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Rail News: Financials

LED product supplier Carmanah Technologies posts best-ever quarterly financial figures

On Monday, Carmanah Technologies Corp. reported record third-quarter revenue of $4.6 million, a 98 percent increase compared with third-quarter 2003. The supplier also posted quarterly net earnings of $418,500 compared with $120,500 last year.

"This has been the strongest quarter in our company's history," said Carmanah Chief Executive Officer Art Aylesworth in a prepared statement. "We are currently experiencing significant sales momentum in every market sector we are targeting."

During 2004's first nine months, the company increased revenue 109 percent to $12.2 million and posted net earnings of $632,000 compared with a loss of $70,000 during the same 2003 period. Carmanah's year-to-date gross profit margin of 54 percent equaled the figure for all of fiscal year 2003.

The company supplies solar-powered light-emitting diode lighting
and illumination products to the transit, marine, aviation, roadway, industrial worksite and illuminated signage markets.

Contact Progressive Railroading editorial staff.

More News from 10/27/2004