First quarter revenues increase 27% year over year to $14.7 million
BOSTON, May 4 /PRNewswire-FirstCall/ -- Color Kinetics Incorporated , a leading innovator of LED lighting systems and technologies, today announced its results of operations for the first quarter of 2006. Revenues for the quarter were $14.7 million, an increase of 27% from the $11.5 million reported in the first quarter of 2005. Net income for the first quarter was $729,000 or $0.04 per fully diluted share prior to charges of $541,000 associated with adoption of the new stock-based compensation accounting standard. GAAP net income was $188,000 or $0.01 per fully diluted share, compared to $672,000 or $0.03 per fully diluted share for the first quarter of 2005.
"We are pleased to start the year with strong operational results, driven by excellent performance in North American Lighting Systems sales, increased contributions from APAC and Europe, and continued gains in overall gross margins," said Bill Sims, President and CEO. "Our expanding pipelines and rate of new installations suggest that LED lighting is increasingly displacing conventional sources in certain markets. We intend to foster even broader adoption with increased focus on OEM and licensing and a product development strategy that takes LEDs from sophisticated, high-end applications to more simple mainstream uses -- including general illumination."
First quarter highlights include: * Record Lighting Systems revenues led by North America, APAC and Europe * Record overall gross margins at 54.7% * Continued patent portfolio growth, including a U.S. patent with broad white light coverage * Inclusion among Forbes' Top 25 Technology Growth Companies
For the second quarter of 2006, the company currently targets revenues within the range of $14.8 million to $16.0 million, with net income of $0.03 to $0.06 per fully diluted share prior to any stock-based compensation expense. Net income reflecting FAS 123R stock compensation is expected to be between $0.00 and $0.03 per fully diluted share.
Color Kinetics will host a conference call to review its first quarter results after the close of market today. The conference call may be accessed by dial-in number or via the Internet as follows:
Thursday, May 4 at 5:00 pm ET Domestic dial-in number: 866-578-5784 International dial-in number: 617-213-8056 Passcode: 97578785 Webcast: http://phx.corporate-ir.net/phoenix.zhtml?c=178448&p=irol-irhome
A dial-in replay of the conference call will be available from 7:00 pm ET on May 4 through May 11 at 888-286-8010 (domestic), 617-801-6888 (international), passcode: 66470315. The webcast will be archived and available for one year via the Investor Relations section of Color Kinetics' website.
About Color Kinetics
Color Kinetics Incorporated transforms environments through new, dynamic uses of light. Its award-winning lighting systems and technologies apply the benefits of LEDs as a highly efficient, long lasting, environmentally friendly, and inherently digital source of illumination -- reinventing light itself as a highly controllable medium. Color Kinetics also enables widespread adoption of LED lighting through OEM and licensing partnerships in diverse markets. The company is headquartered in Boston, MA with offices in the UK, China, and Japan. More information is available at http://www.colorkinetics.com/.
Color Kinetics and the Color Kinetics logo are registered trademarks of Color Kinetics Incorporated. All other trademarks mentioned are the property of their respective owners.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Color Kinetics Incorporated's business that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements involve risks and uncertainties, are only predictions and may differ materially from actual future events and results. For a discussion of such risks and uncertainties, see "Risk Factors" in the Company's Annual Report on Form 10-K for the Twelve Months Ended December 31, 2005, File Number 000-50798, and most recent 10-Q, each as filed with the Securities and Exchange Commission.
