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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.
