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Carmanah Technologies: Q2 Results
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Carmanah Technologies Corporation (TSX: CMH) ("the Company" or "Carmanah") reported its second quarter financial results for six and three months ended June 30, 2014.
For the quarter ended June 30, 2014, the Company recorded revenues of $9.0 million, net income of $0.4 million and positive EBITDA of $0.8 million. This is an increase from the same period in 2013 which had revenues of $6.3 million, a net loss of $2.5 million and an EBITDA loss of $2.2 million.
"We are very pleased with our second quarter results during which revenues grew 42.3% compared to the comparable period in 2013," stated John Simmons, CEO. "More importantly, the Company achieved a very significant improvement in profitability in the second quarter during which positive EBITDA of $0.8 million replaced an EBITDA loss of $2.2 million in the comparable period in 2013."
Mr. Simmons also commented on the balance of fiscal 2014, "We expect two circumstances to affect revenue and profitability in the near term," said Mr. Simmons. "Our Carmanah order backlog has continued to grow which, when combined with expected revenues from Sol, Inc., will result in substantial revenue growth in the third quarter. At the same time costs relating to the acquisition of Sol will negatively impact profitability during this period. We expect these costs to be temporary and to cease once the transition and integration is complete."
Highlights for the quarter are provided below:
Q2 2014 vs. Q2 2013
Revenues: $9.0 million, up $2.7 million from $6.3 million
Gross margin: 36.3%, up from 24.4%
Operating costs: $2.8 million, down $0.2 million from $3.0 million
Net income/(loss): $0.4 million net income, up from a loss of ($2.5) million
EBITDA (a non-IFRS measure): $0.8 million, up from a loss of ($2.2) million
Financial Condition at June 30, 2014 compared to December 31, 2013
Cash and cash equivalents of $8.5 million, up from $5.2 million
Working capital of $12.3 million, up from $8.1 million
Continued debt-free operations
Business and operational highlights for the first half of 2014
During the second quarter the following events were announced and completed in the quarter or subsequent to quarter end including:
Two private placements were announced and one private placement was closed in the second quarter. The first private placement provided proceeds of approximately $4.2 million CDN through the issuance of 19,300,000 shares at the price of $0.22 CDN per share and closed on April 3, 2014. A second private placement was announced in the second quarter and closed subsequent to quarter end. This private placement provided proceeds of approximately $3.0 million CDN through the issuance of 12,000,000 shares at the price of $0.25 CDN per share and closed on July 17, 2014. Both private placements were subscribed for predominantly by members of our board and management.
As previously announced, the Company completed the acquisition of SOL Inc. ("Sol"), a Florida based solar outdoor lighting competitor just subsequent to the end of the second quarter. This acquisition was initially announced on March 21, 2014, an Agreement and Plan of Merger (the "Merger Agreement") was signed on May 26, 2014, and the transaction was approved by eligible Carmanah shareholders at the Company's Annual General and Special meeting held on June 23, 2014. The transaction closed on July 2, 2014.
About Carmanah Technologies Corporation.
As one of the most trusted names in solar technology, Carmanah has earned a reputation for delivering strong and effective products for industrial applications worldwide. Industry proven to perform reliably in some of the world's harshest environments, Carmanah solar LED lights and solar power systems provide a durable, dependable and cost effective energy alternative. Carmanah business is operated within two distinct business segments, Signals and Power. The Signals segment includes products offered into the marine, aviation, obstruction and traffic industries. The Power segment offers Solar Engineering, Procurement and Construction services, mobile power solutions and solar outdoor lighting systems. Carmanah is actively seeking additional product sales opportunities to add to its top line revenue, as well as extending existing product lines through internal development efforts, strategic business relationships and focused acquisitions. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH". For more information, visit www.carmanah.com
For further information:
Investor Relations: Stuart Williams
Toll-Free: 1-877-722-8877
[email protected]
Carmanah Technologies Corporation (TSX: CMH) ("the Company" or "Carmanah") reported its second quarter financial results for six and three months ended June 30, 2014.
For the quarter ended June 30, 2014, the Company recorded revenues of $9.0 million, net income of $0.4 million and positive EBITDA of $0.8 million. This is an increase from the same period in 2013 which had revenues of $6.3 million, a net loss of $2.5 million and an EBITDA loss of $2.2 million.
"We are very pleased with our second quarter results during which revenues grew 42.3% compared to the comparable period in 2013," stated John Simmons, CEO. "More importantly, the Company achieved a very significant improvement in profitability in the second quarter during which positive EBITDA of $0.8 million replaced an EBITDA loss of $2.2 million in the comparable period in 2013."
Mr. Simmons also commented on the balance of fiscal 2014, "We expect two circumstances to affect revenue and profitability in the near term," said Mr. Simmons. "Our Carmanah order backlog has continued to grow which, when combined with expected revenues from Sol, Inc., will result in substantial revenue growth in the third quarter. At the same time costs relating to the acquisition of Sol will negatively impact profitability during this period. We expect these costs to be temporary and to cease once the transition and integration is complete."
Highlights for the quarter are provided below:
Q2 2014 vs. Q2 2013
Revenues: $9.0 million, up $2.7 million from $6.3 million
Gross margin: 36.3%, up from 24.4%
Operating costs: $2.8 million, down $0.2 million from $3.0 million
Net income/(loss): $0.4 million net income, up from a loss of ($2.5) million
EBITDA (a non-IFRS measure): $0.8 million, up from a loss of ($2.2) million
Financial Condition at June 30, 2014 compared to December 31, 2013
Cash and cash equivalents of $8.5 million, up from $5.2 million
Working capital of $12.3 million, up from $8.1 million
Continued debt-free operations
Business and operational highlights for the first half of 2014
During the second quarter the following events were announced and completed in the quarter or subsequent to quarter end including:
Two private placements were announced and one private placement was closed in the second quarter. The first private placement provided proceeds of approximately $4.2 million CDN through the issuance of 19,300,000 shares at the price of $0.22 CDN per share and closed on April 3, 2014. A second private placement was announced in the second quarter and closed subsequent to quarter end. This private placement provided proceeds of approximately $3.0 million CDN through the issuance of 12,000,000 shares at the price of $0.25 CDN per share and closed on July 17, 2014. Both private placements were subscribed for predominantly by members of our board and management.
As previously announced, the Company completed the acquisition of SOL Inc. ("Sol"), a Florida based solar outdoor lighting competitor just subsequent to the end of the second quarter. This acquisition was initially announced on March 21, 2014, an Agreement and Plan of Merger (the "Merger Agreement") was signed on May 26, 2014, and the transaction was approved by eligible Carmanah shareholders at the Company's Annual General and Special meeting held on June 23, 2014. The transaction closed on July 2, 2014.
About Carmanah Technologies Corporation.
As one of the most trusted names in solar technology, Carmanah has earned a reputation for delivering strong and effective products for industrial applications worldwide. Industry proven to perform reliably in some of the world's harshest environments, Carmanah solar LED lights and solar power systems provide a durable, dependable and cost effective energy alternative. Carmanah business is operated within two distinct business segments, Signals and Power. The Signals segment includes products offered into the marine, aviation, obstruction and traffic industries. The Power segment offers Solar Engineering, Procurement and Construction services, mobile power solutions and solar outdoor lighting systems. Carmanah is actively seeking additional product sales opportunities to add to its top line revenue, as well as extending existing product lines through internal development efforts, strategic business relationships and focused acquisitions. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH". For more information, visit www.carmanah.com
For further information:
Investor Relations: Stuart Williams
Toll-Free: 1-877-722-8877
[email protected]