Carmanah Technologies Reports Best-Ever Quarter

October 28, 2003
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We’ve seen widespread blackouts, ominous reports of dwindling fossil fuels… heck, they’ve even installed solar panels on the White House.

Little wonder the people at Carmanah Technologies are all aglow. The Victoria company founded by David Green in 1998, is riding a wave of something big — and it’s starting to emerge on the bottom line. Carmanah, which manufactures solar-powered light emitting diode products for marine, aviation and roadway uses, posted the highest quarterly revenue and profit in its five-year history.

The company sold $2.3-million of lights for the three months ending

Sept. 30, a 43 per cent increase over the previous high of $1.6 million during the same period a year ago. Net earnings were $114,381. Carmanah’s best take-home prior to that was $43,472 during the same period last year.

Carmanah CEO Art Aylesworth credits the company’s foray from its marine-application base into aviation, bus and railway sectors. It sold $1.6 million in bus shelter lights to London last quarter and more than $1 million in runway lights to defence contractors servicing the U.S. presence in Iraq.

And more diversification is underway as Carmanah makes use of its acquisition of AVVA Light Corp., of Calgary — with its LED applications to signs — to enter the highway and traffic sign market.

Carmanah stock was up one cent to $1.26 on the TSX Venture Exchange Monday. Its 52-week high is $1.37.