now in the 25 range... where's B_radford, I think i need to read this transript... what did he say that could have been so bad? everyone knew with the ramp down in the middle east and US budget cutting this was coming.. (not sure why other people estimates were so high for this year) but i dont think there was anything really shocking... especially since they are notorious for sandbagging the full year out look... from intitial reports it looks like consumer side sales was strong. and looking at thier earnings and thier revenue margins must be in top form as well...
Still working on my model, but the big hit is that while G&I's Q4 revenue of $56.3MM was a record, the forecast for 2012 is for G&I revenue of $145-165MM, of which only 30% will be in the first half. Taking a midpoint of $155MM, that means that 1H12 will see only ~$47MM in revenue, whereas 2H12 will see ~$109MM. Naturally, this will make for a difficult 1H12.
I also noticed that foreign military sales continue to be well below expectations ($13.7MM for 2011, vs the 2011 Analyst Day forecast of $23-25MM). Anticipated Middle East sales haven't yet materialized.
OTOH, the Home Robot Division is going strong, with record or near record revenues projected through each quarter of 2012. ASP's remain strong at ~$220/robot, and gross margin remains strong at ~45%.