share $1.32 - $1.36 $1.04 - $1.10
Adjusted EBITDA $67 - $69 million $62 - $64 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 and outlook for 2011 financial performance. Pertinent details include:
Date: Wednesday, October 26, 2011
Time: 8:30 a.m. ET
Call-In Number: 617-597-5394
Passcode: 14810709
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 November 2, and can be accessed by dialing 617-801-6888, passcode 71428742.
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 government and industrial 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, anticipated revenue, Adjusted EBITDA and earnings per share for fiscal year 2011 and the fourth quarter of 2011. 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.
This release includes Adjusted EBITDA, a non-GAAP financial measure as defined by SEC Regulation G. We define Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, merger and acquisition expenses, restructuring expenses, net intellectual property litigation expenses and non-cash stock compensation. A reconciliation between net income and Adjusted EBITDA is provided in the financial tables at the end of this press release.
iRobot Corporation
Consolidated Statement of Income
(in thousands, except per share amounts)
(unaudited)
For the three months ended For the nine months ended
October 1, October 2, October 1, October 2,
2011 2010 2011 2010
Revenue
Product revenue $ 109,993 $ 85,051 $ 304,100 $ 257,107
Contract revenue 10,380 9,172 30,632 29,850
Total 120,373 94,223 334,732 286,957
Cost of Revenue
Product revenue 63,670 54,472 177,695 165,897
Contract revenue 6,660 6,494 21,004 21,116
Total 70,330 60,966 198,699 187,013
Gross Margin 50,043 33,257 136,033 99,944
Operating Expense
Research & development 8,948 6,185 25,823 16,375
Selling & marketing 14,553 10,734 40,301 30,959
General & administrative 10,962 8,904 31,659 26,693
Total 34,463 25,823 97,783 74,027
Operating income 15,580 7,434 38,250 25,917
Other income (expense), net (92 ) 299 258 368
Pre-tax income 15,488 7,733 38,508 26,285
Income tax expense 1,436 701 8,955 7,771
Net income $ 14,052 $ 7,032 $ 29,553 $ 18,514
Net income per common share:
Basic $ 0.52 $ 0.28 $ 1.11 $ 0.73
Diluted $ 0.50 $ 0.27 $ 1.06 $ 0.70
Shares used in per common share calculations:
Basic 26,902 25,428 26,568 25,293
Diluted 27,940 26,480 27,823 26,319
Stock-based compensation included in above figures:
Cost of product revenue $ 344 $ 310 $ 915 $ 997
Cost of contract revenue 115 101 365 337
Research & development 162 211 481 488
Selling & marketing 174 240 513 885
General & administrative 1,401 1,079 4,112 3,325
Total $ 2,196 $ 1,941 $ 6,386 $ 6,032
iRobot Corporation
Condensed Consolidated Balance Sheet
(unaudited, in thousands)
October 1, January 1,
2011 2011
Assets
Cash and equivalents $ 131,662 $ 108,383
Short term investments 13,662 13,928
Accounts receivable, net 41,400 34,056
Unbilled revenues 7,899 4,012
Inventory 31,989 27,160
Deferred tax assets 14,013 12,917
Other current assets 12,655 6,137
Total current assets 253,280 206,593
Property, plant and equipment, net 28,886 25,620
Deferred tax assets 6,307 8,338
Other assets 13,453 13,780
Total assets $ 301,926 $ 254,331
Liabilities and stockholders' equity
Accounts payable $ 40,522 $ 38,689
Accrued expenses 15,237 15,790
Accrued compensation 15,045 17,827
Deferred revenue and customer advances 2,358 3,534
Total current liabilities 73,162 75,840
Long term liabilities 3,727 3,584
Stockholders' equity 225,037 174,907
Total liabilities and stockholders' equity $ 301,926 $ 254,331
iRobot Corporation
Consolidated Statement of Cash Flows
(unaudited, in thousands)
For the three months ended For the nine months ended
October 1, October 2, October 1, October 2,
2011 2010 2011 2010
Cash flows from operating activities:
Net income $ 14,052 $ 7,032 $ 29,553 $ 18,514
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 2,597 1,918 7,237 5,673
