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COLOR KINETICS REPORTS RECORD REVENUES
FOR SECOND QUARTER 2006
Second quarter revenues increase 21% year over year to $15.5 million
Boston, MA - August 3, 2006 - Color Kinetics Incorporated (NASDAQ: CLRK), a leading innovator of LED lighting systems and technologies, today announced its results of operations for the second quarter of 2006. Revenues were $15.5 million, an increase of 21% from the $12.9 million reported in the second quarter of 2005. Net income for the second quarter was $1.0 million or $0.05 per fully diluted share prior to non-cash charges of $613,000 associated with the FAS 123R accounting standard. GAAP net income was $425,000 or $0.02 per fully diluted share, compared to $1.0 million or $0.05 per fully diluted share for the second quarter of 2005.
"Our strong second quarter performance reflects continuing worldwide demand for versatile, efficient LED-based alternatives to conventional lighting in many markets - whether for dynamic architectural lighting, visual merchandising, or international concert tours. We have also shown that opportunities exist well beyond the core lighting market, as evidenced by our growing licensing program," said Bill Sims, President and CEO, Color Kinetics. "We continue to build on our legacy of market leadership by developing the next important technologies, enabling new applications, and working towards industry standards that will drive even broader adoption."
Second quarter highlights include:
- 29% growth in Lighting Systems revenues year over year, driven by record performance in North America
- Record overall gross margins at 57%
- Record licensing revenues of $705,000, and new agreements signed with Martin Professional, Dialight, and iLight Technologies
- The award of a grant of approximately $1.7 million by the U.S. Department of Energy to accelerate product development for general illumination
- The issuance of five new U.S. patents
- Completion of RoHS compliance ahead of deadline, ensuring uninterrupted sales to Europe
For the third quarter of 2006, the company currently targets revenues within the range of $16.3 million to $17.3 million, with net income of $0.06 to $0.08 per fully diluted share prior to any stock-based compensation expense. Net income reflecting FAS 123R stock compensation is expected to be between $0.03 and $0.05 per fully diluted share.
Color Kinetics will host a conference call to review its second quarter results after the close of market today. The conference call may be accessed by dial-in number or via the Internet as follows:
Domestic dial-in number: 800-561-2718
International dial-in number: 617-614-3525
Passcode: 69680408
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 August 3 through August 10 at 888-286-8010 (domestic), 617-801-6888 (international), passcode: 84048728. 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 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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