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COLOR KINETICS REPORTS
RECORD REVENUES FOR FIRST QUARTER 2006
First quarter revenues increase 27% year over year to $14.7 million
Boston, MA - May 4, 2006 -
Color Kinetics Incorporated (NASDAQ: CLRK), a leading innovator of LED lighting systems and technologies, today announced its results of operations for the first quarter of 2006. Revenues for the quarter were $14.7 million, an increase of 27% from the $11.5 million reported in the first quarter of 2005. Net income for the first quarter was $729,000 or $0.04 per fully diluted share prior to charges of $541,000 associated with adoption of the new stock-based compensation accounting standard. GAAP net income was $188,000 or $0.01 per fully diluted share, compared to $672,000 or $0.03 per fully diluted share for the first quarter of 2005.
"We are pleased to start the year with strong operational results, driven by excellent performance in North American Lighting Systems sales, increased contributions from APAC and Europe, and continued gains in overall gross margins," said Bill Sims, President and CEO. "Our expanding pipelines and rate of new installations suggest that LED lighting is increasingly displacing conventional sources in certain markets. We intend to foster even broader adoption with increased focus on OEM and licensing and a product development strategy that takes LEDs from sophisticated, high-end applications to more simple mainstream uses - including general illumination."
First quarter highlights include:
- Record Lighting Systems revenues led by North America, APAC and Europe
- Record overall gross margins at 54.7%
- Continued patent portfolio growth, including a U.S. patent with broad white light coverage
- Inclusion among Forbes' Top 25 Technology Growth Companies
For the second quarter of 2006, the company currently targets revenues within the range of $14.8 million to $16.0 million, with net income of $0.03 to $0.06 per fully diluted share prior to any stock-based compensation expense. Net income reflecting FAS 123R stock compensation is expected to be between $0.00 and $0.03 per fully 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:
Thursday, May 4 at 5:00 pm ET
Domestic dial-in number: 866-578-5784
International dial-in number: 617-213-8056
Passcode: 97578785
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 May 4 through May 11 at 888-286-8010 (domestic), 617-801-6888 (international), passcode: 66470315. 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 2006 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 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 LED 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, 2005, File Number 000-50798, and most recent 10-Q, each as filed with the Securities and Exchange Commission.
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