Loss on disposal of property and equipment 3 70 476 117
Stock-based compensation 2,196 1,941 6,386 6,032
Deferred income taxes, net 1,614 (3,867 ) 447 (3,867 )
Non-cash director deferred compensation 44 33 126 99
Changes in operating assets and liabilities — (use) source
Accounts receivable (6,871 ) (661 ) (7,344 ) 7,377
Unbilled revenue 135 (221 ) (3,887 ) (703 )
Inventory 2,213 (3,285 ) (4,829 ) (1,563 )
Other assets (1,763 ) 213 (6,572 ) 1,010
Accounts payable 7,249 3,909 1,833 5,118
Accrued expenses 1,359 716 (530 ) (315 )
Accrued compensation 1,951 1,964 (2,782 ) (408 )
Deferred revenue 318 54 (1,176 ) (1,885 )
Change in long term liabilities (123 ) (107 ) 143 (322 )
Net cash provided by operating activities 24,974 9,709 19,081 34,877
Cash flows from investing activities:
Purchase of property and equipment (3,149 ) (1,869 ) (10,357 ) (7,537 )
Purchases of investments - (5,050 ) (5,000 ) (30,461 )
Sales of investments - 11,500 5,000 19,000
Net cash provided by (used in) investing activities (3,149 ) 4,581 (10,357 ) (18,998 )
Cash flows from financing activities:
Proceeds from stock option exercises 801 370 9,398 2,297
Income tax withholding payment associated with restricted stock vesting (36 ) (5 ) (845 ) (284 )
Tax benefit of excess stock based compensation deductions 347 138 6,002 855
Net cash provided by financing activities 1,112 503 14,555 2,868
Net increase in cash and cash equivalents 22,937 14,793 23,279 18,747
Cash and cash equivalents, at beginning of period 108,725 75,810 108,383 71,856
Cash and cash equivalents, at end of period $ 131,662 $ 90,603 $ 131,662 $ 90,603
Supplemental Information
(unaudited)
For the three months ended For the nine months ended
October 1, October 2, October 1, October 2,
2011 2010 2011 2010
Revenue: *
Home Robots $ 72,341 $ 54,650 $ 204,116 $ 160,101
Domestic $ 17,961 $ 19,818 $ 58,415 $ 53,077
International $ 54,380 $ 34,832 $ 145,701 $ 107,024
Government & Industrial $ 48,032 $ 39,573 $ 130,616 $ 126,856
Domestic $ 45,930 $ 36,013 $ 119,509 $ 112,624
International $ 2,102 $ 3,560 $ 11,107 $ 14,232
Product $ 37,652 $ 30,401 $ 99,984 $ 97,006
Contract $ 10,380 $ 9,172 $ 30,632 $ 29,850
Product Life Cycle $ 12,286 $ 9,060 $ 31,606 $ 26,649
Gross Margin Percent:
Home Robots 45.1 % 39.7 % 44.9 % 39.0 %
Government & Industrial 36.2 % 29.2 % 33.9 % 29.6 %
Total Company 41.6 % 35.3 % 40.6 % 34.8 %
Units shipped:
Home Robots * 337 308 1,014 889
Government & Industrial 194 186 500 702
Average gross selling prices for robot units:
Home Robots $ 222 $ 185 $ 203 $ 187
Government & Industrial * $ 131 $ 115 $ 137 $ 100
Government & Industrial Funded Product Backlog * $ 28,036 $ 34,003 $ 28,036 $ 34,003
Days sales outstanding 37 29 37 29
Days in inventory 46 57 46 57
Headcount 689 643 689 643
* in thousands
iRobot Corporation
Adjusted EBITDA Reconciliation to GAAP
(unaudited, in thousands)
For the three months ended For the nine months ended
October 1, October 2, October 1, October 2,
2011 2010 2011 2010
Net income $ 14,052 $ 7,032 $ 29,553 $ 18,514
Interest income, net (214 ) (206 ) (755 ) (572 )
Income tax expense 1,436 701 8,955 7,771
Depreciation 2,388 1,784 6,615 5,261
Amortization 209 134 622 412
EBITDA 17,871 9,445 44,990 31,386
Stock-based compensation expense 2,196 1,941 6,386 6,032
Merger and acquisition expense 30 61 30 132
Net intellectual property litigation expense (11 ) 31 171 71
Restructuring expense 101 - 101 -
Adjusted EBITDA $ 20,187 $ 11,478 $ 51,678 $ 37,621
Use of Non-GAAP Financial Measures
In evaluating its business, iRobot considers and uses Adjusted EBITDA as a supplemental measure of its operating performance. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, merger and acquisition expenses, net intellectual property litigation expenses, restructuring expenses and non-cash stock compensation. The Company also presents Adjusted EBITDA because it believes it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance.
