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Rail News: Communication and Signal

Carmanah Technologies' annual revenue, earnings increase more than 100 percent

Carmanah Technologies Corp.’s mid-2005 acquisition of solar power systems and equipment supplier Soltek Powersource Ltd. appears to have paid off.

Last year, Carmanah generated revenue of $38.7 million, a 144 percent increase compared with 2004. The company’s solar light-emitting diode (LED) lighting and LED-illuminated signage products increased revenue 46 percent to $23.1 million.

In addition, Carmanah set an outstanding order record at $4.7 million as of year end, and the company’s annual earnings before tax of $1.2 million rose 112 percent and net earnings of $680,962 increased 15 percent compared with 2004.

“Even with the challenges, distractions and additional work of a large integration, 2005 proved to be a great year for Carmanah,” said Chief Executive Officer Art Aylesworth in a prepared statement. “We are positioned to capitalize on the immense opportunities in the expanding international markets for our remote power systems and alternative energy technologies.”

Carmanah supplies solar-powered LED lighting and illumination products to the transit, marine, aviation, roadway, industrial and illuminated signage markets.

Contact Progressive Railroading editorial staff.

More News from 3/22/2006