Carmanah Releases Preliminary Financial Results for Q2 2014
VICTORIA, British Columbia--(BUSINESS WIRE)--Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) announced today its preliminary financial estimates for the quarter ended June 30, 2014. The announced highlights include:
“In Q2 2014 we achieved substantial revenue growth with consistent margins”
- Revenues in Q2 2014 were approximately $9.0 million, up 43% over Q2 2013 revenues of $6.3 million.
- Year to date revenues were approximately $18.1 million, up 36% over the comparable period in 2013 of $13.3 million.
- Gross margins in Q2 2014 are up substantially from Q2 2013 and remain reasonably consistent with margins achieved in Q1 2014.
- Carmanah’s order backlog grew through Q2 2014 and is significantly higher than the order backlog at the end of Q1 2014. This order backlog does not include any order data from SOL, Inc. which was acquired by the Company on July 1, 2014.
“In Q2 2014 we achieved substantial revenue growth with consistent margins,” said John Simmons, CEO. “At the same time, our order backlog grew through Q2 2014 providing encouraging indications for Q3 and Q4 2014.”
Full financial statement disclosure is scheduled to be made on or about August 8, 2014 followed by the analyst conference call on or about August 11, 2014. Details respecting the analyst call will be released approximately one week prior to the call.
About Carmanah Technologies Corporation
As one of the most trusted names in solar technology, Carmanah has earned a reputation for delivering strong and effective solar products for roadway, marine, airfield, traffic and obstruction applications worldwide. With products proven to perform reliably in some of the world's harshest environments, Carmanah solar LED lights, signaling and solar power systems provide durable, dependable and cost effective alternatives. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH”. For more information, visit www.carmanah.com.
Carmanah Technologies Corporation:
Stuart Williams, (250) 380-0052
Chief Financial Officer/Corporate Secretary
Statements contained in this news release relating to future results, events or developments and statements containing the words "believes," "may," "could", "plans," "will," "estimate," "continue," "anticipates," "intends," "expects", “goal” and similar expressions, are "forward-looking statements" or “forward-looking information” under applicable Canadian securities laws. Forward-looking information relates to future events or future performance and reflects management of Carmanah’s expectations or beliefs regarding future events. Examples of forward-looking information in this news release include, but are not limited to, statements with respect to the potential earn-out payments.
Forward-looking statements or information are subject to the related assumptions made by Carmanah and involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from those expressed or implied by such statements or information. Such factors and assumptions include, but are not limited to: uncertainty regarding the recognition of revenue, the timing and ability to conclude on sales within the Company’s backlog, and estimate of overall profitability.
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