The term Adjusted EBITDA is not defined under U.S. generally accepted accounting principles, or U.S. GAAP, and is not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. Adjusted EBITDA has limitations as an analytical tool, and when assessing the Company's operating performance, investors should not consider Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with U.S. GAAP. Among other things, Adjusted EBITDA does not reflect the Company's actual cash expenditures. Other companies may calculate similar measures differently than iRobot, limiting their usefulness as comparative tools. iRobot compensates for these limitations by relying primarily on its GAAP results and using Adjusted EBITDA only supplementally.
iRobot Corporation
Non-GAAP Net Income and Earnings Per Share Reconciliations to GAAP
(in thousands, except per share amounts)
(unaudited)
For the three months ended For the nine months ended
October 1, October 2, October 1, October 2,
2011 2010 2011 2010
GAAP net income $ 14,052 $ 7,032 $ 29,553 $ 18,514
Less one-time net income tax benefit associated with release of state deferred tax asset valuation allowance - (2,259 ) - (2,259 )
Less one-time net income tax benefit associated with Section 199 deductions and R&D tax credit true-ups (3,455 ) - (3,455 ) -
Non-GAAP net income $ 10,597 $ 4,773 $ 26,098 $ 16,255
GAAP net income per common share:
Basic $ 0.52 $ 0.28 $ 1.11 $ 0.73
Diluted $ 0.50 $ 0.27 $ 1.06 $ 0.70
Less one-time net income tax benefit associated with release of state deferred tax asset valuation allowance
Basic $ - $ (0.09 ) $ - $ (0.09 )
Diluted $ - $ (0.09 ) $ - $ (0.08 )
Less one-time net income tax benefit associated with Section 199 deductions and R&D tax credit true-ups
Basic $ (0.13 ) $ - $ (0.13 ) $ -
Diluted $ (0.12 ) $ - $ (0.12 ) $ -
Non-GAAP net income per common share:
Basic $ 0.39 $ 0.19 $ 0.98 $ 0.64
Diluted $ 0.38 $ 0.18 $ 0.94 $ 0.62
Shares used in Per Common Share Calculations:
Basic 26,902 25,428 26,568 25,293
Diluted 27,940 26,480 27,823 26,319
Robot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, has received a $14.1 million order from the Naval Sea Systems Command (NAVSEA).
This first order under a recently announced $230 million indefinite delivery/indefinite quantity (IDIQ) contract calls for delivery of 86 Man Transportable Robotic System (MTRS) MK 1 Mod 1 robots, spare parts and accessories. MTRS MK 1 Mod 1 is modeled after the iRobot 510 PackBot. The company expects to complete delivery of these robots by the end of the second quarter.
“iRobot has seen consistent growth in the use of unmanned ground vehicles since PackBot was first deployed on the battlefield almost 10 years ago,” said Robert Moses, president of iRobot’s Government and Industrial Robots division. “PackBot continues to keep our troops safer on the battlefield, and we are pleased that the Navy will be providing more of these robots to our troops.”
iRobot’s combat-proven unmanned ground vehicles protect those in harm’s way. More than 4,000 have been delivered to military and civil defense forces worldwide, successfully performing search, reconnaissance, bomb disposal and other dangerous missions.
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 government and industrial 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 delivery of goods and services and expectations concerning management's plans, objectives and strategies. 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. 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 including, without limitation, our most recent Annual Report on Form 10-K.
Volume is increasing. Looks like it is beginning to get some attention. But I think still largely an unknown gem
right! i do like this one...
And still running. Got to love this stock
Looks like Novint NVNT is a good partner for IRBT, imo.
IRobot is stocked at SAMS CLUB . and lots are being sold.
Good into price.
This was down heading back up, almost missed it.
iRobot Delivers 2,000th PackBot Robot
iRobot Corp. (Nasdaq: IRBT) today announced it has delivered 2,000 PackBot robots to the U.S. military, public safety organizations and a variety of international customers.
Born out of an initial research initiative with the Defense Advanced Research Projects Agency (DARPA) in 1998, the original PackBot has evolved with next-generation technology that puts combat-proven robots in the hands of soldiers today. The first PackBot created a new standard in unmanned reconnaissance and tactical robots and offered unprecedented mobility and durability.
