SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 23, 2013
iROBOT CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Delaware | ||
(State or other jurisdiction of incorporation or organization) | ||
000-51598 | 77-0259 335 | |
(Commission File Number) | (I.R.S. Employer Identification No.) | |
8 Crosby Drive, Bedford, MA | 01730 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant's telephone number, including area code: (781) 430-3000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Explanatory Note
This Current Report on Form 8-K/A amends the Current Report on Form 8-K filed by iRobot Corporation on April 23, 2013 (the “Original Filing”). The purpose of this Current Report on Form 8-K/A is to furnish an updated Exhibit 99.2 containing revised consolidated statements of income and segment information for the four quarters of fiscal 2012 and full fiscal years 2012, 2011, 2010 and 2009. Items 2.02 and 7.01 included in the Original Filing are updated to incorporate applicable information included in the attached Exhibit 99.2. The revised consolidated statements of income in the attached Exhibit 99.2 include updated cost of product revenue, cost of contract revenue and research and development expenses for all periods presented. The revised segment information in the attached Exhibit 99.2 includes updated cost of Defense & Security revenue, other costs of revenue and research and development expenses for all periods presented. The revisions included in Exhibit 99.2 only impact the classification of certain costs and do not impact net income amounts included in the Original Filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
99.2 Unaudited consolidated statements of income and segment information for the four quarters of fiscal 2012 and full fiscal years 2012, 2011, 2010 and 2009, furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
iRobot Corporation | ||||||
May 3, 2013 | By: | /s/ Glen D. Weinstein | ||||
Name: | Glen D. Weinstein | |||||
Title: | Chief Legal Officer and Secretary | |||||
EXHIBIT INDEX
Exhibit Number | Description | |
99.2 | Unaudited consolidated statements of income and segment information for the four quarters of fiscal 2012 and full fiscal years 2012, 2011, 2010 and 2009, furnished herewith. | |
EX-99.2
iRobot Corporation | |||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Fiscal Quarter Ended | Fiscal Year Ended | ||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 29, 2012 | December 29, 2012 | December 29, 2012 | |||||||||||||||
Revenue | |||||||||||||||||||
Product revenue | $ | 91,742 | $ | 107,760 | $ | 121,174 | $ | 97,874 | $ | 418,550 | |||||||||
Contract revenue | 6,065 | 3,685 | 5,124 | 2,820 | 17,694 | ||||||||||||||
Total | 97,807 | 111,445 | 126,298 | 100,694 | 436,244 | ||||||||||||||
Cost of Revenue | |||||||||||||||||||
Product revenue | 56,233 | 57,089 | 65,852 | 54,928 | 234,102 | ||||||||||||||
Contract revenue | 3,022 | 1,540 | 1,970 | 1,262 | 7,794 | ||||||||||||||
Total | 59,255 | 58,629 | 67,822 | 56,190 | 241,896 | ||||||||||||||
Gross Margin | 38,552 | 52,816 | 58,476 | 44,504 | 194,348 | ||||||||||||||
Operating Expense | |||||||||||||||||||
Research and development | 14,500 | 14,182 | 13,040 | 15,344 | 57,066 | ||||||||||||||
Selling and marketing | 12,333 | 17,976 | 11,376 | 24,727 | 66,412 | ||||||||||||||
General and administrative | 11,042 | 10,022 | 11,326 | 13,308 | 45,698 | ||||||||||||||
Total | 37,875 | 42,180 | 35,742 | 53,379 | 169,176 | ||||||||||||||
