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COLOR KINETICS REPORTS FINANCIAL RESULTS FOR FIRST QUARTER 2007
Net income increases nearly seven-fold year over year to $1.5 million
Boston, MA - April 26, 2007 - 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 2007. Revenues were a record $18.8 million, an increase of 28% from the $14.7 million reported in the first quarter of 2006. GAAP net income was $1.5 million or $0.07 per fully diluted share, up 697% over net income of $188,000 or $0.01 per fully diluted share in the first quarter of 2006. Non-GAAP net income for the first quarter was $2.3 million or $0.10 per fully diluted share prior to non-cash FAS 123R stock-based compensation charges of $814,000.
"We're very pleased to mark the start of our 10th year in business with another strong operational performance, reflecting continued revenue growth across multiple regions, strong margins, substantial momentum in licensing, and a rate of new intelligent LED lighting installations that we believe outpaces any other player," said Bill Sims, President and CEO, Color Kinetics.
"The public's attention to lighting has perhaps never been greater, particularly with recent headlines and efforts to curb its contribution to energy strain. While LED technology has the potential to ultimately leapfrog conventional sources as the energy-efficient choice of the future, our success in the market points to the many other advantages that LED systems already deliver today; from reduced maintenance and longer lifespan to advanced digital control for both existing and entirely new lighting applications," said Sims. "As LEDs continue their progression towards the mainstream, we believe that our head-start in the field and accumulation of knowledge, experience, technology and IP put Color Kinetics in an excellent position to remain a category leader."
First quarter highlights include:
- 30% growth in Lighting Systems revenues year over year
- Strong gross margins at 55%
- A quarterly record of 12 new licensing agreements signed, including Ford Motor Company, and 88% increase in licensing revenues year over year
- A quarterly record of 7 new patents issued
- Inclusion among Forbes' Top 25 Technology Growth Companies for the second consecutive year
For the second quarter of 2007, the company currently targets revenues within the range of $20.2 million to $21.2 million, with GAAP net income of $0.05 to $0.07 per fully diluted share. Non-GAAP net income, excluding FAS 123R stock compensation, is expected to be between $0.09 and $0.11 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:
4:30 pm ET
Domestic dial-in number: 800-299-0148
International dial-in number: 617-801-9711
Passcode: 66518986
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 6:30 pm ET today through May 3 at 888-286-8010 (domestic), 617-801-6888 (international), passcode: 56100710. 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 2007 balance sheet, statement of operations, and cash flow financial statements.
About Color Kinetics
Celebrating its 10th anniversary this year, 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 and China. More information is available at http://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, 2006, File Number 000-50798, and most recent 10-Q, each as filed with the Securities and Exchange Commission.
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