Carmanah Technologies Corporation is pleased to announce its results for the years ended December 31, 2005 and 2004.
Victoria, British Columbia, Canada - Tuesday, March 21, 2006 - Carmanah Technologies Corporation (TSX: CMH) is pleased to announce its results for the years ended December 31, 2005 and 2004.
HIGHLIGHTS FOR THE YEAR
- Annual revenues of $38,729,885, representing a 144% increase over 2004
- Record outstanding orders of $4,744,279 at year end
- 2005 EBITA of $1,981,573, representing a 92% increase over 2004 EBITA of $1,034,439
- 2005 earnings before tax of $1,256,608, representing a 112% increase over 2004
- 2005 net earnings of $680,962, representing a 15% increase over 2004
- Net working capital of $26,332,325 at year end, up from $11,759,089 at the end of 2004
Download financial results:
SUMMARY OF RESULTS
2005 was a year of substantial growth for Carmanah. Organically, the Company continued the historical trend of rapid global expansion in its targeted solar LED lighting and LED-illuminated signage markets,
achieving 2005 revenues of $23,149,422, an increase of 46% over 2004. In July of 2005, Carmanah also entered the much larger solar power systems market through the acquisition of Soltek Powersource Ltd. ("Soltek"), the largest Canadian supplier of proprietary solar power systems and solar power equipment. Combined, Carmanah achieved overall 2005 revenues of $38,729,885, a record increase of 144% over 2004.
"Even with the challenges, distractions and additional work of a large integration, 2005 proved to be a great year for Carmanah," states Art Aylesworth, Carmanah's CEO. "The Company continued to
show organic growth and fiscal discipline while dramatically expanding its size and scope. Carmanah remains a standout in the solar power industry as it grows rapidly, yet profitably."
"We are pleased with the results to-date and excited about the prospects for our future," states Aylesworth. "Carmanah has laid the foundation to become one of the primary global brands in the
burgeoning solar energy sector. We are positioned to capitalize on the immense opportunities in the expanding international markets for our remote power systems and alternative energy technologies."
OVERVIEW OF OPERATIONS
The growth in Carmanah's operations, both organically and through acquisition, has resulted in a broadening of the Company's business activities to include the design, manufacture and/or distribution of three technology groups: solar-powered LED lighting, solar power systems and LED-illuminated signage.
Carmanah's Solar LED Lighting Group provides a variety of energy-efficient LED lighting products for marine, aviation, transit, roadway and industrial worksite applications. The Company's Solar Power Systems Group offers a wide range of renewable energy system solutions for industrial, residential and recreational power applications. The LED Sign Group designs and manufactures energy-efficient LED edge-lit signs for corporate identity, point-of-purchase and architectural applications.
Carmanah's headquarters and primary manufacturing and distribution facilities continue to be located in Victoria, British Columbia, Canada. The Company also operates additional manufacturing and distribution facilities in Calgary, Alberta, Canada, as well as regional distribution and sub-assembly facilities in Barrie, ON; Santa Cruz, CA; and London, England.
Carmanah currently has more than 250,000 installations in 110 countries. Carmanah's customer list includes a wide range of government, commercial and private users worldwide, who are serviced
directly by the Company or one of its regional authorized distributors and/or sales agents.
ABOUT CARMANAH TECHNOLOGIES CORPORATION
Carmanah is an award-winning manufacturer specializing in renewable and energy-efficient technology solutions. The Company is currently focused on three technology groups: solar power systems & equipment, solar-powered LED lighting and LED illuminated signage.
Carmanah is headquartered in Victoria, British Columbia, Canada and has branch offices and/or sales representation in 11 cities across Canada, the United States and the United Kingdom. With more than
250,000 installations worldwide, Carmanah is one of the world's premier suppliers of energy-efficient products.
The shares of Carmanah Technologies Corporation are publicly traded on the Toronto Stock Exchange under the symbol "CMH" and on the Berlin and Frankfurt Stock Exchanges under the symbol "QCX". For more information, please visit www.carmanah.com.
For further information, please contact:
Tel: (250) 382-4332
This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are described under the caption "Note Regarding Forward-looking Statements" and "Key Information - Risk Factors" and elsewhere in Carmanah's Annual Report for the fiscal year ended December 31, 2004, as filed with the U.S. Securities and Exchange Commission and which are incorporated herein by reference. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.