Carmanah Announces Record Financial Results for Q3 2005
VICTORIA, BC, Nov 22, 2005 -- Carmanah Technologies Corporation (TSX-V: CMH)
is pleased to 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 Ltd.
Summary of Results
The third quarter of 2005 saw the Company complete the acquisition of Soltek
Powersource Ltd. ("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."
The full version of this release, including financial statements, is
available at:
http://carmanah.com/content/investors/shownewsrelease.aspx?id=051110
About Carmanah Technologies Corporation
Carmanah is an award-winning manufacturer specializing in energy efficient
technologies that fundamentally change the way its customers operate. 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
TSX Venture 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,
ddavies@carmanah.com
Tel: (250) 382-4332
