Victoria, BC, Canada - (August 10, 2009) - Carmanah Technologies Corporation (TSX: CMH) ) today announced its second quarter financial results for the three-month period ending June 2009. Strategic sales were $7.3 million, up almost 20% over the same period the prior year, although total sales for Q2 2009 were $9.3 million, down from $15.7 million for the same period last year, due the exiting of various low margin product lines.
Highlights for the Quarter
Revenues: $9.3 million, down from $15.7 million for the same period in 2008
Strategic Revenues: $7.3 million, up from $6.1 million for the same period in 2008
Gross margin: 37%, up from 32.5% in 2008
Operating expenses: $4.2 million, down from $5.6 million in 2008
Net loss: $1.0 million, up from $0.4 million in 2008
Adjusted EBITDA: Adjusted EBITDA of ($1.1) million, down from $0.4 million in 2008
Cash flow from operations: $2.5 million, up from $1.5 million in 2008
Cash balance: $10.2 million as at June 30, 2009, from $5.5 million at the same period in 2008
Nil debt: Continued debt-free operationSales: $10.4 million, down from $15.1 million for the same period in 2008
To view full financials, click here.
Summary of Results
Carmanah, like most businesses, has not been immune from the global economic downturn, but significant sales growth in its key strategic markets indicate a continued and growing demand for the company's cost-effective solar-LED lighting products.