Victoria, BC, Canada - (March 11, 2008) - Carmanah Technologies Corporation (TSX: CMH) today announced its financial results for the years ended December 31, 2007 and 2006.
Highlights for 2007
Sales of $59.0 million for 2007, down 5.1% from $62.2 million in 2006
Gross margin of 26.4% for 2007, down from 32.6% in 2006
Net loss of ($8.9) million for 2007 compared to ($0.4) million in 2006
EBITA of ($9.6) million for 2007 compared to $1.6 million in 2006
Positive cash flow from operations of $2.0 million, compared to a negative operating cash flow in 2006 of ($8.4) million
Ended the year with net cash of $4.1 million
Summary of Q4 2007
Sales of $13.0 million for the quarter, compared with $16.2 million in same period in 2006
Gross margin of 18.8% for the quarter, down from 28.2% in same period in 2006
Net loss of ($4.6) million for the quarter, compared to ($0.8) million in same period in 2006
EBITA of ($4.6) million for the quarter, compared to ($0.4) million in same period in 2006
Positive cash flow from operations of $2.1 million in the quarter, compared to a negative operating cash flow in 2006 of ($3.8) million
Ended the quarter with net cash of $4.1 million
To view full financials, click here.
Executive Overview
According to Ted Lattimore, Carmanah's new CEO, 2007 was a year of transition, replete with challenges that helped the company assess its strengths, and sharpen its focus for a more disciplined and profitable year ahead.
