carmanah reports first quarter 2019 results - solar powered street lights

May 09, 2019, Victoria, BC (Carmanah), First Quarter Report 2019Global News Agency)--
Camana technology (TSX: CMH)(
"Company" or "Carmanah ")
Today, 2019 of the financial results for the first quarter ended March 31, 2019 were announced.
Monetary amount in United StatesS.
It is US dollars unless otherwise stated.
Unless otherwise stated, all the figures below are for the continued operation of Carmanah, excluding the results of the operation of the company's discontinued operations, including the divestiture of Carmanah Marine, February 1, 2019, airport ground lighting and aviation obstacle lighting department of SPX company (
"SPX stripping ").
In the first quarter of 2019, we generated $7 in revenue. 8 million.
OSignals generated $3 in revenue.
3 million, up $1. Million or 39
4%, driven by vertical sales growth in our telematics (up $0. 1 million)
Our traffic is vertical. up $0. 8 million).
The increase in traffic is due to our acquisition of IDC in October 2018 and the strong sales of patents acquired in March 2018.
OOffshore generated $2 in revenue.
$1, down 9 million. 2 million or 29.
2%, project delays due to the anticipated transfer of revenue to future periods.
Oillumation generated $1 in revenue.
$0, 7 million. 3 million or 190%.
The increase was due to the large volume of orders shipped in 2019, resulting in the recognition of additional revenue compared to the previous year.
The gross profit margin percentage for the first quarter of 2019 was 38. 4%, from 36.
2018 the same period 5%.
Core Operating expenses (a non-
International Financial Reporting Standards
The first quarter of 2019 was $3.
2 million, up from $2. 9 million or 8.
7% the main reason for the same period in 2018 was the increase in development costs.
Net loss for the first quarter of 2019 was $0.
6 million, above the net loss of $0.
2018 the same period 1 million.
The increase in net losses was mainly due to an increase of $0.
The foreign exchange losses incurred during this period were 5 million.
The management of Carmanah depends on the Adjusted EBITDA ^ 2 (a non-
International Financial Reporting Standards
Measure financial performance.
In the first quarter of 2019, the adjusted EBITDA was $0. 4 million or 5.
3% of revenue, up from $0. 3 million or 3.
Income for the same period in 2018 was 9% per cent.
This version contains a table that adjusts netincome and adjusted EBITDA.
"In the first quarter, we prepared our marine, aviation and obstacle lighting business for spx corporation and then successfully closed those businesses.
The whole process is well planned and implemented.
Chief executive John Simmons said.
"At the same time, even though the deal distracted us, our ongoing operations performed well within our expectations.
"The main situation for this quarter is as follows: For the three months ended March 31 ,(US$ thousands)
2019 2018 profit 7,852 7,860 Gross Profit Margin % 38. 4% 36.
5% core operating expenses 3,210 2, 95 3net (loss)
/Income (513)(88)
As at March 31, 2019, the adjusted EBITDA 415 309 financial position was compared to the cash equivalents of oCash and $88 in December 31, 2018.
An increase of $77.
2 million from $10. 8 million.
$89.
$46, up 6 million.
4 million from $42. 9 million.
Financial Statements and Management Discussion and Analysis a full set of financial statements and management discussions and analysis (“MD&A”)
Carmanah's company website provides the first quarter as of March 31, 2019.
To view these files, please visit: These two documents are also at www. sedar. com.
The financial information contained in this press release is fully qualified and shall be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2018, including notes.
During the three months ended March 31, EBITDA and adjusted ebitdaeda reconciliation (
Thousands of dollars)
2019 Net income for 2018 /(loss)
(513)(88)Add/(deduct)
: Interest (173)
Income tax recovery (120)(3)
Amortization 414 241Noncash stock-
Basic compensation 60 119 EBITDA (329)
330 M & A cost 200-
1 43 other non-special legal costs
Recurring costs /(recoveries)-(55)
Foreign exchange (gain)
/Loss of 543 (9)
Adjusted EBITDA 415 3091 non
Financial Measurement of International Financial Reporting Standards: core business expenditures.
This press release provides information on core operating expenses, which is a non-
Financial Measurement of International Financial Reporting Standards as supplementary indicators of operating performance.
Carmanah defines core business expenses as operating expenses that do not include abnormal conditions, such as confirming investment tax credits or restructuring expenses that have not been previously confirmed.
