Victoria, British Columbia, Canada - Wednesday, November 8, 2006 - Carmanah Technologies Corporation (TSX: CMH) is pleased to announce its third quarter results for the three and nine months ended September 30, 2006 and 2005.
Highlights for the quarter:
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.
Click here for full release including financials.
Summary of Results
Overall, Q3 2006 continued to trend according to management's expectations.
