Carmanah announces record financial results

A Carmanah Technologies product story

Edited by the Buildingtalk editorial team Nov 28, 2005

Carmanah Technologies Corporation announce its results for the three and nine months ended September 30, 2005 and 2004.

Carmanah Technologies Corporation (TSX-V: CMH) announce its results for the three and nine months ended September 30, 2005 and 2004.

Highlights for the Quarter:.

* Record Q3 2005 revenues of $12,195,908, representing a 164% increase over Q3 2004.

* 2005 year-to-date revenues at a record $23,587,957, represent a 93% increase over the same nine-month period in 2004.

* A record sales order backlog in excess of $4 million at the close of the quarter.

* Record Q3 2005 EBITDA of $657,200, representing a 37% increase over Q3 2004.

* Net earnings of $222,470 for Q3 2005 and record earnings of $873,109 for the nine months ended September 30, 2005, representing a 38% increase over the same nine-month period in 2004.

* Successful completion of the acquisition of Soltek Powersource .

Summary of Results.

The third quarter of 2005 saw the Company complete the acquisition of Soltek Powersource .

("Soltek") effective July 1, 2005.

"The Soltek acquisition not only brought obvious immediate financial benefits to Carmanah, it substantially broadened the scope of the Company on all fronts," states Carmanah's CEO, Art Aylesworth.

"We have more than doubled the potential market for our products, our customer base, as well as the range of products we have to offer.

"The integration of two similar-sized companies has certainly taken a high degree of energy and management time".

"However, from all early indications, it would appear that this acquisition will deliver the desired and anticipated result".

"We have clearly positioned the Company in a way that will leverage and grow our brand in the global market for renewable and energy-efficient technologies for years to come".

"We are excited about this acquisition, pleased with the results of this first integrated quarter, and extremely optimistic about the opportunities for Carmanah going forward.