VICTORIA, BRITISH COLUMBIA--(Marketwired - Oct. 7, 2015) - Carmanah Technologies Corporation (TSX:CMH) ("the Company" or "Carmanah") has released preliminary selected financial results for the quarter ended September 30, 2015. As has been the Company's practice, this preliminary release includes revenue and open order guidance, as well as commentary respecting gross margins. Full financial statement disclosure is scheduled to be made on or about November 13, 2015. All currency references are in U.S. dollars.
Revenues in the third quarter of 2015 were approximately $19.5-million, up about 60 per cent from revenues of $12.2-million in the third quarter of 2014. With the inclusion of the third quarter, year-to-date revenues were approximately $46.6-million, up about 54 per cent from 2014 year-to-date revenues of $30.3-million.
Open orders awaiting completion and delivery as at September 30, 2015, were approximately $16.9-million, up $2.0-million from $14.9-million at the end of the second quarter. The majority of the open orders are expected to complete in the fourth quarter except for some on-grid solar construction projects and some offshore wind marking projects that will carry over to the first quarter of 2016. Gross margins in the third quarter of 2015 are expected to be generally stable on a division-by-division basis.
"The third quarter included revenues of about $5.8 million from the Sabik Group of Companies which met our expectations," said John Simmons, Chief Executive Officer. "Organic growth across the balance of our business exceeded 10% on a year-over-year basis. All divisions did well with the exception of our Illumination Division where results were below expectation. Our Illumination Division has a significant sales pipeline and they are working hard to improve revenues in the final quarter of 2015."
After full financial statement disclosure on or about November 13, 2015, the company will hold an analyst conference call. Details respecting the analyst call will be released approximately one week prior to the call.
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.
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 or Sabik to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such factors include, but are not limited to: our ability to become a worldwide leader in the marine aids to navigation industry, the potential growth of the off shore wind safety market or our ability to participate in any growth and other general uncertainties that may impact actual outcomes. These forward-looking statements are based on management's current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Carmanah disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
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 www.sedar.com and on the Company's website at www.carmanah.com. 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.