Operating income (loss) | 677 | 10,636 | 22,734 | (8,875 | ) | 25,172 | |||||||||||||
Other income (expense), net | 220 | 60 | 197 | (42 | ) | 435 | |||||||||||||
Pre-tax income (loss) | 897 | 10,696 | 22,931 | (8,917 | ) | 25,607 | |||||||||||||
Income tax expense (benefit) | 244 | 3,321 | 7,724 | (2,979 | ) | 8,310 | |||||||||||||
Net income (loss) | $ | 653 | $ | 7,375 | $ | 15,207 | $ | (5,938 | ) | $ | 17,297 | ||||||||
Net income (loss) per common share: | |||||||||||||||||||
Basic | $ | 0.02 | $ | 0.27 | $ | 0.55 | $ | (0.21 | ) | $ | 0.63 | ||||||||
Diluted | $ | 0.02 | $ | 0.26 | $ | 0.54 | $ | (0.21 | ) | $ | 0.61 | ||||||||
Shares used in per common share calculations: | |||||||||||||||||||
Basic | 27,352 | 27,522 | 27,650 | 27,802 | 27,577 | ||||||||||||||
Diluted | 28,283 | 28,182 | 28,321 | 27,802 | 28,301 | ||||||||||||||
Stock-based compensation included in above figures: | |||||||||||||||||||
Cost of product revenue | $ | 208 | $ | 218 | $ | 289 | $ | 174 | $ | 889 | |||||||||
Cost of contract revenue | — | — | — | — | — | ||||||||||||||
Research & development | 460 | 446 | 365 | 633 | 1,904 | ||||||||||||||
Selling & marketing | 237 | 179 | 158 | 234 | 808 | ||||||||||||||
General & administrative | 1,608 | 2,059 | 1,796 | 1,919 | 7,382 | ||||||||||||||
Total | $ | 2,513 | $ | 2,902 | $ | 2,608 | $ | 2,960 | $ | 10,983 | |||||||||
iRobot Corporation | |||||||||||||||
Consolidated Statements of Income | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
(unaudited) | |||||||||||||||
Fiscal Year Ended | |||||||||||||||
December 29, 2012 | December 31, 2011 | January 1, 2011 | January 2, 2010 | ||||||||||||
Revenue | |||||||||||||||
Product revenue | $ | 418,550 | $ | 426,525 | $ | 360,394 | $ | 262,199 | |||||||
Contract revenue | 17,694 | 38,975 | 40,558 | 36,418 | |||||||||||
Total | 436,244 | 465,500 | 400,952 | 298,617 | |||||||||||
Cost of Revenue | |||||||||||||||
Product revenue | 234,102 | 240,930 | 218,237 | 175,514 | |||||||||||
Contract revenue | 7,794 | 16,917 | 18,664 | 18,561 | |||||||||||
Total | 241,896 | 257,847 | 236,901 | 194,075 | |||||||||||
Gross Margin | 194,348 | 207,653 | 164,051 | 104,542 | |||||||||||
Operating Expense | |||||||||||||||
Research and development | 57,066 | 60,100 | 51,185 | 35,969 | |||||||||||
Selling and marketing | 66,412 | 50,477 | 42,778 | 33,026 | |||||||||||
General and administrative | 45,698 | 43,753 | 36,618 | 30,110 | |||||||||||
Total | 169,176 | 154,330 | 130,581 | 99,105 | |||||||||||
Operating income | 25,172 | 53,323 | 33,470 | 5,437 | |||||||||||
Other income (expense), net | 435 | 218 | 504 | (81 | ) | ||||||||||
Pre-tax income | 25,607 | 53,541 | 33,974 | 5,356 | |||||||||||
Income tax expense | 8,310 | 13,350 | 8,460 | 2,026 | |||||||||||
Net income | $ | 17,297 | $ | 40,191 | $ | 25,514 | $ | 3,330 | |||||||
Net income per common share: | |||||||||||||||
Basic | $ | 0.63 | $ | 1.50 | $ | 1.00 | $ | 0.13 | |||||||
Diluted | $ | 0.61 | $ | 1.44 | $ | 0.96 | $ | 0.13 | |||||||
Shares used in per common share calculations: | |||||||||||||||
Basic | 27,577 | 26,712 | 25,394 | 24,998 | |||||||||||
Diluted | 28,301 | 27,924 | 26,468 | 25,640 | |||||||||||
Stock-based compensation included in above figures: | |||||||||||||||
Cost of product revenue | $ | 889 | $ | 1,069 | $ | 875 | $ | 1,046 | |||||||
Cost of contract revenue | — | — | — | — | |||||||||||
Research & development | 1,904 | 1,349 | 1,607 | 1,007 | |||||||||||
