Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) today releases preliminary selected financial results for the quarter ended March 31, 2015. As is the Company’s normal practice, this preliminary release includes revenue guidance and commentary respecting order backlogs and gross margins. Full financial statement disclosure is scheduled to be made on or about May 13, 2015.
Revenues in the first quarter of 2015 were approximately $11.3 million, up about 24 per cent from revenues of $9.1 million in the first quarter of 2014.
Order backlog as at March 31, 2015, was approximately $10.7 million, up $1.7 million from $9.0 million at the beginning of the year and up more than $8.0 million from March 31, 2014. The growth in backlog was attributable in part to the growth in orders received in all Divisions and to contracts in hand at December 31, 2014 in Carmanah’s On-Grid Power Division which were completion delayed as a result of inclement weather in Eastern Canada. The majority of the order backlog, including weather delayed contracts, are expected to complete in the second quarter.
Gross margin percentages in the first quarter of 2015 improved over the comparable quarter in 2014. Each of the Company’s three Divisions generated gross margin improvements with the overall gross margin improvement also the result of a favorable sales mix in the quarter.
“We are extremely pleased with all aspects of our first quarter 2015 results,” said John Simmons, Chief Executive Officer. “In the quarter the high value of orders that we received combined with the backlog at the beginning of the quarter would have resulted in record quarterly revenues if not for unavoidable weather delays. In addition, and of perhaps greatest significance, is that our program to improve margins through cost management and more disciplined operating rigor is beginning to show results.”
After full financial statement disclosure on or about May 13, 2015, the Company will hold an analyst conference call on or about May 14, 2015. 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