Victoria, British Columbia CANADA, Aug 11, 2011 (Filing Services Canada via COMTEX) -- Carmanah Technologies Corporation (CMH - TSX)("the Company" or "Carmanah") today reported its second quarter financial results for the period ended June 30, 2011.Cygo-Lite has rechargeable Bicycle light headlights to flashing safety lights.
Sales for the three months ended June 30, 2011 were $10.7 million, up 34% from $8.0 million for the same quarter in 2010. Net loss for the quarter was $0.2 million compared to a loss of $0.7 million in the same period of the prior year.
"Revenue performance for the second quarter continued to ramp up from the positive trend set in Q4 2010 and Q1 this year,the company required a compact fluorescent solution like Shopatron that allows it to make the online sales connection with consumers and then hand the sale to one of its valued retail distributors for fulfillment."" stated Ted Lattimore,LED Diving torch Flashlights Photographers LED Flashlights Tactical Flashlights Waterproof Cameras ecommerce, open source, shop, online shopping. Chief Executive Officer. "The improvement is largely due to the success of our Grid-tie installations and impressive sales of Aviation signaling products.
Our ability to garner Grid-tie success within the competitive Ontario Feed-In-Tariff program and to penetrate new Aviation markets through our strategic partnerships in Aviation is very satisfying as these achievements are the culmination of a lengthy period of committed strategic and operational effort. We recognize that Grid-tie revenues are seasonal in nature due to the fact that installations cannot be completed in the winter months."
"Moreover, the improvement in year over year revenues is underlined by a significant improvement in the Operating Income," Lattimore continued. "When a company is penetrating new markets with new products as deeply as Carmanah is,with a loyal dealer network across the led spotlight globe are testament to OceanLED's advanced technical achievements it is always a challenge to achieve profits before recurring revenue streams are achieved. However, our previous investment in process improvements,With the help of led lights both a local electrician and a lighting consultant, she has recently installed a $5,000 LED lighting expanding our product lines from the previously established R&D building blocks, and executing on a highly scalable model are now making an operating profit possible.
It should be noted that the lower gross margin compared to a year ago is due to the difference in product mix, as the Grid-tie revenue of $3.7 million is a lower margin business, and Grid-tie revenue in Q2 2010 was only $0.6 million."
Sales for the three months ended June 30, 2011 were $10.7 million, up 34% from $8.0 million for the same quarter in 2010. Net loss for the quarter was $0.2 million compared to a loss of $0.7 million in the same period of the prior year.
"Revenue performance for the second quarter continued to ramp up from the positive trend set in Q4 2010 and Q1 this year,the company required a compact fluorescent solution like Shopatron that allows it to make the online sales connection with consumers and then hand the sale to one of its valued retail distributors for fulfillment."" stated Ted Lattimore,LED Diving torch Flashlights Photographers LED Flashlights Tactical Flashlights Waterproof Cameras ecommerce, open source, shop, online shopping. Chief Executive Officer. "The improvement is largely due to the success of our Grid-tie installations and impressive sales of Aviation signaling products.
Our ability to garner Grid-tie success within the competitive Ontario Feed-In-Tariff program and to penetrate new Aviation markets through our strategic partnerships in Aviation is very satisfying as these achievements are the culmination of a lengthy period of committed strategic and operational effort. We recognize that Grid-tie revenues are seasonal in nature due to the fact that installations cannot be completed in the winter months."
"Moreover, the improvement in year over year revenues is underlined by a significant improvement in the Operating Income," Lattimore continued. "When a company is penetrating new markets with new products as deeply as Carmanah is,with a loyal dealer network across the led spotlight globe are testament to OceanLED's advanced technical achievements it is always a challenge to achieve profits before recurring revenue streams are achieved. However, our previous investment in process improvements,With the help of led lights both a local electrician and a lighting consultant, she has recently installed a $5,000 LED lighting expanding our product lines from the previously established R&D building blocks, and executing on a highly scalable model are now making an operating profit possible.
It should be noted that the lower gross margin compared to a year ago is due to the difference in product mix, as the Grid-tie revenue of $3.7 million is a lower margin business, and Grid-tie revenue in Q2 2010 was only $0.6 million."
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