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COLOR KINETICS REPORTS RECORD REVENUES
AND NET INCOME FOR THIRD QUARTER 2005
Third quarter revenues increase to $14.1 million, Net income up 47% year over year
Boston, MA - October 27, 2005 - Color Kinetics Incorporated (NASDAQ: CLRK), a leading innovator of intelligent solid-state lighting systems and technologies, today announced its results of operations for the third quarter of 2005. Revenues were a record $14.1 million, a 27% increase from the $11.1 million reported in the third quarter of 2004. Net income rose to $1.3 million, up 47% from the $853,000 reported in the third quarter of 2004. On a per share basis, earnings were $0.06 per diluted share, compared to $0.04 per diluted share for the third quarter of 2004.
"We are very pleased with our strong third quarter performance, which reflects a broad and growing base of customers worldwide," said Bill Sims, President and CEO. "Once again we achieved record revenues across both business units, driven in part by market adoption of new RGB systems, increased traction for the IntelliWhite™ series, and escalating licensing activity. As LED technology progresses, fueling adoption in both new and existing markets, we believe that Color Kinetics is well-equipped to advance the intelligent solid-state lighting industry - both for the replacement of conventional sources, and for the completely new uses of light that our technology makes possible."
Third quarter highlights include:
- Record revenue performance for Lighting Systems and OEM & Licensing with overall gross margins at 53.1%.
- Continued OEM business momentum, including renewed agreements with Electrix, Inc. and TouchTunes, and new agreements with FC Lighting, Litecontrol, Sunnlaine, and Thematics.
- Record licensing revenues of $423,000 reflecting contributions from a broad mix of partners.
- Two new patents issued, including a European regional patent relating specifically to white light applications.
For the fourth quarter of 2005, the company currently targets revenues in the range of $14.0 million to $15.0 million with earnings of $0.05 to $0.07 per diluted share.
Color Kinetics will host a conference call to review its third quarter results at 5:00 pm ET today. The conference call may be accessed by dial-in number or via the Internet as follows:
Thursday, October 27 at 5:00 pm ET
Domestic dial-in number: 800-798-2801
International dial-in number: 617-614-6205
Passcode: 64412430
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 27 through November 3 at 888-286-8010 (domestic), 617-801-6888 (international), passcode: 84839277. 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 2005 balance sheet, statement of operations, and cash flow financial statements.
About Color Kinetics
Color Kinetics Incorporated (NASDAQ: CLRK) is a leading innovator of intelligent solid-state lighting -- enabling light without limits™. The company's award-winning product lines apply the benefits of LEDs to transform the way light is produced, controlled and applied, advancing the adoption of cost- and energy-efficient lighting worldwide. Its systems leverage a patented layer of digital intelligence, called Chromacore®, to generate and control color and white light for use in high-performance lighting and OEM and licensing applications. The company's investment in research and development is reflected by its wide-ranging intellectual property portfolio. Founded in 1997, the company is headquartered in Boston, MA with offices in the UK, China, and Japan. More information can be found 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, 2004, File Number 000-50798, and most recent 10-Q, each as filed with the Securities and Exchange Commission.
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