Carmanah Reports Second Quarter 2015 Results
(firmenpresse) - VICTORIA, BRITISH COLUMBIA -- (Marketwired) -- 08/10/15 -- Carmanah Technologies Corporation (TSX: CMH) ("the Company" or "Carmanah") today reported its second quarter financial results for the period ended June 30, 2015. Currency amounts are in U.S. dollars unless otherwise noted.
For the quarter ended June 30, 2015, the Company recorded revenues of $15.7 million, and net income of $10.3 million. This compares to revenues of $9.0 million and net income of $0.4 million in the second quarter of 2014. The substantial swing in net income is attributable to the recognition of $9.9 million in tax assets which were previously written off at the end of 2011 due to the uncertainty of their usage. The Company decided to reinstate these assets based on our financial performance over the past 6 quarters and management''s outlook for future periods which makes it probable these assets will be utilized. These assets included both investment tax credits and deferred income taxes, both of which will allow the Company to reduce taxes on current and future earnings realized within Canada.
The Company saw strong revenue growth across all of its segments, with the Power, Signals, and Illuminations segments up $3.9 million, $1.6 million, and $1.2 million, respectively. The Power segment benefited from the carryover of a large backlog of projects within its Solar EPC vertical and the GoPower! vertical continued to see strong growth driven by its efforts to expand its distribution and the introduction of new products. Revenue increases in the Company''s Signals segment were largely driven by new product introductions, expanded distribution, and some larger projects. The increase in the Illumination segment is primarily due to the acquisition of Sol Inc on July 2, 2014.
Carmanah management relies on adjusted EBITDA (a non-IFRS measure) to gauge financial performance. In the second quarter of 2015 the Company''s generated $2.5 million of adjusted EBITDA, up from $0.8 million in the same period of 2014. A table reconciling net profit and adjusted EBITDA is included in this release.
"Carmanah''s second quarter was very eventful," said John Simmons chief executive officer. "During the quarter our sales teams generated record levels of new orders which led to record high revenues and a substantial book of open orders to be completed during the balance of the year. In addition, and just subsequent to quarter end, we closed our acquisition of the Sabik Group which solidifies our market lead in the marine aids-to-navigation industry and launches us as a safety and markings provider in the fast growing offshore wind energy industry."
Highlights for the quarter and the year are provided below:
Financial Condition at June 30, 2015 compared to December 31, 2014
Second quarter 2015 corporate highlights
Reporting Currency
Unless otherwise indicated, all financial information presented in this press release is in US dollars.
Complete set of Financial Statements and Management Discussion & Analysis
A complete set of the June 30, 2015 Interim Financial Statements and Management''s Discussion & Analysis are available on Carmanah''s corporate website. To view these documents, visit: . Both documents are also filed on SEDAR ().
EBITDA
Management believes that the non-IFRS measures presented provide useful information by excluding certain items that may not be indicative of Carmanah''s core operating results and that this non-IFRS measure will allow for a better evaluation of the operating performance of the Company''s business and facilitate meaningful comparison of results in the current period to those in prior periods as well as future periods. Reference to this non-IFRS measure should not be considered as a substitute for results that are presented in a manner consistent with IFRS. This non-IFRS measure is provided to enhance investors'' overall understanding of Carmanah''s current financial performance.
A limitation of utilizing this non-IFRS measure is that the IFRS accounting effects of the non-recurring items do in fact reflect the underlying financial results of Carmanah''s business and these effects should not be ignored in evaluating and analyzing Carmanah''s financial results. Therefore, management believes that Carmanah''s IFRS measures of net loss and the same respective non-IFRS measure should be considered together.
Non-IFRS measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. One such non-IFRS measure used for assessing financial performance is EBITDA, defined as net income before interest, income taxes, amortization, and non-cash stock based compensation. The other non-IFRS measure used is Adjusted EBITDA, which adjusts EBITDA for unusual or non-operating items such as merger and acquisition costs, restructuring charges, asset write offs, and foreign exchange gains and losses.
About Carmanah Technologies Corporation.
Since its founding in 1996, Carmanah has become one of the most trusted names in solar technology, delivering reliable and cost-effective solar powered products and systems for industrial applications worldwide. To date, Carmanah''s solutions for marine navigation, airfield ground lighting, aviation obstruction, roadway illumination, parking lot lighting, as well as on and off-grid power generation, have been successfully deployed in over 400,000 installations in 110 countries with proven performance in conditions ranging from desert heat to arctic cold.
Carmanah is publicly traded with common shares listed on the Toronto Stock Exchange under the symbol "CMH". For more information, visit .
Carmanah Technologies Corporation
Evan Brown, Chief Financial Officer
This release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "intends," "believes," "could," "might," "will" or variations of such words and phrases. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Carmanah to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. These statements are based on management''s current expectations and beliefs and are subject to a number of risks and uncertainties. For additional information on these risks and uncertainties, see Carmanah'' s most recently filed Annual Information Form (AIF) and Annual MD&A, which are available on SEDAR at and on the Company''s website at . The risk factors identified in Carmanah'' s AIF and MD&A are not intended to represent a complete list of factors that could affect Carmanah. Accordingly, readers should not place undue reliance on forward-looking statements. Carmanah does not assume any obligation to update the forward-looking information contained in this press release.
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Carmanah Technologies Corporation
Evan Brown
Investor Relations
1.877.722.8877
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Datum: 10.08.2015 - 07:00 Uhr
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