Carmanah nearly doubles 3Q revenues

VANCOUVER, British Columbia -– Carmanah Technologies Corp., a marine lighting manufacturer, nearly doubled its third-quarter revenue from 2003 to 2004, the company said in a press release yesterday.

Carmanah’s third-quarter revenue, for the period ending Sept. 30, was up 98 percent from third quarter 2003, with the company generating $4,628,383 in business. Carmanah said it also had record revenue of $12,246,176, for the nine-month period ended Sept. 30, representing a 109-percent increase over the same 2003.

"This has been the strongest quarter in our company's history," stated Art Aylesworth, Carmanah's CEO. "We are currently experiencing significant sales momentum in every market sector we are targeting, including those of subsidiary, Carmanah Signs Inc. (formerly AVVA Light Corp.). It is also very encouraging to see that our emerging markets are now providing the highest gains, consistent with our sales strategy for 2004."

Carmanah’s net earnings for the quarter were $418,592, as compared to $120,585 for Q3 2003, while year-to-date net earnings were $631,895, as compared to a net loss of $69,836 for the same nine-month period in 2003. The company’s year-to-date gross profit margin was 54 percent, as compared with 54 percent for fiscal 2003.

Carmanah said its revenues were derived from the sale of solar-powered LED lighting and illumination products manufactured by the company's operating subsidiary, Carmanah Technologies Inc., as well as from the sale of LED edge-lit signs through the Company's operating subsidiary, Carmanah Signs Inc.

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