Category: Investor News

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.

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.

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.

Carmanah Announces Final Results of Substantial Issuer Bid

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) announces that it has taken up and paid for 6,000,000 million common shares (“Shares”) at a price of CAD $5.00 per Share under Carmanah’s substantial issuer bid (the “Offer”) for a total cost of CAD $30.0 million.

Carmanah Announces Filing of Substantial Issuer Bid Documents

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) announces Carmanah’s substantial issuer bid (the “SIB”) to purchase up to $30.0 million of its common shares (“Shares”). On August 23, 2017, Carmanah announced its intention to commence an SIB, pursuant to which Carmanah will offer to purchase for cancellation up to CAD $30.0 million Shares at a price of CAD $5.00 per Share.

Carmanah Reports Board Changes, Recent Insider Transactions and Proposed Substantial Issuer Bid

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) announces the following. Effective today, Michael W. Sonnenfeldt has announced his resignation as Chairman of the Board of Directors. “Just over four years ago, Michael Sonnenfeldt joined our Board as Chairman”, said John Simmons, Chief Executive Officer.

Carmanah Reports Second Quarter 2017 Results

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today reported its second quarter financial results for the period ended June 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 second quarter of 2017, the Company generated revenues of USD $12.1 million down approximately 12% from Q2 2016 which had revenues of USD $13.9 million.

Carmanah Announces Release Date for Second Quarter 2017 Financial Results and Conference Call

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) will release its second quarter 2017 financial results on Wednesday, August 9th, 2017 after market close. Carmanah has scheduled a conference call for analysts at 6:00 am PST (9:00 am ET) on Thursday, August 10th, 2017.

Carmanah Closes Purchase of Vega Industries Limited

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announces that it has closed its previously announced transaction to acquire Vega Industries Limited (“Vega”). The purchase price is NZD $12.0 million (USD $9.0 million) subject to certain adjustments and escrow holdbacks. Vega, with revenues of approximately NZD $7.7 million (USD $5.8 million) in its fiscal year March, 2017, will be maintained as a wholly owned subsidiary of Carmanah at its base of operations in Porirua, New Zealand.  The acquired business will operationally report to Sabik Marine OY based in Porvoo, Finland.  Integration plans, with a specific focus on providing marine aids-to-navigation customers comprehensive single-source solutions, are expected to be implemented over the coming months. As of July 31, 2017, Vega’s estimated balance sheet is comprised of approximately NZD $3.5 million (USD $2.6 million) of working capital, NZD $3.6 million (USD $2.7 million) of fixed assets including land and buildings.  Vega had negligible net debt on the closing date. ### About Carmanah Technologies Corporation Carmanah designs, develops, and distributes a portfolio of products focused on energy-optimized LED solutions for infrastructure.

Carmanah Announces Completion of Sale of Off-Grid Power (Go Power!) Business

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announced that it has completed the sale of its Off-Grid Power business (“Go Power!”) to Valterra Products, LLC (“Valterra”), a portfolio company of G. Scott Capital Partners, LLC.