iRobot's Home Robot Business Shows Strong Growth
Apr 26, 2012
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While its home appliance robot sales remained strong in the first quarter of 2012, iRobot Corp. overall results were hurt by slow sales in its military robotics business.
iRobot's overall first-quarter 2012 revenue was $97.8 million, down from $106.3 million for the first quarter of 2011. Net income was $0.7 million, compared with 1Q 2011 net income of $7.5 million.
Strong growth in domestic and international markets fueled 20% year-over-year Q1 increase in Home Robot revenue.
Home Robots revenue was $81,583,000 in the 1Q 2012, up from $67,882,000 in 1Q 2011.
Home Robots domestic U.S. revenue was $21,815,000 in 1Q 2012, up from $18,058,000 in 1Q 2011.
Home Robots international revenue was $59,798,000 in 1Q 2012, up from $49,824,000 in 1Q 2011.
Total Defense and Security revenue was $16,224,000 in 1Q 2012, down from $38,395,000 in 1Q 2011.
"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% of total company revenue," said iRobot Chairman and CEO Colin Angle.
"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," Angle said.
In mid-April the company launched one of its largest domestic U.S. marketing campaigns ever. The multifaceted media campaign is based on the tagline "iRobot, Do You?" and includes presence on television, online, and in print publications.
Despite the slowdown in military robots, "We kicked off 2012 with a better than anticipated quarter, and therefore we are reaffirming our full-year fiscal 2012 financial expectations," Angle said. The company expects full-year 2012 revenue to be $465-$485 million. Home robots are expected to make up $345-$355 million of that total.
"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.
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