Selling & marketing | 808 | 724 | 1,161 | 1,410 | |||||||||||
General & administrative | 7,382 | 5,642 | 4,522 | 4,099 | |||||||||||
Total | $ | 10,983 | $ | 8,784 | $ | 8,165 | $ | 7,562 | |||||||
iRobot Corporation | |||||||||||||||||||
Segment Information | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
(unaudited) | |||||||||||||||||||
Fiscal Quarter Ended | Fiscal Year Ended | ||||||||||||||||||
March 31, 2012 | June 30, 2012 | September 29, 2012 | December 29, 2012 | December 29, 2012 | |||||||||||||||
Revenue: | |||||||||||||||||||
Home Robots | $ | 81,583 | $ | 96,013 | $ | 96,291 | $ | 82,918 | $ | 356,805 | |||||||||
Defense & Security Robots | 14,162 | 13,223 | 27,832 | 15,731 | 70,948 | ||||||||||||||
Other | 2,062 | 2,209 | 2,175 | 2,045 | 8,491 | ||||||||||||||
Total | 97,807 | 111,445 | 126,298 | 100,694 | 436,244 | ||||||||||||||
Cost of Revenue: | |||||||||||||||||||
Home Robots | 43,208 | 45,085 | 45,983 | 40,480 | 174,756 | ||||||||||||||
Defense & Security Robots | 9,901 | 7,159 | 14,802 | 8,606 | 40,468 | ||||||||||||||
Other | 6,146 | 6,385 | 7,037 | 7,104 | 26,672 | ||||||||||||||
Total | 59,255 | 58,629 | 67,822 | 56,190 | 241,896 | ||||||||||||||
Gross Margin | |||||||||||||||||||
Home Robots | 38,375 | 50,928 | 50,308 | 42,438 | 182,049 | ||||||||||||||
Defense & Security Robots | 4,261 | 6,064 | 13,030 | 7,125 | 30,480 | ||||||||||||||
Other | (4,084 | ) | (4,176 | ) | (4,862 | ) | (5,059 | ) | (18,181 | ) | |||||||||
Total | 38,552 | 52,816 | 58,476 | 44,504 | 194,348 | ||||||||||||||
Research and development | 14,500 | 14,182 | 13,040 | 15,344 | 57,066 | ||||||||||||||
Selling and marketing | 12,333 | 17,976 | 11,376 | 24,727 | 66,412 | ||||||||||||||
General and administrative | 11,042 | 10,022 | 11,326 | 13,308 | 45,698 | ||||||||||||||
Other income (expense), net | 220 | 60 | 197 | (42 | ) | 435 | |||||||||||||
Income befrore income taxes | $ | 897 | $ | 10,696 | $ | 22,931 | $ | (8,917 | ) | $ | 25,607 | ||||||||
iRobot Corporation | |||||||||||||||
Segment Information | |||||||||||||||
(in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Fiscal Year Ended | |||||||||||||||
December 29, 2012 | December 31, 2011 | January 1, 2011 | January 2, 2010 | ||||||||||||
Revenue: | |||||||||||||||
Home Robots | $ | 356,805 | $ | 278,551 | $ | 229,348 | $ | 165,860 | |||||||
Defense & Security Robots | 70,948 | 175,119 | 159,889 | 122,746 | |||||||||||
Other | 8,491 | 11,830 | 11,715 | 10,011 | |||||||||||
Total | 436,244 | 465,500 | 400,952 | 298,617 | |||||||||||
Cost of Revenue: | |||||||||||||||
Home Robots | 174,756 | 151,299 | 135,875 | 111,513 | |||||||||||
Defense & Security Robots | 40,468 | 81,797 | 77,177 | 61,236 | |||||||||||
Other | 26,672 | 24,751 | 23,849 | 21,326 | |||||||||||
Total | 241,896 | 257,847 | 236,901 | 194,075 | |||||||||||
Gross Margin | |||||||||||||||
Home Robots | 182,049 | 127,252 | 93,473 | 54,347 | |||||||||||
Defense & Security Robots | 30,480 | 93,322 | 82,712 | 61,510 | |||||||||||
Other | (18,181 | ) | (12,921 | ) | (12,134 | ) | (11,315 | ) | |||||||
Total | 194,348 | 207,653 | 164,051 | 104,542 | |||||||||||
Research and development | 57,066 | 60,100 | 51,185 | 35,969 | |||||||||||
Selling and marketing | 66,412 | 50,477 | 42,778 | 33,026 | |||||||||||
General and administrative | 45,698 | 43,753 | 36,618 | 30,110 | |||||||||||
Other income (expense), net | 435 | 218 | 504 | (81 | ) | ||||||||||
Income befrore income taxes | $ | 25,607 | $ | 53,541 | $ | 33,974 | $ | 5,356 | |||||||