Carmanah Technologies Corporation (TSX: CMH) announce results for the years ended December 31, 2006 and 2005.
” Record 2006 annual revenues of $62,446,000, representing a 61% increase over 2005;
” Outstanding orders of $4,170,000 at 2006 year end;
” 2006 EBITA of $2,299,000, representing a 26% increase over 2005;
” 2006 Earnings before tax of $1,339,000, representing a 7% increase over 2005;
” 2006 Net earnings of $134,000;
” Net working capital of $27,315,000 at 2006 year end, up from $26,332,000 at 2005 year end.
For Carmanah, the overall theme for 2006 was continued market penetration and operational development. During the year, the Company laid the groundwork for future growth by (1) finalizing the integration of its Solar Power Systems Group (obtained via the acquisition of Soltek Powersource Ltd. in 2005), (2) completing major facilities expansion at its Victoria, BC, Calgary, AB and Santa Cruz, CA locations, and (3) investing record R&D resources in the development of new technologies, such as the Company’s general illumination products and next generation wirelessly-controlled solar LED aviation lighting systems.
Meanwhile, Carmanah achieved record annual revenues of approximately $62.4M, on track with Management’s revenue expectations, and the Company continued to operate profitably.
Sales performance of the core Solar LED Lighting Group realized annual revenues of $26,951,000, representing an increase of 46% over 2005 at $18,413,000. Revenues in all primary solar LED lighting markets grew year over year with an average gross margin of 45% in 2006.
The revenues from the Solar Power Systems Group increased to $31,053,000 in 2006 from $15,580,000 in 2005, reflecting the impact of its first full year of contribution versus six months of contribution in 2005. With the integration of people and systems complete, the operations of the Solar Power Systems Group have normalized and they are trending in line with the Company’s forecasts.
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