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COLOR KINETICS REPORTS RECORD REVENUES AND EARNINGS
FOR
FOURTH QUARTER AND FULL YEAR 2005
Fourth quarter revenues rise 35% year over year to $14.5 million,
Full-year revenues increase 32% to $52.9 million
Boston, MA -February 9, 2006 - Color Kinetics Incorporated (NASDAQ: CLRK), a leading innovator of intelligent solid-state lighting systems and technologies, today announced its results of operations for the fourth quarter of 2005. Revenues for the quarter were $14.5 million, an increase of 35% from the $10.7 million reported in the fourth quarter of 2004. Net income for the fourth quarter rose to $1.4 million or $0.07 per fully diluted share, compared to $626,000 or $0.03 per fully diluted share for the fourth quarter of 2004.
Revenues for the full year ended December 31, 2005 were $52.9 million, an increase of 32% from the $40.2 million reported in 2004. Net income for the full year was $4.3 million or $0.22 per fully diluted share, compared to $2.4 million or $0.14 per fully diluted share in 2004.
"We are extremely pleased with both our fourth quarter and full-year performance, which reflect strong contributions from each of our business units and demonstrate solid returns on our strategic investments," said Bill Sims, President and CEO. "We will continue to support our product portfolio, proprietary technologies and global sales network with further investments in 2006, and believe that these investments, together with our breadth of expertise, will position Color Kinetics as a market leader in intelligent solid-state lighting in the years ahead."
Additional 2005 achievements included:
- 15 new product offerings shipped, spanning both intelligent color and intelligent white light innovations
- News-making installations such as Hollywood Bowl, the FAO Schwarz flagship store, Time Warner Center, the Lake of Dreams at Wynn Las Vegas, and the sets of The Tonight Show and The Oprah Winfrey Show
- Global sales force expansion
- Record licensing revenues
- The awarding of 9 new U.S. patents and 2 new regional European patents
For the first quarter of 2006, the company currently targets revenues within the range of $14.6 million to $15.6 million, with net income of $0.03 to $0.05 per fully diluted share prior to any stock compensation charges. The company will be required to adopt the new stock compensation accounting standard, FAS 123R, in the first quarter. Although the impact of FAS 123R has not yet been finalized, net income reflecting FAS 123R stock compensation is expected to be between $0.00 and $0.02 per fully diluted share.
Color Kinetics will host a conference call to review its fourth quarter and full-year results after the close of market today. The conference call may be accessed by dial-in number or via the Internet as follows:
Thursday, February 9 at 5:00 pm ET
Domestic dial-in number: 866-277-1184
International dial-in number: 617-597-5360
Passcode: 78700325
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 February 9 through February 16 at 888-286-8010 (domestic), 617-801-6888 (international), passcode: 71607693. 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 2005 balance sheet, statement of operations, and cash flow financial statements.
About Color Kinetics
Color Kinetics Incorporated (NASDAQ: CLRK) transforms environments through new, dynamic uses of light. Its award-winning intelligent solid-state lighting systems and technologies apply the benefits of LEDs as a highly efficient, long lasting, environmentally friendly, and inherently digital source of illumination - reinventing light itself as a highly controllable medium. Color Kinetics also enables widespread adoption of intelligent solid-state lighting through OEM and licensing partnerships in diverse markets. The company is headquartered in Boston, MA with offices in the UK, China, and Japan. More information is available 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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