“The delivery of our 2,000th PackBot further validates the continued demand for our PackBot line of robots and the immediate need for unmanned ground vehicles to assist our troops in theater,” said Joe Dyer, president of iRobot Government and Industrial Robots. “Improvised explosive devices (IEDs) remain a significant threat to U.S. soldiers in Iraq and Afghanistan. The PackBot allows personnel to safely neutralize roadside bombs, car bombs and other IEDs, and perform other life-threatening missions, helping to save soldiers’ lives.” The PackBot 510 represents the latest in PackBot technology. It increases overall robot speed by 30 percent, travels over tough terrain of rocks and mud to speeds of up to 5.6 miles per hour and can support climbing grades of up to 60 degrees. Rugged, compact and mobile, the iRobot PackBot 510 robot enables warfighters and first responders to handle life-threatening tasks. Light enough for deployment by a single person, yet strong enough to carry 30 pounds, the PackBot 510 can identify, disrupt and dispose of explosives, as well as provide complete situational awareness of hazardous areas while personnel remains at a safe distance.
iRobot has delivered more than 2,000 PackBot robots that make a difference everyday by conducting dangerous missions that keep warfighters and public safety professionals out of harm's way.
iRobot Receives $3.7 Million Order from NAVSEA
iRobot Corp. (Nasdaq: IRBT) today announced it has received a $3.7 million order from the Naval Sea Systems Command (NAVSEA) under an existing Indefinite-Delivery/Indefinite-Quantity (IDIQ) contract.
The order is for delivery of 17 PackBot Man Transportable Robotic System (MTRS) robots and repair parts to NAVSEA by January 31, 2009. The PackBot MTRS robots are customized for NAVSEA and are modeled after iRobot’s proven PackBot 500 with EOD Kit. It is equipped with advanced tools and sensors that enable EOD technicians to detect, identify and disable explosive devices from safe distances.
“As we have seen over the past several years, robots have become an indispensable tool in the identification of explosive devices,” said Joe Dyer, president of iRobot Government and Industrial Robots. “I am pleased that NAVSEA is continuing to provide this technology to our troops, helping to keep them safe as they serve to protect their fellow soldiers and those of us back home.” Under NAVSEA’s IDIQ contract, the military could order up to $264 million in robots, spare parts, training and repair services. The order brings the total value of NAVSEA orders placed to date to approximately $102 million.
iRobot has delivered more than 1,900 PackBot robots that make a difference everyday by conducting dangerous missions that keep warfighters out of harm's way.
iRobot Reports Strong Third Quarter 2008 Results
iRobot Corp. (NASDAQ: IRBT) today announced its financial results for the fiscal quarter ended September 27, 2008. Revenue for the third quarter of 2008 grew 44.8 percent to $92.4 million, compared with $63.8 million for the same quarter one year ago. Revenue for the first nine months increased 44.3 percent to $216.9 million from $150.3 million for the first nine months of 2007.
Gross profit for the third quarter increased to $28.9 million (31.3 percent of revenue), compared with $20.1 million (31.5 percent of revenue) in the third quarter of 2007. In the first nine months of 2008 gross profit totaled $60.8 million (28.0 percent of revenue) up from $46.5 million (30.9 percent of revenue) in the first nine months of 2007.
Net income in the third quarter of 2008 was $3.9 million compared with a net loss in the third quarter of 2007 of $1.4 million. Net loss in the first nine months of 2008 was $4.7 million compared with a net loss of $11.7 million for the same period in 2007. Earnings per share for the third quarter of 2008 was $0.15 compared with net loss per share of $0.06 for the third quarter of 2007. For the first nine months of 2008, net loss per share was $0.19 compared with $0.48 for the same period in 2007.
“Given the increasing economic headwinds, I am especially excited to report our 17th consecutive quarter of year-over-year revenue growth. Both businesses have executed well to date, delivering consolidated quarterly results that exceeded expectations. In the Government & Industrial division, we now have 100 percent visibility of our revenue prospects for the full year,” said Colin Angle, chief executive officer of iRobot. “There is continuing uncertainty in the retail sector and our expectations for the rest of 2008 reflect our best view at this time given the current environment. In light of economic uncertainties, continuing focus on improved liquidity and working capital management is critically important to the company,” he added.
Business Highlights: In the third quarter, total home robot revenue increased 56 percent year-over-year. International home robot revenue was more than double the level of Q3 2007 and comprised approximately 26 percent of total home robot revenue in the quarter.
Government & Industrial division delivered a record 319 iRobot PackBots in the third quarter, driving a 31 percent revenue increase over Q3 2007.