Contacts: Felicia Spagnoli Justine Alonzo Media Relations Investor Relations Color Kinetics Incorporated Color Kinetics Incorporated 617-701-2292 617-701-2272 fspagnoli@colorkinetics.com jalonzo@colorkinetics.com Color Kinetics Incorporated Condensed Consolidated Balance Sheets (In thousands, except per share data) March 31, December 31, 2006 2005 ASSETS CURRENT ASSETS: Cash and equivalents $35,493 $43,032 Investments 20,899 14,137 Restricted cash - 100 Accounts receivable, net of allowance for doubtful accounts 8,637 7,813 Accounts receivable from related party 186 249 Inventory 6,779 7,159 Prepaid expenses and other current assets 2,670 1,436 Total current assets 74,664 73,926 PROPERTY AND EQUIPMENT -- net 1,226 1,026 INTANGIBLE ASSETS -- net 297 - INVESTMENT IN JOINT VENTURE 943 887 RESTRICTED CASH -- Non-current portion 500 900 TOTAL ASSETS $77,630 $76,739 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $1,770 $1,019 Accounts payable to related party - 63 Accrued expenses 1,894 2,169 Accrued compensation 1,734 2,251 Accrued restructuring 351 385 Accrued warranty 881 876 Deferred revenue 255 231 Total current liabilities 6,885 6,994 ACCRUED RESTRUCTURING-Non-current portion 182 243 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Common stock, $0.001 par value 18 18 Additional paid-in capital 100,091 99,210 Accumulated other comprehensive income (128) (120) Accumulated deficit (29,418) (29,606) Total stockholders' equity 70,563 69,502 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $77,630 $76,739 Color Kinetics Incorporated Condensed Consolidated Statements of Income (In thousands, except per share data) Three Months Ended March 31, 2006 2005 REVENUES (1): Lighting systems $13,098 $9,639 OEM and licensing 1,560 1,877 Total revenues 14,658 11,516 COST OF REVENUES: Lighting systems 6,099 4,643 OEM and licensing 540 901 Total cost of revenues 6,639 5,544 GROSS PROFIT 8,019 5,972 OPERATING EXPENSES: Selling and marketing 3,755 2,420 Research and development 1,604 1,032 General and administrative 3,091 2,227 Total operating expenses 8,450 5,679 INCOME (LOSS) FROM OPERATIONS (431) 293 INTEREST INCOME 562 339 EQUITY IN EARNINGS OF JOINT VENTURE 57 40 NET INCOME $ 188 $672 EARNINGS PER SHARE: Basic $0.01 $ 0.04 Diluted $0.01 $ 0.03 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 18,410 17,959 Diluted 19,946 19,531 Three Months Ended March 31, 2006 2005 (1) Includes revenues from a related party as follows: Lighting systems $ 778 $1,265 OEM and licensing 43 - Total related party revenues $ 821 $1,265 Color Kinetics Incorporated Condensed Consolidated Statements of Cash Flows (In thousands) Three Months Ended March 31, 2006 2005 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $188 $672 Adjustments to reconcile net income to cash from operating activities: Depreciation and amortization 247 228 Stock-based compensation 547 8 Loss on disposal of property and equipment - 3 Equity in earnings of joint venture (57) (40) Common stock issued for services 23 - Changes in assets and liabilities: Accounts receivable (761) (621) Inventory 380 (2,241) Prepaid expenses and other current assets (1,233) 252 Accounts payable 688 258 Accrued expenses (787) (1,061) Deferred revenue 24 62 Accrued restructuring (95) (101) Net cash flows from operating activities (836) (2,581) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investments (6,768) (3,810) Purchases of property and equipment (444) (273) Purchase of patent (300) - Proceeds from restricted cash 500 - Net cash flows from investing activities (7,012) (4,083) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from the exercise of stock options 179 434 Proceeds from issuance of common stock 132 153 Net cash flows from financing activities 311 587 EFFECT OF EXCHANGE RATE CHANGES ON CASH (2) - DECREASE IN CASH AND EQUIVALENTS (7,539) (6,077) CASH AND EQUIVALENTS-Beginning of period 43,032 26,198 CASH AND EQUIVALENTS-End of period $35,493 $20,121
CONTACT: Felicia Spagnoli, Media Relations, +1-617-701-2292, fspagnoli@colorkinetics.com, or Justine Alonzo, Investor Relations, +1-617- 701-2272, jalonzo@colorkinetics.com, both of Color Kinetics Incorporated
Web site: http://www.colorkinetics.com/
Комментариев нет:
Отправить комментарий