Category: Uncategorized

Carmanah Reports Second Quarter 2015 Results

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today reported its second quarter financial results for the period ended June 30, 2015.  Currency amounts are in U.S. dollars unless otherwise noted. For the quarter ended June 30, 2015, the Company recorded revenues of $15.7 million, and net income of $10.3 million.

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

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) will release its second quarter 2015 financial results on Monday, August 10, 2015 at 1:00 pm PT (4:00 pm ET). Carmanah has scheduled a conference call for analysts at 2:00 pm PT (5:00 pm ET) on Monday, August 10, 2015.

Carmanah to Reinstate $11.0 Million Tax Asset

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announces that in its second quarter financial statements, the Company will reinstate a tax asset totaling approximately $11.0 million US dollars.  The asset was previously deemed to be impaired and was written off by the Company on February 7, 2012 on the determination, at that time, that the Company had less than reasonable certainty of realizing its value.  The decision to reinstate is based upon the financial performance of the Company over the past six quarters and management’s outlook for future periods which lead to the conclusion it’s probable these tax assets will be utilized.

Carmanah to Provide Marking Solutions for German and UK Offshore Wind Farms

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announced that its subsidiary, Sabik GmbH (“Sabik Offshore”), which was acquired on July 2, 2015, has been awarded a contract to provide a marking system for the Nordergründe offshore wind project including marine lights, monitoring & control for all 18 turbines.  Sabik Offshore’s contribution to the project will commence immediately and is targeted to be 50% complete this year with the remaining portion during the first half of 2016. The Nordergründe project, together with several other projects awarded to Sabik Offshore in the month prior to its acquisition by Carmanah, brings the total value of recently awarded contracts to approximately €3.8 million.  Collectively the projects comprise marking solutions for 200+ turbines.  The projects are located in the North and Baltic Seas with three in Germany and one in the UK.

Carmanah Releases Preliminary Financial Results For Q2 2015

VICTORIA, BC, CANADA (July 13, 2015) Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today releases preliminary selected financial results for the quarter ended June 30, 2015. As is the company's normal practice, this preliminary release includes revenue and open order guidance as well as commentary respecting gross margins.

Carmanah Completes Acquisition of Sabik Group of Companies

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announces that it has completed an acquisition of the Sabik Group of Companies (“Sabik”). The Company had previously announced a deal to acquire Sabik on June 10, 2015 after the signing of a share purchase agreement (the “Agreement”). “The acquisition of the Sabik Group of Companies is an important step towards our goal of being the worldwide leader in the marine aids to navigation industry” said John Simmons, Carmanah CEO.

Carmanah to Acquire Sabik Group of Companies

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announces that it has entered into a share purchase agreement (“SPA”) pursuant to which it will acquire the Sabik Group of Companies (“Sabik”), which includes 100% of Sabik OY based in Finland, 100% of Sabik GmbH based in Germany, 100% of Sabik PTE Ltd.

Carmanah Awarded $5.9 Million Contract to Build Rooftop Solar Systems

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announced that Hydro Ottawa Holding Inc. (“Hydro Ottawa”) has awarded Carmanah a $5.9 million CDN ($4.8 million USD) contract for the design, supply, install and commissioning of eight rooftop solar systems.

Carmanah to Develop Landing Lights for Tactical Lighting Systems, Inc.

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today announced that the US Naval Air Warfare Center Aircraft Division has awarded a USD $24.5 million cost-plus-incentive-fee contract to Tactical Lighting Systems Inc. (“TLS”) for the design, development, integration, test, and qualification of a Sustainment Lighting System (“SLS”) that will support launch and recovery operations at expeditionary airfields and includes both a vertical takeoff and landing module and a runway module.

Carmanah Reports First Quarter 2015 Results

Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today reported its first quarter financial results for the period ended March 31, 2015.  Currency amounts are in U.S. dollars unless otherwise noted. For the quarter ended March 31, 2015, the Company recorded revenues of $11.3 million, and net income of $0.03 million.  This compares to revenues of $9.1 million and net income of $0.1 million in the first quarter of 2014.  On this comparative basis each of the Company’s Divisions grew revenues and within each Division all market verticals achieved growth.  And while this growth was universal, the Company’s overall revenues were still lower than expected due to winter weather which caused project completion delays in the Company’s On-Grid Division.  As a result of these weather delays the Company’s order backlog grew substantially in the quarter. Gross profit margins also improved universally throughout each Division.