Category: Investor News

Carmanah Announces Release Date for Fourth Quarter 2015 Financial Results and Conference Call

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) will release its fourth quarter 2015 financial results on Tuesday, March 29th, 2016 after market close. Carmanah has scheduled a conference call for analysts at 6:00 am PST (9:00 am ET) on Wednesday, March 30th, 2016.

Carmanah Announces Normal Course Issuer Bid

Carmanah Technologies Corporation (TSX:CMH) (the “Company” or “Carmanah”), today announced that the Toronto Stock Exchange (the “TSX”) has accepted the Company’s notice of its intention to make a normal course issuer bid (the “Bid”) to purchase up to 1,426,386 of its common shares, representing approximately 10% of its public float as of March 7, 2016.

Carmanah Releases Preliminary Financial Results for Q4 and Fiscal 2015

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) has released preliminary selected financial estimates for the quarter and the year ended December 31, 2015. Revenues for the fourth quarter of 2015 are expected to be approximately USD $21.0 million, up 56% over prior year quarter of USD $13.5 million.  Revenues for the year ended December 31, 2015 are expected to be approximately USD $68.0 million, up 56% over fiscal 2014 revenues of $43.7 million. Revenues, both in the fourth quarter and the fiscal year, grew organically and due to inclusion of revenues from the acquisition of the Sabik Group of Companies which closed on July 2, 2015.

Carmanah Reports Resignation of Director

Carmanah Technologies Corporation (TSX: CMH) (“the Company”) today announces the resignation of Peter Berrang from the Board of Directors. “Peter has been active and involved with Carmanah throughout his board tenure” said Michael Sonnenfeldt, Chairman of the Board.

Carmanah Reports Third Quarter 2015 Results

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today reported its third quarter financial results for the period ended September 30, 2015.  Currency amounts are in U.S. dollars unless otherwise noted. For the quarter ended September 30, 2015, the Company recorded revenues of $19.9 million, up from $12.2 million in the same period of 2014.  About $6.0 million of the increase in revenue was attributable to the Sabik Group of Companies (“Sabik” or the “Sabik companies”), which were acquired on July 2, 2015.  Combined existing operations generated about $1.7 million in revenue growth, representing approximately 14% overall organic growth compared to the third quarter of 2014. The net loss for the third quarter of 2015 was $0.3 million, down from net income of $0.2 million from the comparable period in 2014.  The comparative change is mainly attributable to the purchase price allocation of the Sabik acquisition.  On the closing date Sabik had a significant order backlog from which a future profit of $1.3 million was estimated.

Carmanah Announces Release Date for Third Quarter 2015 Financial Results and Conference Call

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) will release its third quarter 2015 financial results on Thursday, November 12th, 2015 after market close. Carmanah has scheduled a conference call for analysts at 11:00 am PT (2:00 pm ET) on Friday, November 13th, 2015.

Carmanah Announces Management Changes

Carmanah Technologies Corporation (TSX: CMH) (“the Company”) today announces that Chief Operating Officer, Ms. Tammy Neske, and the Company have agreed to part ways with immediate effect. Pursuant to the terms of her employment contract, Ms. Neske will receive a severance payment that the company will incur in the current quarter. The Company intends to begin a recruiting process for this position in the near term.  In the meantime, Chief Executive Officer, John Simmons, will manage the COO functions. About Carmanah Technologies Corporation Headquartered in Victoria, British Columbia, Carmanah produces a portfolio of products focused on energy optimized LED and solar technologies.

Carmanah Releases Preliminary Financial Results for Q3 2015

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) has released preliminary selected financial results for the quarter ended September 30, 2015. As has been the Company's practice, this preliminary release includes revenue and open order guidance, as well as commentary respecting gross margins.

Sara Elford Joins Carmanah’s Board of Directors

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announced that Ms. Sara Elford is joining its Board of Directors.   Ms. Elford graduated from Bishop’s University in 1994 with a Bachelor of Business Administration and became a CFA Charterholder in 1997.

Carmanah Ceases Work on Joint Development Contract

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announced that it has reached a mutual settlement to cease efforts on a joint project to develop landing lights with Tactical Lighting Systems Inc. (“Tactical”) as previously announced on May 19th, 2015.  The original contract was awarded on a cost-plus-incentive-fee basis to Tactical by the United States Naval Air Warfare Center (“NAVAIR”), Aircraft Division.  Within this contract Carmanah was to be a sub-contractor to Tactical.  As part of the settlement, Tactical has reimbursed Carmanah for all costs incurred to date and neither party will have joint development obligations under the NAVAIR contract. The decision to cease efforts was taken on a joint and mutual basis by Tactical and Carmanah.  The decision was reached after significant operational challenges arose under the prime contract requirements to comply with the U.S.