First-quarter sales double for Carmanah

VANCOUVER, British Columbia – Carmanah Technologies Corp. (TSX Venture: CMH), a manufacturer of solar-powered LED’s for the marine industry, has reported record revenues of $4,113,701 for the first quarter ended March 31 – a 115-percent increase over the first quarter 2003, according to a company release this morning.

Those revenues also represent a 24-percent increase from the prior company record, which was achieved in the fourth quarter 2003. Net earnings were $369,492 for the first quarter 2004, compared to $12,915 for the same period in 2003, Carmanah said.

“This has been a very strong quarter for Carmanah, consistent with our financial objectives for 2004.” stated Art Aylesworth, Carmanah’s CEO. “Although we achieved record revenues and profitability for Q1 2004, it is important to note that the first half of our fiscal year is historically slower than the last half, and Q1 2004 provides an excellent foundation for the remainder of the year.”

Carmanah’s cash and cash equivalents at March 31, was $6,257,627, compared to $1,693,069 at December 31, 2003. Net cash usage from operations and investing activities was $720,77, the company said.

  • For more of the latest news, click here.
  • To discuss this topic with other recreational marine industry professionals, click here.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button