iRobot Corp. announced that its third quarter 2007 financial results will be impacted by initial production delays experienced on the iRobot Roomba 500 Series Vacuum Cleaning Robot.
"Our financial expectations for 2007 remain unchanged," said Colin Angle, iRobot CEO. "However, the production ramp up by our new contract manufacturer was slower than our initial targeted projections and consequently, revenue from delayed shipments will be recognized in the fourth quarter, resulting in revenue for the third quarter of between $63 million and $64 million," he added. "This shift from the third to fourth quarters, coupled with unanticipated litigation expenses associated with our legal actions against a former employee and his company, will result in a pre-tax loss of $1 million to $1.5 million for the third quarter."
The company reaffirmed its full year 2007 financial expectations announced on July 25, 2007. The company continues to expect revenues to be between US$233 million to $243 million and pre-tax income to be between $3 million to $5 million.