Pop popcorn and place in a large bowl - set aside.
Mix all ingredients in a boiler and bring to a boil.
Cook covered until the steam washes down the sides of the pan - normally 3 - 5 minutes.
Remove lid and cook until the temperature reaches about 290F - Do Not Stir. If the mixture begins to yellow, remove from heat and continue with step #5.
Remove from heat and add food coloring - stir well.
Pour slowly over the popcorn stirring to coat.
Using oil or butter, cover hands with oil to prevent burning and carefully shape the popcorn into desired shapes.
Notes
Popcorn balls can be shaped with your hands to form balls, pressed into cookie cutters or pressed into a two part cake mold to produce the desired shape.
This recipe can be easily doubled, tripled, quadrupled...just be sure when making large batches there are enough helpers to shape before it cools too much.