Carmanah Provides Preliminary Unaudited 2011 Yearend Guidance

Carmanah Technologies Corporation, today announced preliminary unaudited revenue guidance of $35.9 million for fiscal year ended 2011, reflecting an increase of 5.8% versus prior year results.
In addition, the Company will write off capitalized non-cash tax assets totaling approximately $8.0 million, reflecting a non-cash charge as at year end December 31, 2011. The tax assets relate to $4.0 million in investment tax credits and $4.0 million in deferred income taxes. The decision to write-off the non-cash tax assets was made following a review of their carrying value in comparison to a number of factors including Carmanahs early stage of development, the Companys current and anticipated revenue stream and its historical  net income results. As a result of this current period analysis, management concluded that it was no longer appropriate to recognize these assets.
 
Complete fiscal year ended 2011 audited financial results will be released on March 16, 2012.

About Carmanah Technologies Corporation

Carmanah_new_logo.gifAs one of the most trusted names in solar technology, Carmanah has earned a reputation for delivering strong and effective products for industrial applications worldwide. Industry proven to perform reliably in some of the world's harshest environments, Carmanah solar LED lights and solar power systems provide a durable, dependable and cost effective energy alternative. Carmanah is a publicly traded company, with common shares listed on the Toronto Stock Exchange under the symbol "CMH.
Contact
From
Carmanah Technologies Corporation
Website
www.carmanah.com
Date
  • Join our community for FREE today!

  • Create and share your own profile

  • Join the discussions

  • Publish your own items

  • Subscription to our Weekly eNewsletter

your benefits?

Get connected with parking professionals worldwide

Create your account

Sign in with LinkedIn Close

FREE membership benefits

  • * create and share your own profile
  • * join the discussions
  • * publish your own items on parking-net.commanage news, jobs, tenders, companies, events, showcases, educations, associations and literature.
  • * subscribe to our weekly eNewsletter
Add news yourself

Page tags

Comments

There are no comments yet for this item

Join the discussion

You can only add a comment when you are logged in. Click here to login