Revenues for the full year ended 31 December, 2004 were $40.2 million, an increase of 39% from the $28.8 million reported in 2003. Net income for the full year ended December 31, 2004 was $2.4 million or $0.14 per diluted share, compared to a loss of ($727,000) or $(0.26) per diluted share reported in 2003.
"2004 marked several milestones for Color Kinetics, both financially and technologically," says George Mueller, chairman and CEO. "We successfully completed an IPO, strengthened our balance sheet, achieved positive cash flow from operations, significantly improved gross margins, and delivered our first full year of profitability. We also launched the first-of-its-kind IntelliWhite series of products for specialized white light applications. Looking ahead, we believe that Color Kinetics is firmly on track to maintain its leadership position in 2005 and beyond - both in pioneering new intelligent solid-state lighting technologies and in fostering broader industry adoption."
"We're extremely pleased with our fourth quarter performance," said Bill Sims, president and COO. "Both our Lighting Systems and OEM and Licensing business units made solid contributions, showing returns on our sales and channel expansion programs. We expect to continue this positive momentum into 2005 through strategic investments in sales, engineering, product development, product management, and other initiatives designed to fuel the company's future growth."
(Lee Baldock)
