iRobot 2008 Annual Report Download - page 83

Download and view the complete annual report

Please find page 83 of the 2008 iRobot annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 145

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145

ITEM 6. SELECTED FINANCIAL DATA
The selected historical financial data set forth below as of December 27, 2008 and December 29, 2007 and for
the years ended December 27, 2008, December 29, 2007 and December 30, 2006 are derived from our financial
statements, which have been audited by PricewaterhouseCoopers LLP, our independent registered public account-
ing firm, and which are included elsewhere in this Annual Report on Form 10-K. The selected historical financial
data as of December 30, 2006, December 31, 2005 and 2004 and for the years ended December 31, 2005 and 2004
are derived from our financial statements, which have been audited by PricewaterhouseCoopers LLP and which are
not included elsewhere in this Annual Report.
The following selected consolidated financial data should be read in conjunction with our consolidated
financial statements, the related notes and “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” included elsewhere in this Annual Report on Form 10-K. The historical results are not
necessarily indicative of the results to be expected for any future period.
December 27,
2008 December 29,
2007 December 30,
2006 December 31,
2005 December 31,
2004
Year Ended
(In thousands, except earnings per share amounts)
Consolidated Statement of
Operations:
Revenue
Product revenue(1) .............. $281,187 $227,457 $167,687 $124,616 $82,678
Contract revenue ............... 26,434 21,624 21,268 17,352 12,365
Total revenue ................ 307,621 249,081 188,955 141,968 95,043
Cost of Revenue
Cost of product revenue .......... 190,250 147,689 103,651 81,855 59,321
Cost of contract revenue .......... 23,900 18,805 15,569 12,534 8,371
Total cost of revenue........... 214,150 166,494 119,220 94,389 67,692
Gross Margin(1).................. 93,471 82,587 69,735 47,579 27,351
Operating Expenses
Research and development ........ 17,566 17,082 17,025 11,601 5,504
Selling and marketing............ 46,866 44,894 33,969 21,796 14,106
General and administrative ........ 28,840 20,919 18,703 12,072 7,298
Litigation and related expenses(2) . . . — 2,341 — — —
Total operating expenses ........ 93,272 85,236 69,697 45,469 26,908
Operating (Loss) Income ........... 199 (2,649) 38 2,110 443
Net Income . . . .................. $ 756 $ 9,060 $ 3,565 $ 2,610 $ 219
Net Income Attributable to Common
Stockholders .................. $ 756 $ 9,060 $ 3,565 $ 1,553 $ 118
Net Income Per Common Share
Basic ........................ $ 0.03 $ 0.37 $ 0.15 $ 0.13 $ 0.01
Diluted....................... $ 0.03 $ 0.36 $ 0.14 $ 0.11 $ 0.01
Shares Used in Per Common Share
Calculations Basic .............. 24,654 24,229 23,516 12,007 9,660
Diluted....................... 25,533 25,501 25,601 14,331 19,183
(1) Beginning in the first quarter of 2004, we converted from recognizing revenue from U.S. consumer product
sales on a “sell-through” basis (when retail stores sold our robots) to a “sell-in” basis (when our robots are
shipped to retail stores). As a result of this conversion, our revenue and gross margin in the first quarter of 2004
included $5.7 million and $2.5 million, respectively, from robots shipped prior to 2004.
(2) Consists of costs for litigation relating to lawsuits filed against Robotic FX, Inc. and Jameel Ahed, as well as
settlement costs related to ending the litigation.
35
Form 10-K