COLOR KINETICS REPORTS RECORD REVENUES
AND EARNINGS FOR THIRD QUARTER 2004
Revenues increase 42% year-over-year to $11.1 million
Boston, MA - November 4, 2004 - Color Kinetics Incorporated (NASDAQ: CLRK), a pioneer in the design, marketing and licensing of intelligent solid-state lighting systems and technologies, today announced revenues of $11.1 million for the third quarter of 2004. Revenues increased 42% from the $7.8 million reported in the third quarter of 2003 and increased 9% from the $10.2 million reported in the second quarter of 2004. Net income for the second quarter increased to $853,000, or $.04 per diluted share, compared to $8,000, or $.00 per diluted share for the third quarter of 2003. The company's cash and short-term investments at September 30, 2004 totaled $55.0 million.
"We're extremely pleased to post another quarter of excellent results, and our sixth consecutive quarter of profitability," said George Mueller, Chairman and CEO. "This achievement reflects Color Kinetics' ability to deliver strong operational results both domestically and internationally, driven by continued market and technology leadership."
"The performance of our operations this quarter reflects continuing growth from both our Lighting Systems and OEM & Licensing units," said Bill Sims, President and COO. "As evidenced by the uptake of our innovative new offerings, pace of installations worldwide, and a market expansion strategy that's already bearing fruit, we believe that Color Kinetics is on track to maintain a competitive lead in intelligent solid-state lighting."
Highlights from the third quarter include:
- Multiple new offerings delivered to market.
- Agreements signed with five new OEM and licensing partners.
- Five new patents issued covering utility and control aspects of intelligent solid-state lighting, bringing the company's total to 35 issued patents at quarter's end, and 37 to date.
- The company's addition to the Russell 3000 and Russell 2000 Indexes.
- The company's inclusion among the Deloitte New England Technology Fast 50.
For the fourth quarter, the company currently targets revenues in the range of $9.4 million to $10.3 million with earnings of $.00 to $.02 per diluted share.
"Entering the fourth quarter, we are very pleased with the positive results and continued momentum of both business units," Sims said. "Our pipelines are strong and growing. However, we anticipate that our fourth quarter revenues will be sequentially lower than this quarter, reflecting the historical and expected seasonality that affects our business."
Color Kinetics will host a conference call to review its results for the third quarter after the close of market on Thursday, November 4. The conference call may be accessed by dial-in number or via the Internet as follows:
Thursday, November 4, 2004
5:00 pm ET
Domestic dial-in number: 800-706-7749
International dial-in number: 617-614-3474
Passcode: 79300501
Webcast: http://phx.corporate-ir.net/phoenix.zhtml?c=178448&p=irol-irhome
A dial-in replay of the conference call will be available from 7:00 pm ET on November 4 through November 11 at 888-286-8010 (domestic), 617-801-6888 (international), passcode: 97407383. The webcast will be archived and available for one year via the Investor Relations section of Color Kinetics' website.
Click here to view the Third Quarter 2004 balance sheet, statement of operations, and cash flow financial statements.
About Color Kinetics
Color Kinetics Incorporated (NASDAQ: CLRK) is a pioneer in the design, marketing and licensing of intelligent solid-state lighting systems and technologies. The company's award-winning product lines apply the practical and aesthetic benefits of LEDs to transcend the limits of traditional light sources for use in high-performance lighting and OEM and licensing applications. Its products and technologies leverage a patented layer of digital intelligence, called Chromacore®, to generate and control millions of colors and dynamic lighting effects. Color Kinetics holds 37 patents and has over 120 patent applications pending that apply to many aspects of solid-state lighting technology. Founded in 1997, the company is headquartered in Boston, MA with offices in the UK, China, and a joint venture in Japan. More information can be found at www.colorkinetics.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this Annual Report regarding Color Kinetics Incorporated’s business that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements involve risks and uncertainties, are only predictions and may differ materially from actual future events and results. For a discussion of such risks and uncertainties, see “Risk Factors” in the Company’s Registration Statement on Form S-1, File Number 333-114386, and in its Annual Report on Form 10-K for the Twelve Months Ended December 31, 2004, each as filed with the Securities and Exchange Commission.
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