"Our strong second quarter performance reflects continuing worldwide demand for versatile, efficient LED-based alternatives to conventional lighting in many markets - whether for dynamic architectural lighting, visual merchandising, or international concert tours. We have also shown that opportunities exist well beyond the core lighting market, as evidenced by our growing licensing program," said Bill Sims, president and CEO, Color Kinetics. "We continue to build on our legacy of market leadership by developing the next important technologies, enabling new applications, and working towards industry standards that will drive even broader adoption."
Second quarter highlights include: 29% growth in lighting systems revenues year over year, driven by record performance in North America ; record overall gross margins at 57%; record licensing revenues of $705,000, and new agreements signed with Martin Professional, Dialight, and iLight Technologies; the award of a grant of approximately $1.7 million by the U.S. Department of Energy to accelerate product development for general illumination; the issuance of five new U.S. patents; completion of RoHS compliance ahead of deadline.
For the third quarter of 2006, the company currently targets revenues within the range of $16.3 million to $17.3 million, with net income of $0.06 to $0.08 per fully diluted share prior to any stock-based compensation expense. Net income reflecting FAS 123R stock compensation is expected to be between $0.03 and $0.05 per fully diluted share.
Color Kinetics will host a conference call to review its second quarter results after the close of market today. The conference call may be accessed by dial-in number or via the Internet as follows:
Domestic dial-in number: 800-561-2718
International dial-in number: 617-614-3525
Passcode: 69680408
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 August 3 through August 10 at 888-286-8010 (domestic), 617-801-6888 (international), passcode: 84048728. The webcast will be archived and available for one year via the Investor Relations section of Color Kinetics' website.
(Chris Henry)
