Net income for the second quarter increased to $853,000, or $0.04 per diluted share, compared to $8,000, or $0.00 per diluted share for the third quarter of 2003. The company's cash and short-term investments at September 30, 2004 totaled $55.0 million.
"We're extremely pleased to post another quarter of excellent results, and our sixth consecutive quarter of profitability," said George Mueller, Chairman and CEO. "This achievement reflects Color Kinetics' ability to deliver strong operational results both domestically and internationally, driven by continued market and technology leadership."
"The performance of our operations this quarter reflects continuing growth from both our Lighting Systems and OEM & Licensing units," said Bill Sims, President and COO. "As evidenced by the uptake of our innovative new offerings, pace of installations worldwide, and a market expansion strategy that's already bearing fruit, we believe that Color Kinetics is on track to maintain a competitive lead in intelligent solid-state lighting."
For the fourth quarter of 2004, the company currently targets revenues in the range of $9.4 million to $10.3 million with earnings of $.00 to $.02 per diluted share.
"Entering the fourth quarter, we are very pleased with the positive results and continued momentum of both business units," Sims said. "Our pipelines are strong and growing. However, we anticipate that our fourth quarter revenues will be sequentially lower than this quarter, reflecting the historical and expected seasonality that affects our business."