Victoria, British Columbia, Canada - Thursday, May 4, 2006 - Carmanah Technologies Corporation (TSX: CMH) is pleased to announce its first quarter results for the three months ended March 31, 2006 and 2005.
Highlights for the quarter:
Record Q1 2006 revenues of $12,693,769, representing a 161% increase over 2005
Record Q1 2006 orders booked of $14,010,463
Record order backlog at the end of Q1 in the amount of $6,060,973
Q1 2006 gross margins at 35%, compared to 31% for Q4 2005
Q1 2006 EBITA in the amount of $128,249
Q1 2006 net earnings (loss) in the amount of $(23,290)
Completion of 28,000 square foot manufacturing and warehousing facility expansion in Victoria, BC
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Summary of Results
Carmanah's performance in the first quarter of 2006 was as per management's expectations.