Carmanah announces furniture alliance, and record results

Oct. 26, 2004
Carmanah has formed an alliance to incorporate solar LED lighting technology into outdoor furniture products. The company also reported record results for its third quarter of calendar 2004.
Carmanah Technologies, a manufacturer of proprietary LED lighting products, has entered into a marketing alliance with Landscape Forms of Kalamazoo, MI, a leading manufacturer of commercial outdoor furniture and accessories. Under the agreement, Carmanah will provide the technology to integrate solar-powered LED lighting into the design of selected Landscape Forms' products.

Collaborating with Carmanah, Landscape Forms is currently designing a series of security-related products that will encompass solar-powered LED lighting. These products are scheduled for market introduction in early 2005.

Carmanah has developed proprietary power management capabilities that enable it to offer high performance solar-powered LED lighting that is extremely reliable and robust.

Bill Main, President of Landscape Forms, stated, "We are looking forward to an exciting partnership with Carmanah and will be adding solar LED lighting to site furniture products. We are already incorporating Carmanah's technology into some of our new designs to offer efficient, cost-effective, long lasting and maintenance-free lighting solutions for commercial applications."

Art Aylesworth, CEO of Carmanah, stated, "Like Carmanah, Landscape Forms is a leading innovator in its industry. With Landscape Forms' design capabilities and Carmanah's unique solar-powered LED lighting, the outdoor furniture market will have access to products with entirely new form and function. There is a natural synergy between our two companies that will become readily apparent with the release of our integrated products."

Record results

On October 21, Carmanah released its financial results for the quarter ended September 30, 2004.

The company posted record revenues for the quarter of $4,628,383, representing 98% growth over the same period in 2003. Net earnings for the quarter were $418,592, compared to $120,585 for Q3 2003.

Carmanah also reported record year-to-date revenues of $12,246,176, representing a 109% increase over the first nine months of 2003. Year-to-date net earnings were $631,895, while the year-to-date gross profit margin was 54%.

"This has been the strongest quarter in our Company's history," stated Art Aylesworth, Carmanah's CEO. "We are currently experiencing significant sales momentum in every market sector we are targeting, including those of subsidiary, Carmanah Signs Inc. (formerly AVVA Light Corporation). It is also very encouraging to see that our emerging markets are now providing the highest gains, consistent with our sales strategy for 2004."

Carmanah's revenues were derived from the sale of solar-powered LED lighting and illumination products manufactured by the company's operating subsidiary, Carmanah Technologies Inc. (CTI), as well as from the sale of LED edge-lit signs through the company's operating subsidiary, Carmanah Signs Inc. (CSI - formerly AVVA Light Corporation).

CTI contributed $10,605,901 to Carmanah's overall revenues for the first nine months of 2004, attributed primarily to sales growth in the aviation and transit market sectors, which contributed a combined total of over $6 million in revenue. CSI contributed $1,640,275 to Carmanah's overall revenues for the first nine months of 2004.