BEDFORD, Mass., Feb. 27, 2018 /PRNewswire/ -- iRobot Corp.
(NASDAQ: IRBT), a leader in consumer robots, today announced that
its Board of Directors has authorized a stock repurchase program.
Under the program, iRobot may purchase up to $50 million of its common stock beginning
March 28, 2018 and ending
December 28, 2018.
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 volatile market
conditions to buy back our shares while maintaining the flexibility
to make strategic investments in our future."
As of December 30, 2017, iRobot
had 27,945,144 shares of common stock outstanding.
About iRobot Corp.
iRobot, the leading global consumer
robot company, designs and builds robots that empower people to do
more both inside and outside of the home. iRobot created the home
robot cleaning category with the introduction of its Roomba®
Vacuuming Robot in 2002. Today, iRobot is a global enterprise that
has sold more than 20 million robots worldwide. iRobot's product
line, including the Roomba and the Braava® family of mopping
robots, feature proprietary technologies and advanced concepts in
cleaning, mapping and navigation. iRobot's engineers are building
an ecosystem of robots and data to enable the smart home. For more
information about iRobot, please visit www.irobot.com.
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.
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SOURCE iRobot Corp.