Carmanah uses this non
IFRS is measured internally to make strategic decisions, anticipate future results and evaluate their performance.
Also, Carmanah uses this non-
The IFRS is designed to assess current and future operating results and to make investment decisions.
Core operating expenditures are not intended to replace the measure of IFRS.
Restrict the use of this non
International Financial Reporting Standards Measure the accounting impact of International Financial Reporting Standards
Recurring projects actually reflect the potential financial results of the Carmanah business, and these impacts should not be ignored when assessing and analyzing Carmanah's financial results.
As a result, the management believes that Carmanah's IFRS for Net losses and the same non-
IFRS measures should be considered together. Non-
The measures of IFRS do not have any standardized meaning as provided for in IFRS, so it is unlikely to be comparable to similar measures proposed by other companies.
Readers should refer
For the three months and twelve months ended December 31, 2018, the company's recently submitted IFRS Financial Measures "section of MD & A discussed these measures and their calculations in more detail. 2 NON-
IFRS financial indicators: EBITDA and Adjusted EBITDA.
This press release provides information about EBITDA and Adjusted EBITDA, neither of which is
IFRS financial measures, providing additional information on operating performance of 2018.
Carmanah defines EBITDA as net income or loss before interest, income tax, amortizationcash stock-
Based on compensation.
Adjusted EBITDA eliminates exceptions or non-exceptions
Operating items of EBITDA, such as merger and acquisition costs, restructuring costs, write-off of assets and gains and losses in foreign exchange.
Carmanah uses these non-
IFRS is measured internally to make strategic decisions, anticipate future results and evaluate their performance.
EBITDA and Adjusted EBITDA do not intend to replace the IFRS measures.
Restrict the use of these non
Measures of IFRS are the accounting impact of IFRS
Recurring projects actually reflect the potential financial results of the Carmanah business, and these impacts should not be ignored when assessing and analyzing Carmanah's financial results.
As a result, the management believes that Carmanah's IFRS for Net losses and the same non-
IFRS measures should be considered together. Non-
The measures of IFRS do not have any standardized meaning as provided for in IFRS, so it is unlikely to be comparable to similar measures proposed by other companies.
Readers should refer
For the three months and twelve months ended December 31, 2018, the company's recently submitted IFRS Financial Measures "section of MD & A discussed these measures and their calculations in more detail.
Regarding the design, development and distribution of a range of products by Carmanah Technologies corporation. Carmanah, which focus on energy-optimized LED solutions for infrastructure.
Since 1996, we have won a global reputation for providing durable, reliable, efficient and cost-effective services
An effective solution for industrial applications that work in the world's worst environments.
We manage our business in signal, lighting and offshore.
Signal segmentation serves the market for traffic and remote information processing.
The lighting department provides solar LED outdoor street lamps for municipal and commercial customers, while the Marine Department specializes in providing a comprehensive safety and marking system for offshore wind farms.
Contact Camana technology: Evan Brown ,(250)380-
0052 Chief Financial Officer/Corporate Secretary investor @ carmanah.
The ComThis version may contain forwarding-
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Often, but not always forward
Finding statements can be identified by using variations such as "estimates", "expectations", "possibilities", or these words and phrases. Forward-
The statement or information appearing in this press release is, inter alia, related to income, revenue growth;
Gross margin and estimates for EBITDA and Adjusted EBITDA;
Estimates of core operating expenses. Forward-
Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may lead to significant differences in Carmanah's actual results, performance or achievement from any future results, performance, or achievements expressed or implied by the striker-
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These factors include, but are not limited to, our ability to develop products and technologies that keep up with the ever-changing, evolving industry standards of technology, introduction of new products from competitors and changes in customer preferences and needs;
We have the ability to find the right investment for the benefit of using SPX divestiture;
And our ability to make future profits after the potential restructuring or restructuring of the Carmanah business. These forward-
Forward-looking statements are based on current expectations and beliefs of management, but with uncertainty, assumptions and risks in mind, the reader is careful not to be irresponsible for such forward-looking
Report or information.
Carmanah denies any obligation to renew or publicly declare any such declaration, event or development unless required by law.
For more information on these risks and uncertainties, see Carmanah's most recent annual information sheet (“AIF”)
And annual MD & A, available on SEDARsedar.
Com and www on the company's website. carmanah. com.
The risk factors identified in Carmanah's AIF and MD & A do not represent A complete list of factors that may affect Carmanah. Carmanah_Logo-S-for-web.