Canadian LED lighting equipment manufacturer Carmanah Technologies Corp has reported a 31.6% revenue jump in its 2017 Q4 results, and an 8.8% revenue gain for the full year.
The Victoria, British Columbia-based company reported revenues of US$14.1m for the quarter ended December 31, 2017, representing a $3.4m gain over the $10.7m fourth quarter revenues reported in 2016. The increase in revenues was attributed to strong performance from its Signals division, led by its marine component which posted growth of $2.9m, up 32.3% over the fourth quarter of 2016, not including revenues from the recently acquired Vega and EKTA marine signal operations.
Gross margin for the fourth quarter of 2017 was 42.3%, up by 0.7% over the same period in 2016. Operating expenses for the quarter were up by US$2m related to higher product development activities, leaving a net income for the quarter of US$0.05m.
For the full year ended December 31, 2017, Carmanah generated $51.9m in revenues, marking a gain of $4.2m over 2016 revenues of $47.7m. A $2.1m increase in operating expenses for the year produced a net income for the year of $1.4m, down from the $2.9m reported for fiscal 2016.
“2017 was a very active year for Carmanah, during which we made significant progress towards our plan to increase focus and enhance our Signals segment leadership,” said Carmanah CEO, John Simmons. “We acquired two marine aids-to-navigation businesses that we are in the process of consolidating into our global marine business to expand our product platform and deliver targeted cost savings. These acquisitions, together with solid organic growth, helped to solidify our aids-to-navigation market leadership.”