Business News | Nov 02, 2006

Color Kinetics reports revenues for third quarter 2006: Third quarter revenues rise 21% year over year to $17.1 million

Boston, MA, Color Kinetics Incorporated (NASDAQ: CLRK), a leading innovator of LED lighting systems and technologies, today announced its results of operations for the third quarter of 2006. Revenues were $17.1 million, an increase of 21% from the $14.1 million reported in the third quarter of 2005.

GAAP net income was $1.1 million or $0.05 per fully diluted share. Non-GAAP net income for the third quarter was $1.7 million or $0.08 per fully diluted share prior to non-cash charges of $607,000 associated with the FAS 123R accounting standard.
"We're very pleased to report another quarter of record financial performance, driven by strong Lighting Systems sales both domestically and overseas," said Bill Sims, President and CEO, Color Kinetics. "We continue to achieve top line success and drive bottom line results while investing in the company's long-term growth plans."

"Our growing number of landmark installations, such as the newly unveiled LAX Gateway, point to the return on investment that customers can realize with LED systems. In addition, our latest OEM and licensing agreements indicate the accelerating momentum of our programs across a number of markets," said Sims.

Third quarter highlights include:

  • 37% growth in Lighting Systems revenues year over year, driven by record North American and International sales
  • Consistently strong overall gross margins at 56%
  • New OEM agreements signed with Advanced Lighting, ERGO Research, and Sky-Skan
  • New licensing agreements signed with Robe Show Lighting and Spin Master, and the launch of SC Johnson's Color Kinetics-licensed product
  • The issuance of a new U.S. and new Australian patent, bringing the worldwide total to 53 patents

For the fourth quarter of 2006, the company currently targets revenues within the range of $17.4 million to $18.4 million, with non-GAAP net income of $0.08 to $0.10 per fully diluted share prior to stock-based compensation expense. Net income on a GAAP basis, reflecting FAS 123R stock compensation, is expected to be between $0.05 and $0.07 per fully diluted share.

Color Kinetics will host a conference call to review its third quarter results after the close of market today. The conference call may be accessed by dial-in number or via the Internet as follows:

Time: 5:00 pm ET
Domestic dial-in number: 800-901-5259
International dial-in number: 617-786-4514
Passcode: 41536856
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 October 26 through November 2 at 888-286-8010 (domestic), 617-801-6888 (international), passcode: 39365711. The webcast will be archived and available for one year via the Investor Relations section of Color Kinetics' website.

Click here to view the Third 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.

Add comment

You can add a comment by filling out the form below. Plain text formatting. Comments are moderated.

Question: What is 1 + 2 ?
Your answer:
EDITORIAL

WEBINAR (May 14th): How to Achieve Better Products to the Eye Through Virtual Prototyping?

WEBINAR (May 14th): How to Achieve Better Products to the Eye Through Virtual Prototyping? In the CADFEM webinar on May, 14, 2020 you will learn, how physics-based simulations - virtual prototyping - contribute to develop better lighting products. The live presentation pictures the whole process - from editing the geometric model to the definition of light sources and sensors to the use ... Read more »

EDITORIAL

EuControls Introduces Its Zigbee Compatible Ceiling Mount Multi-Sensor 810-PLT-DZB

EuControls Introduces Its Zigbee Compatible Ceiling Mount Multi-Sensor 810-PLT-DZB EuControls is excited to announce the addition of a compact ceiling mount multi-sensor/controller to its growing wireless lighting controls product portfolio. The S810-PLT-DZB is a unique Zigbee compatible energy management device aimed at new and retrofit indoor lighting projects that require ... Read more »

EDITORIAL

Selecting the UV LED Wavelength for Purification Applications

Selecting the UV LED Wavelength for Purification Applications Patrick Durand is the Worldwide Technical Director at Future Lighting Solutions (FLS) with over 15 years of experience in the solid state lighting industry. Patrick leads the FLS Technical Marketing teams and FLS laboratory teams located in multiple regions around the world with the objective of ... Read more »

EDITORIAL

Nichia Showcases LEDs with 'Light so Good'

Nichia Showcases LEDs with 'Light so Good' At Light + Building 2020 held in Frankfurt, Nichia – the leader in high-performance LED solutions – reveals it will present at least three complementary technologies to improve the delivery of light quality under an over-arching banner of 'Light so Good'. Read more »