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iRobot: Flat Growth, Better Margins
iRobot (NASDAQ: IRBT) reported performance for Q1/09 performance show a small decrease in sales 0.6% drop compared to Q1/08. The companies' aggregated sales of home and military robots were $56.9 million, compared with $57.3 million for the same quarter one year ago.
According to the company release, Government & Industrial revenue was generated from continued demand of the iRobot PackBot 510 with FasTac Kit. However, the fact that commercial business have increased by 9% attributes to a reduction in government and military business.
Despite that, Said Colin Angle, chairman and chief executive officer of iRobot is optimistic: “News of the reshaping of Defense Department spending to include our technology appears at present to be positive for iRobot." He said. iRobot is expecting a mobe into the black this year, with a first profit of $14-17 million, from a total sales of $290-310 million.
