Posts

Going for green without the red ink

Clean-tech companies need a solid business case

SpeedCheck® Radar Signs Key to Slowing Cars in Suburban Boston-Area School Zones

SpeedCheck radar speed signs have proven to be key to slowing drivers around school zones in Watertown, Massachusetts.

City of Toronto Upgrades Parking Facility with Grid-tied Solar Power System

VICTORIA, BRITISH COLUMBIA, CANADA (April 08, 2009) - A City of Toronto parking facility is getting a green upgrade with solar power technology from Carmanah Technologies (TSX: CMH). Valued at more than $550,000, the grid-tie system will help the multilevel parking facility to control energy costs, while reducing its reliance on the Toronto Hydro distribution system. Starting with a structural upgrade to strengthen existing rooftop supports, the project will include a web-based performance-monitoring system that tracks system status, power production and environmental variables to ensure optimal operation.

Power Up with Solar

In our increasingly connected world, we depend on specialized monitoring and communications technology to help manage industrial assets, facilitate efficient transportation systems and maintain contact across vast distances. Every day, advanced flow and condition sensors monitor thousands of miles of oil and gas pipelines, intelligent transportation systems (ITS) guide traffic through busy roadways, and microwave relays and repeaters extend the range and effectiveness of vital communications networks throughout remote regions and challenging environments.

Solar panels installed at Oak Bay High to offset power for two physics labs

Students at Oak Bay High have turned textbook learning into reality. Emerging from a Grade 9 science project on alternative energy forms, a group of students launched a campaign one year ago to fundraise money for solar panels at the school. They have since reached their $16,000 target and this week 10 solar panels are being mounted across the east building roof. "There were lots of setbacks along the way so it's really nice to come through it all and know you've accomplished something," said Grade 11 student and project co-ordinator Sonora Godfrey.

Bay Street: Patience needed to harvest gold from green

OTTAWA, March 15 (Reuters) - It will take more than government incentive plans and bargain prices for stocks in Canada's green energy sector to flourish, and investors will need patience if they are to hit pay dirt. While the long-term outlook for companies working with solar, wind and water power is promising, the business now is being buffeted by the recession, a credit crunch and tumbling fuel prices. What's more, critics say a federal stimulus plan is too stingy and fails to renew a wildly popular program to spark clean energy production. For a sector heavy with cash-hungry junior and mid-tier companies, crumbling stock valuations serve a further blow, cutting off a source of project funding. "All these beaten-up renewable, publicly traded companies are amazing value right now.

Toronto Parking Authority Goes Green with Grid-Tie Solar Power System

VICTORIA, BRITISH COLUMBIA, CANADA (March 12, 2009) - As part of an ongoing renewable energy initiative, the Toronto Parking Authority (TPA) in Ontario, Canada is installing a solar powered grid-tie system from Carmanah Technologies Corporation (TSX: CMH). Valued at approximately $248,000, the wall mounted grid-tie system will generate electricity from the sun's energy to help power the TPA facility, reducing the facility's reliance on the Toronto Hydro distribution system while helping to control energy expenses.

Carmanah posts $1.3-million profit; Solar lighting producer has shed assets and cut staff

Calling itself a lean company with plenty of cash, no debt and a "bright light" going forward, Carmanah Technologies Corp. has reported a $1.3- million profit on revenues of $60.6 million for 2008. The solar marine and aviation light producer shed non-core business units, trimmed staff and outsourced its manufacturing and is now on a profitable footing, chief executive Ted Lattimore said yesterday. "We know where we're going and have the technology and lean infrastructure to get us there, Lattimore said in a statement. "Even during a recession, security and safety remain paramount ...

Carmanah Announces Record Operating Performance Prior to Write-Down of Goodwill Due to Current Market Conditions

Victoria, BC, Canada - (March 10, 2009) - Carmanah Technologies Corporation (TSX: CMH) today posted 2008 revenues of $60.6 million including a 40% increase from strategic businesses, along with a strong operating performance prior to a non-cash write down of goodwill due to market conditions. 2008 Highlights Sales: $60.6 million for 2008, up 2% from $59.3 million in 2007 Strategic sales of $34.1 million for 2008, up 40% from $24.3 million in 2007 (primarily from solar LED lighting) Tactical sales of $26.5 million for 2008, down 24% from $35.0 million in 2007 (due to the 2008 exit of transit & distribution, and late 2007 exit of home power tactical markets) Gross margin: 34.3% for 2008, up from 26.3% in 2007 Goodwill and intangible impairment: $10.7 million for 2008.This impairment is non-cash and does not affect liquidity, cash flows from operating activities or impact future operations. Net income: $1.3 million (excluding the impact of the goodwill and intangible impairment charges) for 2008, compared to a net loss of ($6.9) million in 2007 Adjusted EBITDA: $4.7 million for 2008, compared to ($7.6) million in 2007 Positive cash flow from operations: $4.0 million for 2008, compared to $2.0 million in 2007 Cash balance: $7.9 million as at December 31, 2008, up from $4.1 million at the end of 2007 Nil debt: Continued debt-free operation Fourth Quarter Summary Sales: $15.8 million for Q4 2008, up 21% from $13.1 million in 2007 Strategic sales of $12.0 million for 2008, up 96% from $6.1 million in 2007 (primarily from solar LED lighting) Tactical sales of $3.8 million for 2008, down 46% from $7.0 million in 2007 (due to the 2008 exit of transit & distribution, and late 2007 exit of home power tactical markets) Gross margin: 33.8% for Q4 2008, up from 18.7% in 2007 Net income: $0.8 million (excluding the impact of the goodwill and intangible impairment charge) for Q4 2008, compared to a net loss of ($2.7) million in 2007 Adjusted EBITDA: $2.2 million for Q4 2008, compared to ($2.7) million in 2007 Positive cash flow from operations: $2.2 million for Q4 2008, compared to $2.1 million in 2007 To view full financials, click here. Summary of Results Throughout 2008, Carmanah reinforced its strategic focus, controlled costs, and increased its investment in relevant R&D to foster a stronger and more resilient business, said Ted Lattimore, Carmanah CEO.

Carmanah Announces Release Date for 2008 Annual Financial Results and Conference Call

VICTORIA, BRITISH COLUMBIA, CANADA (March 9, 2009) - Carmanah Technologies Corporation (TSX:CMH) will release its annual financial results for 2008 on Tuesday, March 10, 2009 at 1:00 pm PT (4:00 pm ET). To discuss the 2008 results, Carmanah has scheduled a conference call for 2:00 pm PT (5:00 pm ET) that day.