In the third quarter, iRobot received $40 million in orders for robots and spare parts under its current $286 million xBot contract with the U.S. Army Program Executive Office for Simulation, Training, and Instrumentation (PEO STRI).
iRobot announced its acquisition of Nekton Research, LLC, an unmanned underwater robot and technology company based in Raleigh-Durham, North Carolina.
On October 6, the company’s portfolio of auction rate security investments was redeemed at par for $16.2 million.
Financial Expectations Based on financial results for the first nine months of 2008 and the acquisition of Nekton, management today is increasing its outlook for revenue and adjusting its pre-tax expectations for full year to reflect the previously disclosed impact of the acquisition and current market conditions. Management expects revenues for the full year 2008 to be between $310 million and $315 million. Based on an estimated pre-tax loss of approximately $1 million from Nekton, coupled with continuing uncertainty about the retail market, management now expects pre-tax income of $4 - $5 million for the full year. Pre-tax income excluding Nekton remains consistent with the low end of prior guidance, and the high end of the range has been adjusted to reflect market uncertainty. The effective tax rate is expected to be 48.8 percent for the full year. The resulting EPS for the year is expected to be $0.08 - $0.10.
Third Quarter Conference Call iRobot will host a conference call tomorrow at 8:30 a.m. ET to discuss its financial results for the fiscal quarter ended September 27, 2008, business outlook and outlook for future financial performance. To access the call, investors should dial 719-325-4914 approximately 10 minutes prior to the initiation of the teleconference and reference iRobot. A live, audio broadcast of the conference call also will be available at http://investors.irobot.com/events.cfm. An archived version of the broadcast will be available on the same Web site shortly after the conclusion of the live event. A replay of the telephone conference call will be available through midnight on October 30, and can be accessed by dialing 719-457-0820, access code 8467473.
iRobot Receives Additional Army Order Worth $2.1 Million
iRobot Corp. (Nasdaq: IRBT) today announced it has received a $2.1 million order for spare parts and repairs from the U.S. Army Program Executive Office for Simulation, Training, and Instrumentation (PEO STRI), on behalf of the Robotic Systems Joint Project Office in Warren, MI.
This is the first order under the company’s recently announced Indefinite Delivery/Indefinite Quantity (IDIQ) contract under which the Army can order up to $200 million in military robots, spare parts, training and repair services over the next five years.
All repairs and spare parts under the order are for the company’s PackBot line of robots. The PackBot is a rugged military robot that is light enough to be deployed by a single soldier. With its interchangeable, modular payloads, it is also easily adaptable for multiple mission requirements. iRobot will complete robot repairs by January 15, 2009 and the delivery of spare parts by June 30, 2009.
“The PackBot is playing a critical role in a growing number of military missions,” said Joe Dyer, president of iRobot Government and Industrial Robots. “These repairs and the delivery of spare parts will ensure that our robots stay on the battlefield, keeping our troops safe as they fight overseas.” iRobot has delivered more than 1,900 PackBot robots that make a difference everyday by conducting dangerous missions that keep warfighters out of harm's way.
iRobot Schedules Second Quarter 2008 Earnings Call
iRobot Corp. (NASDAQ: IRBT) announced today it will issue its second quarter 2008 financial results after market close on July 23.
iRobot will host a conference call, open to all interested investors, to discuss its second quarter 2008 financial results and outlook for future financial performance on Thursday, July 24. Pertinent details include: Date: Thursday, July 24 Time: 8:30 a.m. EDT Call-In Number: 719-325-4867 A live audio broadcast of the conference call also will be available at http://investors.irobot.com/events.cfm.
An archived version of the broadcast will be available on the same Web site shortly after the conclusion of the live event. A replay of the telephone conference call will be available through midnight on August 7 and can be accessed by dialing 719-457-0820, access code 4007782.
iRobot to Create Revolutionary New Robot for DARPA
iRobot Corp. (NASDAQ: IRBT) today announced the Defense Advanced Research Projects Agency (DARPA) and the U.S. Army Research Office have awarded the company a new multi-year, multi-million dollar R&D project to develop Chemical Robots (ChemBots). The goal of this program is to develop a soft, flexible, mobile robot that can identify and maneuver through openings smaller than its actual structural dimensions to perform Department of Defense (DoD) tasks within complex and highly cluttered environments.
