Carmanah Reports First Quarter 2018 Results

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today reported its first quarter financial results for the period ended March 31, 2018.  Currency amounts are in U.S. dollars unless otherwise noted and are for Carmanah’s continuing operations which exclude the operating results from the Company’s Power Division segment which was divested by way of two separate transactions in 2017. In the first quarter of 2018, Carmanah generated revenues of USD $14.9 million, up USD $3.8 million or 34.3% over the first quarter of 2017 revenues of USD $11.1 million.  The increase in revenues was attributed to stronger performance by the Company’s Signals segment, which generated revenues of USD $13.5 million, up USD $4.0 million or 41.2% over the first quarter of 2017 revenues of USD $9.6 million.  The Illumination segment generated revenues of USD $1.4 million, down USD $0.1 million or 8.9% over the first quarter of 2017 revenues of USD $1.5 million, as the transition to our next generation EverGen product continued.   Gross margin percentage in the first quarter of 2018 was 42.4%, down 2.5% compared to the same period in 2017.
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Carmanah Announces Release Date for First Quarter 2018 Financial Results and Conference Call

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) will release its first quarter 2018 financial results on Thursday May 10th, 2018 after market close. Carmanah has scheduled a conference call for analysts at 6:00 am PST (9:00 am ET) on Friday May 11th, 2018.
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Carmanah Telematics business unit receives material order

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today reported that its Telematics business unit has received a product purchase order valued at USD$2.2 million.  This order, together with a previous order in the amount of USD$1.2 million, are being disclosed because they are expected to have a material impact on the Company’s Telematics business unit.  Carmanah’s Telematics business unit was formed in 2016 and since that date had only generated non-recurring engineering project revenues.  The orders disclosed today are for manufactured products which the Company expects to complete by way of multiple deliveries during the second and third quarters of 2018. About Carmanah Technologies Corporation Carmanah designs, develops and distributes a portfolio of products focused on energy optimized LED solutions for infrastructure.
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Carmanah Publishes 2017 Corporate Social Responsibility Report

Happy Earth Day! We’re so excited to celebrate the planet today with our 2017 Corporate Social Responsibility Report. It reviews the three commitments that make up our triple bottom line approach: people, planet, and profit. Highlights from this year? Sponsoring local triathlete Lauren Babineau, doubling the number of staff who bike to work, and reviewing our supply chain and design philosophy. Full report is availible by clicking on the image below..
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Carmanah Reports Fourth Quarter, and Fiscal 2017 Results

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today reported its fourth quarter and fiscal 2017 financial results for the periods ended December 31, 2017.  Currency amounts are in U.S. dollars unless otherwise noted.     All figures below, unless otherwise stated, are for Carmanah’s continuing operations and exclude the operating results from the Company’s Power business segment.  The company completed the sale of the On-Grid division on April 3, 2017 and the sale of the Off-Grid division on August 1, 2017. Fourth Quarter Revenues and Profitability In the fourth quarter of 2017, we generated revenues of USD $14.1 million, up USD $3.4 million or 31.6% over the fourth quarter of 2016 revenues of USD $10.7 million.  The increase in revenues was attributed to exceptionally strong performance from most of our Signals verticals, which generated revenues of USD $13.3 million, up USD $4.5 million or 50.9% over the fourth quarter of 2016 revenues of USD $8.8 million.  The Marine vertical now includes the revenue of Vega.
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Carmanah Acquires Patent Portfolio

Carmanah Technologies Corp. (“Carmanah” or “the Company”) today announces that it has acquired a portfolio of patents and patent applications from Stop Experts, Inc. and R.D. Jones.  The patents, issued by the US. Patent and Trademark Office, as well as additional patent applications all relate to traffic control devices most specifically, Rectangular Rapid Flashing Beacons (“RRFB”).  RRFB devices are deployed in mid-block crosswalks, are pedestrian actuated and have a unique flashing pattern.  Independent testing has proven that RRFBs have a significantly higher driver yield rates than conventional flashing lights and are quite economical and easy for municipal customers to deploy. Total consideration to be paid for the patent portfolio will be USD $2.4 million.
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Carmanah Announces Release Date for Fourth Quarter 2017 Financial Results and Conference Call

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) will release its fourth quarter 2017 financial results on Friday, March 23rd, 2018 after market close. Carmanah has scheduled a conference call for analysts at 6:00 am PST (9:00 am ET) on Monday, March 26th, 2018.
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Carmanah Announces Resolution of Disputed Receivable

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today reported that its wholly owned subsidiary, Carmanah Solar Power Corporation, has come to a negotiated resolution with respect to a previously disputed receivable involving one of its customers.  As a result of the resolution, Carmanah will incur a one-time charge of USD $1.7 million, negatively impacting the net income from discontinued operations in the fourth quarter of 2017.      About Carmanah Technologies Corporation Carmanah designs, develops and distributes a portfolio of products focused on energy optimized LED solutions for infrastructure.
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Carmanah Reports Third Quarter 2017 Results

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today reported its third quarter financial results for the period ended September 30, 2017.  Currency amounts are in U.S. dollars unless otherwise noted.     All figures below, unless otherwise stated, are for Carmanah’s continuing operations and exclude the operating results from the Company’s Power business segment.  The planned disposal was announced in a press release dated October 11, 2016.    In the third quarter of 2017, the Company generated revenues of USD $14.5 million, up 28% from Q3 2016 revenues of USD $11.3 million.  Signals revenues increased 38% to USD $13.8 million, partially attributable to the acquisition of Vega Industries Ltd as described in the press release on August 1, 2017.  Our Offshore Wind, Marine and Traffic verticals had strong year-over-year increases in revenues, while our remaining Signals verticals had year-over-year decreases.  Our Illumination segment revenues decreased 50% to USD $0.7 million when compared to the same period in 2016.  This decline resulted from the transition to the Company’s new EverGen product offering. The net income in the third quarter of 2017 was USD $0.3 million down from USD $1.1 million in the third quarter of 2016. Carmanah management relies on Adjusted EBITDA[1] (a non-IFRS measure) to gauge financial performance.
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Carmanah Announces Release Date for Third Quarter 2017 Financial Results and Conference Call

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) will release its third quarter 2017 financial results on Tuesday, November 14th, 2017 after market close. Carmanah has scheduled a conference call for analysts at 6:00 am PST (9:00 am ET) on Wednesday, November 15th, 2017.
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