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Color Kinetics Reports Record Revenues For First Quarter 2005
Color Kinetics Incorporated has announced its results of operations for the first quarter of 2005. Revenues for the quarter were a record $11.5 million, an increase of 40% from the $8.2 million reported in the first quarter of 2004. Net income for the first quarter increased to $672,000 from the $330,000 reported in the first quarter of 2004.
“We are pleased to start the year with another quarter of excellent results, reflecting a broad customer base in diverse and growing markets, as well as the accelerating adoption of intelligent solid-state lighting worldwide,” said George Mueller, chairman and CEO. “This achievement reflects Color Kinetics’ ability to deliver strong operational results both domestically and internationally, fueled by continued market, technology, and intellectual property leadership.”
”Our first quarter results were driven by strong revenues from both our Lighting Systems and OEM and 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.”
29th April 2005
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