Solar

Record Results in Carmanah’s First Quarter

Having positioned themselves at the intersection between three burgeoning markets – solar photovoltaics, light-emiting diodes (LED) and distributed power applications, the British Columbia-based Carmanah has continued to produce record profits.

Vancouver, Canada – April 20, 2004 [SolarAccess.com] The company said their total revenues for the three months ended March 31, 2004 increased 115% to $4,113,701 compared with $1,906,478 for the same period in 2003. Revenues were derived from the sale of its existing product line of solar powered light-emitting diode hazard and safety lights to marine, roadway and aviation markets, from the sale of new products primarily consisting of the illuminated bus shelters and bus stops to transit markets, and from the sale of edge-lit signs through its newly acquired subsidiary AVVA Light Corporation. Sales were sourced through a worldwide distribution network and direct sales efforts in these key market segments and territories. “This has been a very strong quarter for Carmanah, consistent with our financial objectives for 2004.” said Art Aylesworth, Carmanah’s CEO. “Building on the significant momentum of Q4 2003, we are now making excellent headway in all strategic areas of our business. Although we achieved record revenues and profitability for Q1 2004, it is important to note that the first half of our fiscal year is historically slower than the last half, and Q1 2004 provides an excellent foundation for the remainder of the year.” Highlights for the quarter: – Record revenues of $4,113,701, representing a 115% increase over Q1 2003 and a 24% increase over the prior Company record achieved in Q4 2003; – Earnings before income tax, depreciation and amortization (EBITDA) was $458,156; – Net earnings of $369,492 for the quarter, as compared to $12,915 for Q1 2003; – Gross profit margin increasing to 52% from an average of 51% for fiscal 2003. For more information see the entire company release at the following linký