As the established leader in innovative robotics research and development, iRobot will lead a team composed of leading technical experts from Harvard University and the Massachusetts Institute of Technology (MIT) to incorporate advances in chemistry, materials science, actuator technologies, electronics, sensors and fabrication techniques into ChemBots engineering. The resulting revolutionary new robot platform designs will expand the capabilities of robots in urban search and rescue, as well as reconnaissance missions.
“During military operations it can be important to gain covert access to denied or hostile space. Unmanned platforms such as mechanical robots are of limited effectiveness if the only available points of entry are small openings,” said, Mitchell Zakin, Ph.D., program manager, DARPA. “We believe that a new class of soft, flexible, meso-scale mobile objects that can identify and maneuver through openings smaller than their dimensions to perform various tasks will be quite valuable in many missions.” “Consistently developing new approaches to solve warfighter challenges with robots has made us a trusted DARPA partner,” said Helen Greiner, co-founder and chairman of iRobot. “Through this program, robots that reconstitute size, shape and functionality after traversal through complex environments will transcend the pages of science fiction to become real tools for soldiers in theatre.” This ChemBots award is the latest in a series of DARPA project awards won within the past 10 years. DARPA initially approached iRobot in 1998 to create the PackBot for its Tactical Mobile Robot program. More recently, iRobot received an award under the DARPA LANdroids program to develop a new portable communications relay robot that is small, inexpensive, intelligent and robust.
To date, iRobot has delivered more than 1,500 PackBot robots to a broad range of military and civilian customers worldwide, and continues to enhance this technology with its next-generation PackBot 510.
DARPA is the central R&D organization for the Department of Defense dedicated to sponsoring revolutionary, high-payoff research and development that maintains the technological superiority of the U.S. military. The content of this release does not necessarily reflect the position or the policies of the U.S. Government.
iRobot Enters Autonomous Underwater Vehicle Market
iRobot Corp. (Nasdaq: IRBT) today announced a sole licensing agreement with UW TechTransfer at the University of Washington to commercialize Autonomous Underwater Vehicle (AUV) Seaglider technology previously supported by the Office of Naval Research and the National Science Foundation. The agreement with both the Applied Physics Laboratory and School of Oceanography reinforces the company’s strong ties to world class academics. iRobot made the announcement from the show floor of the Association for Unmanned Vehicles International’s (AUVSI) Unmanned Systems North America 2008 conference (iRobot Booth #1121) at the San Diego Convention Center.
“We have a strong track record for transferring new technology from research initiatives into products that support military missions,” said Helen Greiner, co-founder and chairman of iRobot. “Ten years ago we transformed the original PackBot into a combat-proven robot used today by soldiers in Iraq and Afghanistan, and licensing the Seaglider from the University of Washington will help our robots conquer new underwater frontiers.” Seagliders help civilian, academic and military personnel make oceanographic measurements at a fraction of the cost of traditional research vessels or moored instruments. These long-range, high-endurance vehicles economize on energy consumption with a buoyancy-based propulsion system to support mission ranges of thousands of kilometers and deployments lasting up to several months. Instruments can be attached to the Seaglider to continuously collect oceanic physical properties across a range of depths and areas, providing valuable insights to oceanographers and military planners.
“This is a wonderful example of the University of Washington’s commitment to build partnerships with industry, and to successfully transfer innovative research to the commercial sector,” said Russell McDuff, director of the School of Oceanography. “Our federal sponsors expect the university to be able to transition technology from the academic laboratory into the marketplace. We’re delighted to have formed a great relationship with iRobot and are convinced that their strength in building autonomous robots is a great fit for the Seaglider technology.” The Office of Naval Research funded the original research and development behind Seaglider technology beginning in 1995 and is currently testing this vehicle for additional applications. More than 70 Seagliders have been delivered and many are currently in operation all over the world. Recent deployments include waters off Norway, Greenland, Taiwan, the Philippines and Iceland.
About UW TechTransfer Established in 1982, UW TechTransfer facilitates the commercialization of new innovations arising from UW research through the management and licensing of intellectual property. Since the department’s founding, UW TechTransfer has helped create more than 235 companies in Washington state and abroad. In FY07, UW TechTransfer generated $38 million in total revenue from all sources. Additionally, UW TechTransfer manages a total patent portfolio of over 2000 issued and pending patents filed in the U.S. and around the world. For additional information about UW TechTransfer, visit http://depts.washington.edu/techtran/.
Looks like Oppenheimer loaded the boat.. http://ih.advfn.com/p.php?pid=nmona&cb=1212617758&article=26666963&symbol=N%5EIRBT
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