Vancouver, BC, Canada - (October 21, 2004) - Carmanah Technologies Corporation (TSX VE: CMH; Berlin and Frankfurt Stock Exchanges: QCX), is pleased to announce its audited results for the years ended December 31, 2003 and 2002.
Highlights for 2003:
Annual revenue up 42% over 2002 to $9,220,018
Net earnings of $22,843 and operating income of $111,798 (EBITDA of $260,936)
Q4 revenue of $3.3 million, up 74% over Q4 2002
Q4 revenue up $1 million (43%) over Q3 2003
Record outstanding orders of $1.1 million at year end
Revenue growth (42%) outpaced expenditure growth (26%)
Aggressive investment continued in both R&D and business development for new markets
"2003 was a year where Carmanah received strong validation for its products in new markets in addition to its core marine market," states Art Aylesworth, Carmanah's CEO.