During the first half of 2004, the company generated approximately $1.2 million in cash from operating activities and, as of 30 June 2004, had cash and equivalents of $54.7 million. The Company's cash balance as of 30 June 2004 included approximately $35.2 million in net proceeds from its recently completed initial public offering in which the Company issued 4,000,000 shares of common stock at a price of $10 per share.
"We are very pleased to announce record results, positive cash flow from operations, and continued growth, especially in Color Kinetics' first quarter as a public company," said George Mueller, chairman and CEO. "We believe that these results demonstrate our ability to drive top line growth and bottom line results generated by a broad base of customers, and reflect the larger trend of solid-state lighting as a fast-growing alternative to conventional lighting methods in a growing number of markets."
"Our performance this quarter reflects strong contributions from both our Lighting Systems and OEM and Licensing business units, fueled in part by innovative new product offerings, worldwide expansion of our sales force and distribution channels, and the further penetration of markets both within and beyond the traditional lighting space," said Bill Sims, President and COO. "We believe that, with our broad product portfolio, core technologies and intellectual property, the Company is well positioned to maintain a leadership position as the market opportunity for solid-state lighting continues to grow."
(Lee Baldock)
