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. Full financial statement disclosure is scheduled to be made on or about August 10, 2015. All currency references are in US dollars.
Revenues in the second quarter of 2015 were approximately $15.6 million, up about 73 per cent from revenues of $9.0 million in the second quarter of 2014. With the inclusion of the second quarter, year-to-date revenues were approximately $26.9 million, up about 49 per cent from 2014 year to date revenues of $18.1 million.
During the second quarter the Company secured orders and contracts totaling $19.7 million. Open orders awaiting completion and delivery as at June 30, 2015, were approximately $14.8 million, up $4.1 million from $10.7 million at the end of the first quarter. The majority of the open orders are expected to complete in the third quarter except for some On-Grid solar construction projects that will carry over to the fourth quarter.
Gross margin percentages in the second quarter of 2015 are expected to be generally stable on a Company division by division basis but on an aggregate basis may be slightly lower than recent quarters due to sales mix.
"In the second quarter we secured $19.7 million in new orders and contracts which set a new Company high for a single quarter." said John Simmons, chief executive officer. "Current period orders, combined with prior period orders, resulted in strong second quarter performance and a growing book of open orders for completion and delivery in the balance of the year.”
After full financial statement disclosure on or about August 10, 2015, the company will hold an analyst conference call. Details respecting the analyst call will be released approximately one week prior to the call.
About Carmanah Technologies Corporation
Since its founding in 1996, Carmanah has become one of the most trusted names in solar technology, delivering reliable and cost-effective solar powered products and systems for industrial applications worldwide. To date, Carmanah's solutions for marine navigation, airfield ground lighting, aviation obstruction, roadway illumination, parking lot lighting, as well as on and off-grid power generation, have been successfully deployed in over 400,000 installations in 110 countries with proven performance in conditions ranging from desert heat to arctic cold.
Carmanah Technologies Corporation:
Evan Brown, (250) 380-0052
Chief Financial Officer/Corporate Secretary
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will” or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah’s most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at www.sedar.com and on the Company’s website at www.carmanah.com. The risk factors identified in Carmanah’s AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release