Color Kinetics Incorporated (Nasdaq: CLRK), a leading innovator of LED lighting technologies, reports that revenues reached a record $18.8 million for the first quarter, an increase of 28% from Q106.
GAAP net income was $1.5 million or $0.07 per fully diluted share, up 697% over net income of $188,000 or $0.01 per fully diluted share in the first quarter of 2006. “We’re very pleased to mark the start of our 10th year in business with another strong operational performance, reflecting continued revenue growth across multiple regions, strong margins, substantial momentum in licensing, and a rate of new intelligent LED lighting installations that we believe outpaces any other player,” said Bill Sims, President and CEO, Color Kinetics.
“The public’s attention to lighting has perhaps never been greater, particularly with recent headlines and efforts to curb its contribution to energy strain. While LED technology has the potential to ultimately leapfrog conventional sources as the energy-efficient choice of the future, our success in the market points to the many other advantages that LED systems already deliver today; from reduced maintenance and longer lifespan to advanced digital control for both existing and entirely new lighting applications,” said Sims. “As LEDs continue their progression towards the mainstream, we believe that our head-start in the field and accumulation of knowledge, experience, technology and IP put Color Kinetics in an excellent position to remain a category leader.”
First quarter highlights include:
* 30% growth in Lighting Systems revenues year over year
* Strong gross margins at 55%
* A quarterly record of 12 new licensing agreements signed, including Ford Motor Company, and 88% increase in licensing revenues year over year
* A quarterly record of 7 new patents issued
* Inclusion among Forbes’ Top 25 Technology Growth Companies for the second consecutive year
For the second quarter of 2007, the company currently targets revenues in the range of $20.2 to $21.2 million, with GAAP net income of $0.05 to $0.07 per fully diluted share.
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