iRobot Goes from Loss to Gain in Q4
BEDFORD, Mass.-iRobot ended what its chairman and CEO, Colin Angle, termed "a great year" for transforming a fourth-quarter net loss of $5.9 million from the prior year to net income of $3.2 million.
For its 2013 fiscal year ending on Dec. 28, the robot technology manufacturer posted net income of $27.6 million, up a resounding 59.8 percent from the 2012 fiscal year. Much of the bottom-line increases came from significant boosts in net revenues, which totaled $126.3 million in the fourth quarter, a gain of 25.5 percent. This brought the revenue total for the year to $487.4 million, up 11.7 percent from the previous year.
iRobot's home robot business was a key factor in its strong numbers. "Our home robot business increased 20 percent over 2012," Angle said, "driven by growth in both our domestic and overseas markets."
Also helping the fourth-quarter bottom line was a significant gain in gross margin, which finished up 244 basis points to 46.6 percent. Operating expenses edged up 0.2 percent in dollars but were reduced 1,010 basis points as a percentage of revenues, to 42.9 percent.
Home robots will continue to be the determining factor for iRobot in 2014, Angle said. "Home robot revenue is expected to grow in the mid- to high teens in 2014 and comprise 90 percent of total company revenue," he said. He added that total revenue should add up to between $560 million and $570 million this year.