Carmanah Announces Financial Results for 2005
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:
carmanah.com/documents/news_releases/060316_CarmanahRelease.pdf
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:
David Davies
Tel: (250) 382-4332
ddavies@carmanah.com
