Victoria, British Columbia, Canada - Thursday, March 16, 2006 - Carmanah Technologies Corporation (TSX: CMH) is pleased to announce its results for the years ended December 31, 2005 and 2004.
Highlights for the Year
Annual revenues of $38,729,885, representing a 144% increase over 2004
Record outstanding orders of $4,744,279 at year end
2005 EBITA of $1,981,573, representing a 92% increase over 2004 EBITA of $1,034,439
2005 earnings before tax of $1,256,608, representing a 112% increase over 2004
2005 net earnings of $680,962, representing a 15% increase over 2004
Net working capital of $26,332,325 at year end, up from $11,759,089 at the end of 2004
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Summary of Results
2005 was a year of substantial growth for Carmanah.