IRobot Announces $50 Mln Stock Buyback Program

(RTTNews) - iRobot Corp. (IRBT) said Wednesday that its Board of Directors has authorized a stock repurchase program, whereby the company may purchase up to $50 million of its common stock beginning May 1, 2014 and ending April 30, 2015.

"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 March 31, iRobot had 29,435,149 shares of common stock outstanding.