iRobot [IRBT] co-founder and chairman of the board Helen Greiner resigns effective today, though she will continue to serve on the company board of directors as a non-employee director, while pursuing other interests and opportunities within the robot industry, the company said.
The board elected Colin Angle to serve as chairman of the board in addition to his current role as chief executive officer of iRobot.
The announcement came Oct. 22 as the company reported strong third quarter 2008 results with 45 percent revenue growth driven by strong performance in the Government & Industrial and home robot divisions.
“Since co-founding iRobot in 1990, Helen has been an integral part of the company and played a large role in our success,” Angle said. “We are fortunate that she will maintain a position on our board of directors as she continues to drive the robot industry forward.”
Greiner said, “I will remain close to the company through my work on the board. I am excited about where the robot industry is going and how I can help shape the future through individual endeavors, work with the Robotics Technology Consortium, Massachusetts Robotics Cluster and the various boards on which I serve.”
iRobot board member and former Defense Department chief acquisition official Jacques Gansler said, “Helen’s knowledge of the robot industry is surpassed only by her passion for its growth. We appreciate all of her hard work and dedication to iRobot and look forward to her continued contribution as a member of the board. “Colin Angle was the board’s unanimous choice in succeeding Helen.”
Revenue for the third quarter of 2008 grew 44.8 percent to $92.4 million, compared with $63.8 million for the same quarter one year ago. Revenue for the first nine months increased 44.3 percent to $216.9 million from $150.3 million for the first nine months of 2007.
Gross profit for the third quarter increased to $28.9 million (31.3 percent of revenue), compared with $20.1 million (31.5 percent of revenue) in the third quarter of 2007. In the first nine months of 2008 gross profit totaled $60.8 million (28.0 percent of revenue) up from $46.5 million (30.9 percent of revenue) in the first nine month of 2007.
Net income in the third quarter of 2008 was $3.9 million compared with a net loss in the third quarter of 2007 of $1.4 million. Net loss in the first nine months of 2008 was $4.7 million compared with a net loss of $11.7 million for the same period in 2007. Earnings per share for the third quarter of 2008 was $0.15 compared with net loss per share of $0.06 for the third quarter of 2007. For the first nine months of 2008, net loss per share was $0.19 compared with $0.48 for the same period in 2007.
The company cited business highlights to include the delivery of a record 319 iRobot PackBots in the third quarter driving a 31 percent revenue income over the same quarter in 2007.
In the third quarter, iRobot received $40 million in orders for robots and spare parts under its current $286 million xBot contract with the Army Program Executive Office for Simulation, Training, and Instrumentation.
Additionally, iRobot announced its acquisition of Nekton Research, LLC, an unmanned underwater robot and technology company based in Raleigh-Durham, N.C.
Total home robot revenue increased 56 percent in the third quarter year-over-year. International home robot revenue was more than double the level of the third quarter 2007 and comprised approximately 26 percent of total home robot revenue in the quarter.