Color Kinetics reports continued revenue growth to $12.9 million
Revenue from the Lighting Systems business unit was $10.7 million, while revenue from the company's Licensing & OEM unit was $2.2 million. Overall gross margins were 52.5%.
Net income rose to $1.05 million, up 82% from the $575,000 reported in the second quarter of 2004 and up 49% sequentially from the $672,000 in the first quarter of 2005. On a per share basis, earnings were $0.05 per diluted share, compared to $0.04 per diluted share for the second quarter of 2004.
For the third quarter of 2005, the company currently targets revenues in the range of $13.5 million to $14.3 million with earnings of $0.04 to $0.06 per diluted share.
”Our second quarter results reflect record revenues, net income and gross margins, which we achieved while effectively managing key investments in areas of the business that we believe are critical to the company’s future growth,” said Bill Sims, president and CEO.
Sims said that the pace of technological innovation at the LED manufacturing level continues to exceed expectations.
"As a result, we remain very excited about growth opportunities in both new and existing markets for the company’s intelligent color and white solid-state lighting systems, including general illumination applications.”
Color Kinetics' highlights for the second quarter included:
* Continued traction for the IntelliWhite™ series, including a multi-store roll out for a national footwear retailer.
* A prominent award for IntelliWhite at Lightfair International, North America’s largest lighting tradeshow.
* The unveiling of acclaimed, landmark installations, including Wynn Las Vegas’ Lake of Dreams and Philadelphia’s historic Boathouse Row.
* OEM product line expansion with the industry’s first intelligent white Digital Light Engines (DLEs).
* Continued traction for the OEM and Licensing business, including renewed agreements with Crystal Fountains, Main Light Industries, and Zumtobel Staff Lighting, and a newly signed agreement with Cepia, LLC.
* Three new patents issued, relating to numerous current and future uses of intelligent solid-state lighting.