Carmanah Releases Preliminary Financial Results for Q2 2014

Carmanah

Carmanah Technologies Corporation (TSX: CMH)  announced its preliminary financial estimates for the quarter ended June 30, 2014. The announced highlights include:

Revenues in Q2 2014 were approximately $9.0 million, up 43% over Q2 2013 revenues of $6.3 million.

  • Year to date revenues were approximately $18.1 million, up 36% over the comparable period in 2013 of $13.3 million.
  • Gross margins in Q2 2014 are up substantially from Q2 2013 and remain reasonably consistent with margins achieved in Q1 2014.
  • Carmanah’s order backlog grew through Q2 2014 and is significantly higher than the order backlog at the end of Q1 2014. This order backlog does not include any order data from SOL, Inc. which was acquired by the Company on July 1, 2014.

“In Q2 2014 we achieved substantial revenue growth with consistent margins,” said John Simmons, CEO. “At the same time, our order backlog grew through Q2 2014 providing encouraging indications for Q3 and Q4 2014.”

Full financial statement disclosure is scheduled to be made on or about August 8, 2014 followed by the analyst conference call on or about August 11, 2014. Details respecting the analyst call will be released approximately one week prior to the call.

About Carmanah Technologies Corporation

As one of the most trusted names in solar technology, Carmanah has earned a reputation for delivering strong and effective solar products for roadway, marine, airfield, traffic and obstruction applications worldwide. With products proven to perform reliably in some of the world’s harshest environments, Carmanah solar LED lights, signaling and solar power systems provide durable, dependable and cost effective alternatives.

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