Color Kinetics reports $11.5 m revenue, announces change of CEO
Net income for the first quarter increased to $672,000 ($0.03 per diluted share on a non-GAAP basis) from the $330,000 ($0.02 per share) reported in the first quarter of 2004. Color Kinetics spent just over $1 million on research & development during the quarter.
For the second quarter of 2005, the company currently targets revenues in the range of $12.4 million to $12.9 million with earnings of $0.03 to $0.05 per diluted share.
“Our first quarter results were driven by strong revenues from both our Lighting Systems and OEM & Licensing business units, including a record performance in International Sales and notable gains in overall gross margins,” said Bill Sims, President and COO. “We believe our first quarter performance demonstrates the returns of our strategic investments across engineering, product development, and sales and channel expansion, as well as our timely execution on key initiatives. We expect this momentum to carry well into 2005 and beyond.”
Color Kinetics has also announced that its co-founder and CEO George Mueller will step into an active role as full-time Founder Chairman. Bill Sims, currently serving his fourth year as the company’s President and COO, will become President and CEO. Both remain members of the company’s Board of Directors. The executive transition will be effective July 1, 2005. “In my tenure as CEO of Color Kinetics, I have seen the company’s extraordinary transformation from a pioneering start-up with promising technology, to an established category leader in intelligent solid-state lighting,” said Mueller. “As Founder Chairman, I will devote my time more fully to working with industry thought leaders and influencers to propagate the greater cross-industry adoption of intelligent solid-state lighting.”
Color Kinetics forms joint development alliance with David Cunningham
Color Kinetics has announced an agreement with industry veteran David Cunningham to jointly develop advanced, intelligent solid-state lighting solutions for entertainment, theatrical and architectural applications. The solutions will be marketed worldwide by Color Kinetics.
Cunningham is a highly accomplished inventor and industry pioneer, credited for designing some of the entertainment industry’s most commercially successful lighting products, including ETC’s popular Source Four™ fixture and Sensor™ dimmer lines. Through the agreement, his expertise will be applied to developing products that merge Color Kinetics’ intelligent LED control technologies with system requirements tailored to the needs of various applications. The products will also apply the collective intellectual property of both Cunningham and Color Kinetics.
“LEDs offer tremendous potential for precise and instantaneous color control in theatrical and architectural applications,” said Cunningham. “Color Kinetics is in the best position to solve the technical challenges in bringing this new technology to these markets based on their R&D capabilities, their relationship with LED manufacturers, and their extensive patent portfolio. This alliance represents an exciting union of powerful technology and market-specific expertise, and I look forward to the innovative products that will emerge as a result.”