Carmanah Announces Q2 2010 Results

Aug 16, 2010 Carmanah Technologies Corporation  have announced its second quarter financial results for the three-month period ending June 2010.

Sales for the quarter were $8.0 million, up $0.5 million from the same period last year. Second quarter Systems & Other sales increased by $0.7 million over the second quarter of the prior year, mainly due to a significant increase in mobile systems, Illumination products, Grid-tie systems sales.

Highlights for the Quarter:
•    Sales: $8.0 million, up from $7.5 million for the same period in 2009
•    Gross margin: 33.9%, down from 38.5% in 2009
•    Operating costs: $3.4 million, up from $3.2 million in 2009
•    Net (loss): $(0.7) million, consistent with 2009
•    Adjusted EBITDA: $(0.7) million, consistent with 2009
•    Cash balance: $6.7 million as at June 30, 2010, down from $8.7 million at December 31, 2009
•    Debt: Continued debt-free operation

The second quarter of 2010 showed an overall slight decline in sales of our EverGEN™ products over the first quarter of 2010, due to the lumpiness in EverGEN™ lighting sales caused by the project-based nature of this product line. Revenue for the EverGEN™ product declined from $1.6 million in the first quarter of 2010 to $1.2 million in the second quarter of 2010, with trends suggesting an increase in growth again during the second half of 2010.

Other highlights during this quarter included:
•    Carmanah Launches New Online Application for Solar LED Lighting.
•    Carmanah Awarded $1.5 Million Solar PV Contract by Town of Markham.
•    Carmanah Supplies Carmanah/Sabik Marine Lanterns to Support Oil Spill Containment Efforts.
•    Carmanah Awarded Multiple Standing Offers Totaling $1.2 Million (CAD) from Canadian Coast Guard.
•    Carmanah Launches Revolutionary Solar Lighting Technology at LIGHTFAIR ® 2010.
•    Carmanah Delivers $1 Million (USD) in Solar-Powered Perimeter Fence Lighting.

Author:  BIO T&T

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