iRobot Announces Stock Repurchase Program
BEDFORD, Mass. -- February 25, 2013
iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based
solutions, today announced that its Board of Directors has authorized a stock
repurchase program. Under the program, iRobot may purchase up to $25 million
of its common stock beginning March 28, 2013 and ending March 27, 2014.
Under the repurchase program, the Company is authorized to repurchase shares
through Rule 10b5-1 plans (which would permit the Company to repurchase shares
when the Company might otherwise be precluded from doing so under insider
trading laws), open market purchases, privately-negotiated transactions, block
purchases or otherwise in accordance with applicable federal securities laws,
including Rule 10b-18 of the Securities Exchange Act of 1934. The Company may
choose to suspend or discontinue the repurchase program at any time but cannot
carry over unused authorization amounts to future periods.
“The Board’s authorization of a share repurchase program reflects our
confidence in the health and long-term outlook of the company,” said Colin
Angle, chairman and chief executive officer of iRobot. “With a strong balance
sheet and cash flows, we believe we can take advantage of current market
conditions to buy back our shares while maintaining the flexibility to make
strategic investments in our future.” As of February 11, 2013, iRobot had
27,872,850 shares of common stock outstanding.
About iRobot Corp.
iRobot designs and builds robots that make a difference. The company’s home
robots help people find smarter ways to clean, and its defense & security
robots protect those in harm’s way. iRobot’s consumer and military robots
feature iRobot Aware® robot intelligence systems, proprietary technology
incorporating advanced concepts in navigation, mobility, manipulation and
artificial intelligence. For more information about iRobot, please visit
For iRobot Investors
Certain statements made in this press release that are not based on historical
information are forward-looking statements which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
This press release contains express or implied forward-looking statements
relating to, among other things, iRobot Corporation’s expectations concerning
management’s plans for execution of a stock repurchase program, including the
maximum amount and duration of purchases of our common stock under our
authorized stock repurchase program. These statements are neither promises nor
guarantees, but are subject to a variety of risks and uncertainties, many of
which are beyond our control, which could cause actual results and actions to
differ materially from those contemplated in these forward-looking statements.
Existing and prospective investors are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the date hereof.
iRobot Corporation undertakes no obligation to update or revise the
information contained in this press release, whether as a result of new
information, future events or circumstances or otherwise. For additional
disclosure regarding these and other risks faced by iRobot Corporation, see
the disclosure contained in our public filings with the Securities and
Exchange Commission including, without limitation, our most recent Annual
Report on Form 10-K.
Elise Caffrey, 781-430-3003
Matthew Lloyd, 781-430-3720
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