Solar products developer Carmanah Technologies posts second quarter 2009 financial results

11 August 2009

Carmanah Technologies, a manufacturer of products for the solar industry, has posted its second quarter 2009 financial results showing a fall in sales.

Although strategic sales rose by 20 per cent to $7.3m, total sales for the second quarter were $9.3m, down from $15.7m for the same period last year.

The company said its gross margin was up from 32.5 per cent to 37 per cent, while its operating expenses fell to $4.2m from $5.6m during the same period of 2008. Meanwhile, the company’s net loss rose to $1m from $0.4m in 2008.

At the end of the period, Carmanah Technologies’ cash balance was $10.2m, from $5.5m during the second quarter of 2008.

‘While not without its challenges, Q2 2009 has provided us with some exciting milestones, and reinforced the resilient nature of our strategic markets and our technological strengths,’ said Ted Lattimore, Carmanah CEO. ‘During this quarter, we formally introduced our powerful new EverGEN 1500 parking lot light to the global lighting community. We’ve also geared up our R&D efforts in our Vancouver, research facility, introduced new products and are very excited about the upcoming début of our new outdoor light. Our strategic sales are up, and as always – we continue to find our marine, aviation and obstruction lights in demand around the world.’

Looking ahead, Lattimore said the company’s objectives were to focus on its strengths, keep costs down and continue to develop and sell products.

Carmanah Technologies recently teamed up with Frog design to develop solar lighting systems.

Copyright © 2009 NewNet

Tags: solar

This story was published on Tuesday, August 11th, 2009 at 11:59 am and is filed under North America, companies, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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