Carmanah Suffers Significant Net Loss in Q2 of 2013

Carmanah Technologies Corporation reported its second quarter financial results for the period ended June 30, 2013 on August 13.  

In accordance with the second quarter of 2013, the Company recorded a net loss of $2.5 million on revenues of $6.3 million. The significant net loss is primarily due to a $1.0 million one-time non-cash impairment of certain assets. Revenues for the second quarter of 2013 were $6.3 million, up $0.2 million from $6.1 million in the second quarter of 2012. Gross margin percentages for second quarter of 2013 were 24.4%, down from 29.1% for second quarter 2012.  Key drivers in margin variation include overall sales mix, with stronger performance in lower margin segments, and foreign currency exchange rates.

“The financial results of recent years are not only disappointing but unacceptable” stated John Simmons, our CEO, “The new Board of Directors is now aligned with the shareholders and has provided me with a mandate to make our Company profitable and in doing so increase shareholder value. This will take a little time and I anticipate will involve both performance improvements and changes in strategic direction."

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