Apparently Roomba business is good business. iRobot Corp. has announced its financial results for Q4 and for the full year ended December 31, 2011 and the news is positive. In fact, it was a record year for the Bedford-Mass.-based robotics manufacturer.
According to an official company release:
Revenue for the fourth quarter of 2011 increased 15 percent to $130.8 million, compared with $114.0 million for the same quarter one year ago. Revenue for the full year 2011 increased 16 percent to $465.5 million from $401.0 million for the full year 2010.
Net income in the fourth quarter of 2011 was $10.6 million, compared with $7.0 million in the fourth quarter of 2010. Net income for the full year 2011 was $40.2 million, compared with $25.5 million for the same period in 2010.
“Our record financial results in 2011 were exceptional on all fronts, driven by especially strong performance in our Home Robots division,” said Colin Angle, chairman and chief executive officer of iRobot.
Angle was very pleased with the home robot business, but cautioned that limited visibility in the defense business may lead to a decline in top and bottom line in the company’s G&I division.
However, Angle said that iRobot plans to continue to make investments in marketing and research/development to maintain and increase the company’s market position.
“To capitalize on our growing home robot business, intermediate and longer term opportunities in the defense business and exciting emerging opportunities, we will continue to make investments in marketing and R&D that extend our leadership position,” he said.
Some highlights from the release:
- Strong demand in overseas markets drove a 21 percent year-over-year increase in full-year home robot revenue.
- International home robot revenue of $196 million comprised 70 percent of total home robot 2011 revenue.
- Government & industrial robot revenue grew 9 percent in 2011, driven by shipments of Small Unmanned Ground Vehicles and spares.
- In 2011, operating cash flow was $55.7 million, compared with $49.2 million in 2010. As a result of improved net income, iRobot’s year-end cash and investment position was $184 million.