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Carmanah: Q3 Results

Carmanah Technologies aus Victoria in der kanadischen Provinz British Columbia hat Zahlen für das dritte Quartal vorgelegt. Wir veröffentlichen die Mitteilung des auf energieeffiziente Beleuchtungssysteme spezialisierten Unternehmens dazu im Wortlaut.

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

VICTORIA, British Columbia - Carmanah Technologies Corporation (TSX: CMH) (“the Company” or “Carmanah”) reported its third quarter financial results for the period ended September 30, 2016.  Currency amounts are in U.S. dollars unless otherwise noted.     

All figures below, unless otherwise stated, are for Carmanah’s continuing operations and exclude the operating results from the Company’s Power business segment.  The planned disposal was announced in a press release dated October 11, 2016.    

Third Quarter Revenues and Profitability

Revenues from continuing operations for the third quarter of 2016 were USD $11.3 million, down approximately 9 per cent from revenues of USD $12.4 million in the third quarter of 2015.

    Signals segment revenue was USD $10.0 million, down from USD $11.4 million in the third quarter of 2015. This decrease was the result of reduced revenues from the Company's marine businesses, which were down by approximately 32% over prior year. Offsetting this were increases in the Company's other signals businesses, which were up approximately 9% over 2015.
    Illumination segment revenue was USD $1.3 million, up from USD $1.0 million from the third quarter of 2015.

“While third quarter revenues did not meet expectations” said John Simmons, Chief Executive Officer “Our focus on improving margins and managing expenses resulted in strong Net Income and Adjusted EBITDA[1].”

Net income in the third quarter of 2016 was USD $1.1 million up from a loss of USD $0.7 million in the third quarter of 2015.  Carmanah management relies on Adjusted EBITDA (a non-IFRS measure) to gauge financial performance. In the third quarter of 2016, the Company generated Adjusted EBITDA of USD $1.7 million, or 15% of revenue, up 48% from USD $1.1 million, or 9% of revenue, in the same period in 2015. A table reconciling net income and Adjusted EBITDA is provided in this press release.

A complete set of the third quarter ended September 30, 2016 Financial Statements and Management’s Discussion & Analysis are available on Carmanah's corporate website. To view these documents, visit: www.carmanah.com/Company/Investors/Financial_Reports.aspx. Both documents are also filed on SEDAR (www.sedar.com (link is external)).  The financial information included in this release is qualified in its entirety and should be read together with the unaudited condensed consolidated financial statements for the quarter ended September 30, 2016 and the audited consolidated financials for the year ended December 31, 2015, including the notes thereto.

About Carmanah Technologies Corporation

Headquartered in Victoria, British Columbia, Carmanah produces a portfolio of products focused on energy optimized LED and solar technologies. We design, develop and distribute energy efficient LED solutions for infrastructure including: signaling systems for the marine aids to navigation, airfield ground lighting, offshore wind marking, aviation obstruction and traffic markets. Carmanah's product portfolio also includes industrial and commercial solar powered outdoor LED lighting systems, and solar on and off-grid power generation systems. Since 1996, we have earned a global reputation for delivering strong and effective products for industrial applications that perform reliably in some of the world's harshest environments. Our LED and solar power systems provide durable, dependable, efficient and cost-effective solutions which have been deployed in over 400,000 installations in 110 countries. The Carmanah brand portfolio includes Go Power! and recently acquired companies, Sol and Sabik.


Contact:
Carmanah Technologies Corporation
Evan Brown
Chief Financial Officer/Corporate Secretary
(250) 380-0052
investors@carmanah.com
www.carmanah.com

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