TSX : SXI
VANCOUVER, Sept. 17, 2012 /CNW/ - Revenue from energy sales and consulting for
the fiscal year ended June 30, 2012 increased by 41% to $5,281,228 from
$3,728,474 for fiscal 2011. The revenue increase is primarily due to an
increase in consulting services, the start of commercial operations at the
Barr Creek Plant on February 2, 2012 and increases in electricity sales from
each of the Mears Plant, Cypress Plant and the Kyuquot Utility.
Net income to shareholders of the Company for fiscal 2012 was $430,034 as
compared to net income of $48,904 for fiscal 2011. Income per share for fiscal
2012 was $0.02 as compared to income per share of $0.00 in fiscal 2011.
The Company made a dividend payment in late June 2012 to shareholders of
record on June 15, 2012. The dividend payment was in the amount of $0.01 per
share. A regular dividend is expected to be paid annually in June of each
year. The introduction of the dividend demonstrates confidence in the
ability of the existing operating assets to consistently generate positive
On February 2, 2012, the 4.4 MW Barr Creek Hydro Plant ("Barr Creek Plant")
commenced commercial operation under the 40 year electricity purchase
agreement with BC Hydro. During the period from February 2, 2012 to June 30,
2012, the average generation of the Barr Creek Plant was about 2.1MW which was
equivalent to the forecast generation. The Barr Creek Plant is owned by the
Barr Creek Limited Partnership ("BCLP") and its general partner, Barr Creek
Hydro Ltd. ("BCHL"). BCLP and BCHL are each owned 80% by the Company and 20%
by the Ehattesaht First Nation. The asset value of the Barr Creek Plant at
June 30, 2012 was $12.5 million and the principal amount of debt at June 30,
2012 was $9.1 million.
In March 2012, the Company received a payment of $625,871 from the
Ka:'yu:'k't'h'/Che:k:tles7et'h' First Nation as the final contribution in aid
of construction with respect to the Kyuquot powerline. The Company applied
the proceeds to fully repay the revolving $500,000 credit line of the Power
Division as well as for general corporate purposes. At June 30, 2012, the
Company had loan agreements with Canadian Western Bank with total indebtedness
of $19.1 million as compared to $11.5 million at June 30, 2011. During
Fiscal 2012, the Canadian Western Bank advanced $8.4 million for construction
of the Barr Creek Plant.
The Company is a successful hydroelectric developer and consultant in British
Columbia. The Company wholly owns or has proportionate interests in a total
of 12 MW of operating facilities. In addition, the Company has applications
for water licences and land tenure on over 55 potential hydroelectric sites
which are either in various stages of development or intended for
disposition. Mostly, the water licence applications are for projects with
individual capacities of less than 10 MW. BC Hydro under the current
Standing Offer Program accepts applications for electricity purchase
agreements for up to forty years for projects with a maximum size of 15 MW and
for which BC Hydro has a stated goal of acquiring 500 GWh per year.
Greg Sunell, President
This press release contains forward-looking statements that involve risks and
uncertainties. These statements reflect our current expectations and are
subject to change. They are subject to a number of risks and uncertainties
including, but not limited to, changes in economic conditions, risks
associated with the construction and operation of hydroelectric facilities and
changes in government policies.
400 - 1444 Alberni Street, Vancouver B C V6G 2Z4 Phone (604) 688 8271 Ext.
309 Fax (604) 688 1286 E-mail:firstname.lastname@example.org Web
SOURCE: Synex International Inc.
To view this news release in HTML formatting, please use the following URL:
CO: Synex International Inc.
ST: British Columbia
NI: OIL UTI ERN DIV
-0- Sep/18/2012 00:12 GMT
Press spacebar to pause and continue. Press esc to stop.