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COLOR KINETICS REPORTS RECORD REVENUES
AND NET INCOME FOR SECOND QUARTER 2005
Second quarter revenues increase to $12.9 million, Net income up 82% year over year
Boston, MA - July 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 second quarter of 2005. Revenues were a record $12.9 million, a 27% increase from the $10.2 million reported in the second quarter of 2004. Net income rose to $1 million, up 82% from the $575,000 reported in the second quarter of 2004. On a per share basis, earnings were $0.05 per diluted share, compared to $0.04 per diluted share for the second quarter of 2004.
"Our second quarter results reflect record revenues, net income and gross margins, which we achieved while effectively managing key investments in areas of the business that we believe are critical to the company's future growth," said Bill Sims, President and CEO. "Our pipelines remain strong and the pace of technological innovation at the LED manufacturing level continues to exceed expectations. As a result, we remain very excited about growth opportunities in both new and existing markets for the company's intelligent color and white solid-state lighting systems, including general illumination applications."
Second quarter highlights include:
- Record revenue performance in both business units with overall gross margins at 52.5%.
- Continued traction for the IntelliWhite™ series, including a multi-store roll out for a national footwear retailer.
- A prominent award for IntelliWhite at Lightfair International, North America's largest lighting tradeshow.
- The unveiling of acclaimed, landmark installations, including Wynn Las Vegas' Lake of Dreams and Philadelphia's historic Boathouse Row.
- OEM product line expansion with the industry's first intelligent white Digital Light Engines (DLEs).
- Continued traction for the OEM and Licensing business, including renewed agreements with Crystal Fountains, Main Light Industries, and Zumtobel Staff Lighting, and a newly signed agreement with Cepia, LLC.
- Three new patents issued, relating to numerous current and future uses of intelligent solid-state lighting.
For the third quarter of 2005, the company currently targets revenues in the range of $13.5 million to $14.3 million with earnings of $0.04 to $0.06 per diluted share.
Color Kinetics will host a conference call to review its second quarter results at 5:00 pm ET today. The conference call may be accessed by dial-in number or via the Internet as follows:
Domestic dial-in number: 866-831-6291
International dial-in number: 617-213-8860
Passcode: 29990864
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 July 27 through August 3 at 888-286-8010 (domestic), 617-801-6888 (international), passcode: 12106593. The webcast will be archived and available for one year via the Investor Relations section of Color Kinetics' website.
Click here to view the Second Quarter 2005 balance sheet, statement of operations, and cash flow financial statements.
About Color Kinetics
Color Kinetics Incorporated (NASDAQ: CLRK) is a leading innovator of intelligent solid-state lighting -- enabling light without limits™. The company's award-winning product lines apply the benefits of LEDs to transform the way light is produced, controlled and applied, advancing the adoption of cost- and energy-efficient lighting worldwide. Its systems leverage a patented layer of digital intelligence, called Chromacore®, to generate and control color and white light for use in high-performance lighting and OEM and licensing applications. The company's investment in research and development is reflected by its wide-ranging intellectual property portfolio. Founded in 1997, the company is headquartered in Boston, MA with offices in the UK, China, and 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 press release 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 Annual Report on Form 10-K for the Twelve Months Ended December 31, 2004, File Number 000-50798, and most recent 10-Q, each as filed with the Securities and Exchange Commission.
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