Profitable Q3 for Solar Light Company

October 24, 2002 [] Solar lighting manufacturer Carmanah Technologies Corporation has announced its third quarter results, which include an increase in revenue of 81 percent largely based on the success of its solar LED marine lights. Revenue for the Canadian company is up 81 percent over Q3 2001 to CAN$1,632,523, a profit of CAN$43,472 for the quarter, as compared to net loss of CAN$84,889 for Q3 2001. Gross profit for the quarter reached a record 59 percent as direct sales increased. The 81 percent revenue growth outpaced expenditures, which were 61 percent. Key developments for the company in the third quarter include its 700 Series lights becoming the first solar-powered LED-based marine lights to be officially approved by the U.S. Coast Guard for use in the U.S. Aids-to-Navigation System, an approval process that took three years.
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