"We're extremely pleased to post another quarter of excellent results, and our sixth consecutive quarter of profitability," said George Mueller, chairman and CEO. "This achievement reflects Color Kinetics' ability to deliver strong operational results both domestically and internationally, driven by continued market and technology leadership."
"The performance of our operations this quarter reflects continuing growth from both our Lighting Systems and OEM & Licensing units," said Bill Sims, president and COO. "As evidenced by the uptake of our innovative new offerings, pace of installations worldwide, and a market expansion strategy that's already bearing fruit, we believe that Color Kinetics is on track to maintain a competitive lead in intelligent solid-state lighting."
The company reports the highlights from its third quarter as including multiple new offerings delivered to market, agreements signed with five new OEM and licensing partners, and the issue of five new patents covering utility and control aspects of intelligent solid-state lighting (bringing the company's total to 35 issued patents at quarter's end, and 37 to date).
For the fourth quarter, the company currently targets revenues in the range of $9.4 million to $10.3 million with earnings of $.00 to $.02 per diluted share. "Entering the fourth quarter, we are very pleased with the positive results and continued momentum of both business units," says Sims. "Our pipelines are strong and growing. However, we anticipate that our fourth quarter revenues will be sequentially lower than this quarter, reflecting the historical and expected seasonality that affects our business."
An interview with George Mueller and Bill Sims will appear in the November issue of Lighting&Sound International magazine.
(Lee Baldock)
