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Color Kinetics Reports Record Revenues For First Quarter 2005
First quarter revenues increase 40% year-over-year to $11.5 million
Boston, MA - April 27, 2005 - Color Kinetics Incorporated (NASDAQ: CLRK), a pioneer of intelligent solid-state lighting systems and technologies, today announced its results of operations for the first quarter of 2005. Revenues for the quarter were a record $11.5 million, an increase of 40% from the $8.2 million reported in the first quarter of 2004. Net income for the first quarter increased to $672,000 from the $330,000 reported in the first quarter of 2004. On a per share basis, earnings for the first quarter were $0.03 per diluted share, compared to $0.02 per diluted share for the first quarter of 2004 on a non-GAAP basis. On a per share GAAP basis, earnings for the first quarter were $0.03 per diluted share, compared to $0.06 per diluted share for the corresponding period in 2004. Non-GAAP earnings per share for the first quarter of 2004 is calculated as if 12.9 million shares from our initial public offering and related conversion of outstanding redeemable preferred stock in June 2004 had been outstanding for the entire first quarter of 2004. Please see table at the bottom of the condensed consolidated statements of income for a reconciliation of the non-GAAP and GAAP diluted earnings per share.
"We are pleased to start the year with another quarter of excellent results, reflecting a broad customer base in diverse and growing markets, as well as the accelerating adoption of intelligent solid-state lighting worldwide," said George Mueller, Chairman and CEO. "This achievement reflects Color Kinetics' ability to deliver strong operational results both domestically and internationally, fueled by continued market, technology, and intellectual property leadership."
"Our first quarter results were driven by strong revenues from both our Lighting Systems and OEM & Licensing business units, including a record performance in International Sales and notable gains in overall gross margins," said Bill Sims, President and COO. "We believe our first quarter performance demonstrates the returns of our strategic investments across engineering, product development, and sales and channel expansion, as well as our timely execution on key initiatives. We expect this momentum to carry well into 2005 and beyond."
Highlights from the first quarter include:
- Record international revenues, with demonstrable traction in Asia Pacific and the highest revenues to date from Europe.
- Favorable market response to the IntelliWhite™ series, Color Kinetics' first-of-its-kind line of intelligent white solid-state lighting solutions.
- Major OEM product line expansion with eight new offerings delivered, facilitating cross-industry adoption of intelligent solid-state lighting.
- Four OEM and licensing agreements signed, reflecting a diverse range of new and existing markets for Color Kinetics' technology.
- The issuance of the company's third patent relating to intelligent solid-state pool and spa lights, broadening the company's protection in those markets.
- Continued industry recognition with four awards for product excellence.
For the second quarter of 2005, the company currently targets revenues in the range of $12.4 million to $12.9 million with earnings of $0.03 to $0.05 per diluted share.
Color Kinetics will host a conference call to review its first quarter results after the close of market today. The conference call may be accessed by dial-in number or via the Internet as follows:
Wednesday, April 27 at 5:00 pm ET
Domestic dial-in number: 800-638-5439
International dial-in number: 617-614-3945
Passcode: 22391492
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 today through May 4 at 888-286-8010 (domestic), 617-801-6888 (international), passcode: 82726574. The webcast will be archived and available for one year via the Investor Relations section of Color Kinetics' website.
Click here to view the First Quarter 2005 balance sheet, statement of operations, and cash flow financial statements.
About Color Kinetics (www.colorkinetics.com)
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 38 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.
“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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