Carmanah Technologies, a provider of solar LED lights and solar power systems, has recorded revenues of $9.1 million, net income (loss) of $0.1 million and positive EBITDA of $0.5 million for the first quarter of 2014.
The figures show marked improvement from those of the same period in 2013 which had revenues of $7.0 million, a net loss of $0.7 million, and an EBITDA loss of $0.4 million.
Revenue growth in the first quarter was evident in virtually every division of the Company. This led to a profitable result which would have been greater if not for extraordinary or unusual expenses, said John Simmons, CEO.
During the quarter the company incurred unusually high legal expenses attributable to an ongoing patent infringement lawsuit and another one owing to the acquisition of SOL, a Florida based outdoor lighting business vertical.
“While we are encouraged by current business prospects we continue to have limited visibility with respect to future revenues,” said Simmons. “While we are applying effort to achieve profitable growth, we are not able to predict that the growth achieved over the past two quarters will continue.”
On March 31, 2014, the Company al so announced plans for a non-brokered private placement to raise approximately $4.2 million CDN.
During the first quarter of 2014 the Company continued its effort to streamline and simplify its operations including continued execution of the restructuring initiative announced in late 2013 and the launch of a project to replace the Company’s ERP and CRM systems with a more efficient and cost effective solution.