TSX : SXI
VANCOUVER, Nov. 5, 2013 /CNW/ - For the three months ended September 30, 2013
("Q1 2014"), revenue was $898,845 as compared to $825,956 in the corresponding
period in 2012 ("Q1 2013"). The increase in revenue is due to increases in
electricity sales from the Mears Creek and Barr Creek hydroelectric plants and
the Kyuquot Utility as well as an increase in services revenue from the
Engineering Division, which together is partly offset by a decrease in
electricity sales from the Cypress Creek plant. Cumulative generation of the
Mears, Cypress and Barr plants increased to 2,793 MWh for Q1 2014 as compared
to 2,135 MWh for Q1 2013.
The net loss for Q1 2014 decreased to $414,203 as compared to $436,869 in Q1
2013. The decrease in net loss is primarily due to higher electricity sales
in Q1 2014 as compared to Q1, 2013. A net loss in the first quarter is
expected as the generation from hydroelectric plants in the first quarter
normally represents less than 10% of annual forecast generation. The loss
per share in Q1 2014 was $0.01 as compared to a net loss per share of $0.02 in
The capital expenditures in Q1 2013 in respect of the development of
run-of-river hydro projects in British Columbia totaled $112,534. The Power
Division was most active on the proposed 5MW McKelvie Creek Project (the
"McKelvie Project"), the 4MW Newcastle Creek Project (the "Newcastle Project")
and the Victoria Lake Project (the "Victoria Project"). The Victoria Project
has an electricity purchase agreement dated August 2006 whereas the two other
projects are expected to qualify for electricity purchase agreements under the
current BC Hydro Standing Offer Program.
At September 30, 2013, the Company had a cash balance of $1,019,753 as
compared to $1,145,655 at June 30, 2013. The total loan principal
outstanding to the Canadian Western Bank was $18,630,288 at September 30, 2013
as compared to $18,461,818 at June 30, 2013. During Q1 2014, the Company
increased the loan principal of the Kyuquot Loan by about $321,000 to $700,000
and converted the loan from a floating rate to a 3 year fixed rate. In
addition, the Company received gross proceeds of $153,500 from issuance of
340,000 common shares from the exercise of options by directors and officers.
The Company is a successful hydroelectric developer and consultant in British
Columbia. The Company wholly owns or has beneficial 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 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 with a
maximum size of 15 MW.
______________________________________ 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.
SOURCE Synex International Inc.
400 - 1444 Alberni Street, Vancouver B C V6G 2Z4 Phone (604) 688 8271
Ext. 309 Fax (604) 688 1286 E-mail:email@example.com Web
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CO: Synex International Inc.
ST: British Columbia
NI: OIL UTI ERN
-0- Nov/05/2013 17:54 GMT
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