Carmanah Reports Fourth Quarter and Fiscal Year 2010 Results

Press Release Source: Carmanah Technologies Corporation On Wednesday March 30, 2011, 4:48 pm EDT

VICTORIA, British Columbia--(BUSINESS WIRE)-- Carmanah Technologies Corporation (TSX:CMH.to - News) (“the Company” or “Carmanah”) today reported its fourth quarter and fiscal year financial results for the period ended December 31, 2010.

Sales for the three months ended December 31, 2010 were $9.3 million, up 36.1% from $6.8 million for the same quarter in 2009. Net loss for the quarter, primarily due to non-recurring items, was $4.1 million compared to a net loss of $0.9 million in the same period of the prior year. Sales for fiscal 2010 were $33.9 million, up 7.3% from $31.6 million in 2009. Net loss for the year ended December 31, 2010, primarily due to non-recurring items, was $5.0 million, compared to a net loss of $0.6 million in fiscal 2009. Excluding non-recurring items, a non-GAAP measure, the net loss for the year ended December 31, 2010 was $1.3 million, a 28.4% improvement over 2009 on the same basis.

Click for more...