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COLOR KINETICS REPORTS REVENUES AND EARNINGS FOR FOURTH QUARTER AND
FULL YEAR 2004
Fourth quarter revenues increase 39% year-over-year to $10.7 million
Boston, MA - February 3, 2005 - Color Kinetics Incorporated (NASDAQ: CLRK), a pioneer in the design, marketing and licensing of intelligent solid-state lighting systems and technologies, today announced its results of operations for the fourth quarter of 2004. Revenues for the quarter were $10.7 million, an increase of 39% from the $7.7 million reported in the fourth quarter of 2003. Net income for the fourth quarter increased to $626,000 or $0.03 per diluted share, compared to $50,000 or $0.00 per diluted share for the fourth quarter of 2003.
Revenues for the full year ended December 31, 2004 were $40.2 million, an increase of 39% from the $28.8 million reported in 2003. Net income for the full year ended December 31, 2004 was $2.4 million or $0.14 per diluted share, compared to a loss of ($727,000) or $(0.26) per diluted share reported in 2003.
"2004 marked several milestones for Color Kinetics, both financially and technologically," said George Mueller, Chairman and CEO. "We successfully completed an IPO, strengthened our balance sheet, achieved positive cash flow from operations, significantly improved gross margins, and delivered our first full year of profitability. We also launched the first-of-its-kind IntelliWhite™ series of products for specialized white light applications. Looking ahead, we believe that Color Kinetics is firmly on track to maintain its leadership position in 2005 and beyond - both in pioneering new intelligent solid-state lighting technologies and in fostering broader industry adoption."
"We're extremely pleased with our fourth quarter performance," said Bill Sims, President and COO. "Both our Lighting Systems and OEM and Licensing business units made solid contributions, showing returns on our sales and channel expansion programs. We expect to continue this positive momentum into 2005 through strategic investments in sales, engineering, product development, product management, and other initiatives designed to fuel the company's future growth."
Highlights from the fourth quarter include:
- 15 new offerings delivered to market, including industry-first intelligent white solid-state lighting products.
- The issuance of two new patents pertaining to the synchronization of lighting effects and aspects of the company's Chromacore® technology.
- The appointment of David Emma as VP, OEM and Licensing, and the promotion of Ray Letasi to VP, International Sales.
- Inclusion on the Inc. 500 list for the second consecutive year.
For the first quarter of 2005, the company currently targets revenues in the range of $10.8 million to $11.3 million with earnings of $.01 to $.03 per diluted share.
Color Kinetics will host a conference call to review its results for the fourth quarter and full year after the close of market on Thursday, February 3. The conference call may be accessed by dial-in number or via the Internet as follows:
Thursday, February 3, 2005 at 4:45 pm ET
Domestic dial-in number: 800-561-2693
International dial-in number: 617-614-3523
Passcode: 91804616
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 6:45 pm ET on February 3 through February 10 at 888-286-8010 (domestic), 617-801-6888 (international), passcode: 65268809. The webcast will be archived and available for one year via the Investor Relations section of Color Kinetics' website.
Click here to view the Fourth 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 130 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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