November 24, 2006  -  

(M2 PRESSWIRE via COMTEX News Network)

Streetinvesting.com is the author of this release. This release is a result of our current concentration on Carmanah Technologies Corporation (TSX:CMH) and their latest corporate developments and market performance. Our goal is to help investors seek a diversified portfolio by introducing techniques to help grasp a better understanding and concept of the market and the daily activities that a public company experiences. The first stage of this process is to continually track Carmanah Technologies Corporation and use the information that we may find to our advantage. To learn more and become part of the acclaimed online financial newsletter community, visit www.streetinvesting.com for a complimentary subscription.

Carmanah Technologies Corporation was up 10.67% come market closure Wednesday. Investors also saw approximately 108,305 shares having traded hands come the toll of the day’s closing bell.

Although the major American market indexes managed to inch forward once more, investors north of the border were subject to overall losses.

Bay Street investors suffered the consequences of falling oil prices Wednesday. This in turn, was a major contributor to the negative performance seen on the TSX that day.

Energy commodities slipped after the weekly U.S. inventories reports showed crude supplies had risen 5.1 million barrels last week. Distillate inventories, on the other hand, were lower for a seventh consecutive week.

The sentiment of many investors remained high however, as just one day prior the TSX composite index managed a record high. Throughout the course of the day the energy sector fell 0.9% and heavyweight financial stocks lost 0.3%. Between the two, these sectors account for over half of the weight of the TSX.

When all was said an done, the TSX composite index had retreated 45.32 points or 0.4% to 12,556.98. The day prior the index saw gains of nearly 200 points. The junior TSX venture index meanwhile, was up 2.73 points or 0.1% higher to 2666.62.

Carmanah Technologies Corporation stood out in the crowd Wednesday and amidst the day’s overall, positive results secured notable returns for shareholders.

In some of the most recent news to surface surrounding this Company, which we feel may have had an affect on the day’s success in the marketplace, as well as an ongoing affect on shareholder outcome, Carmanah Technologies Corporation was pleased to announce its third quarter results for the three and nine months ended September 30, 2006 and 2005.

Highlights for the quarter included:

  • Record Q3 2006 revenues of $17,510,103, representing a 44% increase over Q3 2005 revenues of $12,195,908 and 11% over Q2 2006 revenues of $15,844,155.
  • Record 2006 year-to-date revenues at $46,048,027, representing a 95% increase over the same nine-month period in 2005.
  • Record Q3 2006 orders booked of $17,191,817.
  • Sales order backlog of $6,363,008 carrying over into Q4 2006.
  • Gross margin at 34.7% for Q3 2006 and 34.3% for the nine months ended Sept 30, 2006.
  • Record Q3 2006 EBITA in the amount of $1,061,884 representing an increase of 37% over Q2 2006 at $773,025 and 62% over Q3 2005 at $657,200.
  • Record 2006 year-to-date EBITA of $1,963,157 representing a 39% increase over the same period last year.
  • Q3 2006 net earnings in the amount of $336,505, compared to Q2 2006 net earnings of $123,543 and net earnings of $222,470 in Q3 2005.

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