iRobot Reports Record 3Q Financials Oct 28, 2011

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iRobot Corp., maker of home appliance and military robots, reported that third quarter 2011 revenue was up 28% from 3Q 2010. Chairman and CEO Colin Angle said the strong results came from growth in both divisions. Home robot division growth was led by international business - international home robot revenue grew 56% in 3Q 2011 compared to Q3 2010 and comprised 75% of total home robot revenue.

Overall iRobot revenue in the third quarter was $120.4 million, up from $94.2 million in 3Q 2010. Revenue for the first nine months of 2011 increased 17% to $334.7 million from $287.0 million in the first nine months of 2010.

3Q 2011 net income $14.1 million, up from $7.0 million in 3Q 2010. Net income in the first nine months of 2011 was $29.6 million, up from $18.5 million in the first nine of 2010. Adjusted EBITDA for 3Q 2011 was $20.2 million, or 17% of revenue, compared with $11.5 million, or 12% of revenue, in 3Q 2010. Adjusted EBITDA for the first nine months of 2011 was $51.7 million, compared with $37.6 million in 2010.

"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," Angle said.

The company now expects revenue for full-year 2011 to be $465 million to $470 million, up from its previous expectation of $460 million to $470 million.

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