Victoria, BC, Canada - (March 31, 2010) - Carmanah Technologies Corporation (TSX: CMH) today released its results for the fourth quarter and year-end December 31, 2009.
2009 Year Summary ($USD)
Sales: $31.6 million for 2009, down from $51.9 million in 2008
Signals & Illumination sales of $22.2 million for 2009, down from $27.9 million in 2008
Systems & Other sales of $9.4 million for 2009, down from $24.1 million in 2008, primarily due to the 2009 exit of signage and distribution businesses
Gross margin: 34% for 2009, down from 35% in 2008
Net loss: $0.6 million for 2009, compared to a net loss of $7.5 million in 2008 (including the impact of the goodwill impairment write-off of $8.7 million)
Adjusted EBITDA: $0.8 million of income for 2009, compared to $4.0 million income in 2008
Positive cash flow from operations: $5.7 million for 2009, compared to $3.0 million in 2008
Cash balance: $8.7 million as at December 31, 2009, up from $5.8 million at the end of 2008
Debt: Nil
2009 Fourth Quarter Summary ($USD)
Sales: $6.8 million for Q4 2009, down from $12.2 million in 2008
Signals & Illumination sales of $5.3 million for 2009, from $8.3 million in 2008 (primarily from solar LED illumination)
Systems & Other sales of $1.5 million for 2009, down from $3.9 million in 2008 (due to the exit of sign and distribution businesses in early 2009)
Gross margin: 27.4% for Q4 2009, down from 36.5% in 2008
Net loss: $0.9 million for Q4 2009, compared to a net loss of $8.0 million (including the impact of the goodwill impairment write-off of $8.7 million) for Q4 2008
Adjusted EBITDA: $0.3 million loss for 2009, compared to $2.0 million income in 2008
To view full financials, click here.
Summary of Results
In the face of a cautious and challenging 2009 sales environment, many steps were taken by Carmanah to assure growth in 2010 and beyond. The 2008 shift to independent channels of distribution began to take hold with the weaning out of weaker distributors and the strengthening of strategic partnerships, including new arrangements for distribution of signaling and illumination products with ADB Airfield Solutions, PTL Solar and Semex. The Company's EverGEN illumination lighting products continued to show acceptance in the marketplace and the Carmanah brand and reputation for quality in the solar powered illumination area broadened to open more doors for more partnerships.
"Our progress is step by step and strategic," says Ted Lattimore, CEO, Carmanah Technologies.
