Financial: Color Kinetics revenue reached $65 million in 2006

LED lighting manufacturer Color Kinetics has reported revenue of $18.2 million for the quarter ended December 31, 2006, as well as total revenue for 2006 of $65.4 million.

The quarterly revenue figure was up 25% year-on-year, compared with the $14.5 million reported in the fourth quarter of 2005. GAAP net income was $1.6 million or $0.07 per fully diluted share.

For the full year, the revenue increased by 24% compared with 2005, and the GAAP net income was $3.2 million or $0.16 per fully diluted share. Stock-based compensation amounted to a further $2.4 million.

“We believe there’s little doubt among industry leaders that LEDs will play an integral role in the future of lighting,” said

Bill Sims, president and CEO of Color Kinetics, said that the company has held firm to an investment strategy that continues to deliver returns. "Whether through product line expansion, new engineering resources or on-going patent prosecution, [this is] all intended to help drive continued top- and bottom-line success in the longer term."

Sims added that there is heightened awareness of the potential for energy-efficient lighting to help conserve resources and spare the environment. "We believe such increased attention to the matter, along with continued research, development and government funding, will help set the stage for an eventual transition to LED technology as the right long-term solution,” said Sims.

Among the highlights of the quarter, Color Kinetics was issued 14 new patents and recorded a court victory and conclusion of all litigation with Super Vision. The company was also included among Forbes’ top 25 technology growth companies

For the first quarter of 2007, the company currently targets revenue within the range of $18.4 million to $19.4 million, with non-GAAP net income of $0.09 to $0.11 per fully diluted share prior to stock-based compensation expense.

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