Irobot Corp (IRBT) 10-K Annual Report Tue Feb 18 2014



Contacts:
Elise Caffrey		Matthew Lloyd
Investor Relations		Media Relations
iRobot Corp.		iRobot Corp.
(781) 430-3003		(781) 430-3720
ecaffrey@irobot.com		mlloyd@irobot.com

iRobot Reports Fourth-Quarter and Full-Year Financial Results

Home Robot Business Grew 20 Percent in 2013, Expected to Drive Continued Growth in 2014

BEDFORD, Mass., Feb. 5, 2014 -

iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, today announced its financial results for the fourth quarter and full year ended December 28, 2013.

“2013 was a great year for iRobot. Our Home Robot business increased 20 percent over 2012, driven by growth in both domestic and overseas markets,” said Colin Angle, chairman and chief executive officer of iRobot. “All three of our businesses met our expectations and made significant progress against their strategic plans, setting us up well for 2014.

“In 2014, our financial performance will continue to be driven by our Home Robot business. Home Robot revenue is expected to grow in the mid-to-high teens in 2014 and comprise 90 percent of total company revenue. Our Defense & Security business is expected to perform at 2013 levels, and our Remote Presence business will be shipping product into two markets.

“For 2014, we expect revenue of $560 to $570 million, EPS of between $1.00 and $1.15 and Adjusted EBITDA of $74 to $78 million, or roughly 14 percent of revenue. These expectations are a strong next step in progressing towards our three-year targets of:


•	Mid-high teen revenue CAGR,


•	High teen Adjusted EBITDA margin and,


•	High single digit Operating Cash Flow margin”

Financial Results


•	Revenue for the fourth quarter of 2013 was $126.3 million, compared with $100.7 million for the fourth quarter of 2012. Revenue for the full year 2013 was $487.4 million, compared with $436.2 million for the full year 2012.


•	Net income for the fourth quarter of 2013 was $3.2 million, compared with a net loss of ($5.9) million for the fourth quarter of 2012. Net income for the full year 2013 was $27.6 million, compared with $17.3 million for full-year 2012.


•	Quarterly earnings per share were $0.11, compared with a quarterly loss per share of ($0.21) in the fourth quarter last year. Full-year earnings per share were $0.94, compared with $0.61 last year.


•	Adjusted EBITDA for the fourth quarter of 2013 was $12.8 million, compared with $1.0 million in the fourth quarter of 2012. Adjusted EBITDA for the full year 2013 was $62.2 million, compared with $52.5 million for full-year 2012.

The following information was filed by Irobot Corp (IRBT) on Wednesday, February 5, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Irobot Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.15: Material Contract

Exhibit 10.16: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: IRBT
CIK: 1159167
Form Type: 10-K Annual Report
Accession Number: 0001159167-14-000007
Submitted to the SEC: Tue Feb 18 2014 2:25:38 PM EST
Accepted by the SEC: Tue Feb 18 2014
Period: Saturday, December 28, 2013
Industry: Household Appliances