iRobot 2014 Annual Report Download - page 139

iROBOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
66
17. Quarterly Information (Unaudited)
Fiscal Quarter Ended
March 30,
2013 June 29, 2013 September 28, 2013 December 28, 2013 March 28, 2014 June 28, 2014 September 27, 2014 December 27, 2014
(In thousands, except per share amounts)
Revenue $ 106,195 $ 130,362 $ 124,501 $ 126,343 $ 114,204 $ 139,803 $ 143,497 $ 159,342
Gross margin 46,558 61,605 54,061 58,930 51,710 62,121 67,889 76,335
Net income (loss) 8,355 8,294 7,804 3,188 5,280 8,530 14,607 9,386
Diluted earnings
(loss) per share $ 0.29 $ 0.28 $ 0.26 $ 0.11 $ 0.18 $ 0.28 $ 0.48 $ 0.31
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
Not Applicable.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of disclosure controls and procedures.
As required by Rule 13a-15(b) under the Exchange Act, we have carried out an evaluation, under the supervision and
with the participation of our management, including our Chief Executive Officer (CEO) and our Chief Financial Officer (CFO),
of the effectiveness, as of the end of the period covered by this report, of the design and operation of our “disclosure controls
and procedures” as defined in Rule 13a-15(e) promulgated by the SEC under the Exchange Act. Based upon that evaluation,
our CEO and our CFO concluded that our disclosure controls and procedures, as of the end of such period, were adequate and
effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act
is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such
information was accumulated and communicated to management, as appropriate, to allow timely decisions regarding required
disclosure.
Management’s Report on Internal Control Over Financial Reporting
The management of the Company is responsible for establishing and maintaining adequate internal control over financial
reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) promulgated under the
Exchange Act as a process designed by, or under the supervision of, the Company’s principal executive and principal financial
officers and effected by the Company’s board of directors, management and other personnel, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles and includes those policies and procedures that:
• Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and
dispositions of the assets of the Company;
• Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the
Company are being made only in accordance with authorizations of management and directors of the Company; and
• Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of the Company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Under the supervision and with the participation of management, including our principal executive and financial officers,
we assessed the Company’s internal control over financial reporting as of December 27, 2014, based on criteria for effective
internal control over financial reporting established in Internal Control — Integrated Framework (2013), issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management
Form 10-K