Carmanah Releases Preliminary Financial Results for Q4 2014

VICTORIA, BC, CANADA (January 7, 2015)

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today releases preliminary selected financial estimates for the quarter ended December 31, 2014.

  • Revenues in the fourth quarter of 2014 were approximately $13.2 million, up approximately 71% from revenues of $7.7 million in the fourth quarter of 2013.  Approximately $3.2 million of fourth quarter revenues are attributable to Sol, Inc. which Carmanah acquired on July 2, 2014.  Revenues derived from the historical Carmanah businesses were approximately $10 million, up 30% over the fourth quarter of 2013. 
  • Full year 2014 revenues were approximately $43.5 million, up approximately 68% over the comparable period in 2013 of $25.9 million.
  • Gross margins in the fourth quarter of 2014 are expected to be reasonably consistent with margins achieved in the first nine months of the year.
  • Order backlog at December 31, 2014 was approximately $9.0 million, a good portion of which is expected to ship in the first quarter of 2015.

“We are pleased with our revenue growth and see positive momentum building for 2015,” said John Simmons, Chief Executive Officer. “In 2015, on the foundation of a healthy order backlog, we hope to realize on organic growth potential while, at the same time, exploring growth through strategic acquisitions.”    

Full financial statement disclosure is scheduled to be made on or about March 10th, 2015, followed by the analyst conference call on or about March 11th, 2015. Details respecting the analyst call will be released approximately one week prior to the call.

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About Carmanah Technologies Corporation

Since its founding in 1996, Carmanah has become one of the most trusted names in solar technology, delivering reliable and cost-effective solar powered products and systems for industrial applications worldwide. To date, Carmanah's solutions for marine navigation, airfield ground lighting, aviation obstruction, roadway illumination, parking lot lighting, as well as on and off-grid power generation, have been successfully deployed in over 400,000 installations in 110 countries with proven performance in conditions ranging from desert heat to arctic cold.

In 2013, through shareholder led initiatives, the company was restructured under the leadership of CEO John Simmons, while the Company’s largest shareholder, Michael W. Sonnenfeldt, became non-executive Chairman.  Carmanah’s current board members demonstrated their belief in Carmanah's future by being the largest investors in each financing since the restructuring.  Now, as a group, the board owns the majority of Carmanah's issued and outstanding shares.

 

Contacts

Carmanah Technologies Corporation:
Stuart Williams, (250) 380-0052
Chief Financial Officer/Corporate Secretary
stuart.williams@carmanah.com

 

This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties. Examples of forward-looking information in this news release include, but are not limited to, statements with respect to the Company’s backlog and the ability to deliver these orders, and estimates of revenue for the period.   For additional information on these risks and uncertainties, see Carmanah’s most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company’s website at www.carmanah.com. The risk factors identified in Carmanah’s AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.