Color Kinetics reports record revenues

Color Kinetics announce its results of operations for the third quarter of 2005.

Color Kinetics Incorporated, a leading innovator of intelligent solid-state lighting systems and technologies, announce its results of operations for the third quarter of 2005.

Revenues were a record $14.1 million, a 27% increase from the $11.1 million reported in the third quarter of 2004.

Net income rose to $1.3 million, up 47% from the $853,000 reported in the third quarter of 2004.

On a per share basis, earnings were $0.06 per diluted share, compared to $0.04 per diluted share for the third quarter of 2004.

"We are very pleased with our strong third quarter performance, which reflects a broad and growing base of customers worldwide," said Bill Sims, President and CEO.

"Once again we achieved record revenues across both business units, driven in part by market adoption of new RGB systems, increased traction for the IntelliWhite series, and escalating licensing activity".

"As LED technology progresses, fueling adoption in both new and existing markets, we believe that Color Kinetics is well-equipped to advance the intelligent solid-state lighting industry - both for the replacement of conventional sources, and for the completely new uses of light that our technology makes possible".

Third quarter highlights include:.

* Record revenue performance for Lighting Systems and OEM and Licensing with overall gross margins at 53.1%.

* Continued OEM business momentum, including renewed agreements with Electrix and TouchTunes, and new agreements with FC Lighting, Litecontrol, Sunnlaine, and Thematics.

* Record licensing revenues of $423,000 reflecting contributions from a broad mix of partners.

* Two new patents issued, including a European regional patent relating specifically to white light applications.

For the fourth quarter of 2005, the company currently targets revenues in the range of $14.0 million to $15.0 million with earnings of $0.05 to $0.07 per diluted share.

Back to top