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SOURCE Synex International Inc.
TSX : SXI
VANCOUVER, Sept. 11, 2013 /CNW/ - Revenue for the fiscal year ended June 30, 2013 increased to $5,392,723 from $5,281,228 for fiscal 2012. The revenue increase is primarily due to there being a full year of commercial operations at the Barr Creek Plant and an increase in consulting services partly offset by decreases in electricity sales from each of the Mears Plant, Cypress Plant and the Kyuquot Utility
Net loss to shareholders of the Company for fiscal 2013 was $218,662 as compared to net income of $430,034 for fiscal 2012. The decrease in net income is primarily the result of unfavourable weather conditions for hydroelectric generation on Vancouver Island, British Columbia. The energy generated at the Mears Plant and the Cypress Plants was the lowest annual energy for the respective operating periods of 9 years and 4 years. Generation at the Barr Plant was also well below forecast generation. Loss per share for fiscal 2013 was $0.01 as compared to income per share of $0.02 in fiscal 2012.
The cashflow from operating activities for fiscal 2013 was $1,019,399 or about $0.035 per share. The Company made a dividend payment in late June 2013 to shareholders of record on June 14, 2013 in the amount of $0.01 per share.
During fiscal 2013, the Company expended $500,538 on development of hydroelectric projects. Most of the expenditures were for the 5MW McKelvie Creek Project ("McKelvie"), the 4MW Newcastle Creek Project ("Newcastle") and the 9.9MW Victoria Lake Project ("Victoria"). For McKelvie, the key items of work included consultation with both the Village of Tahsis and the local First Nation and advancement of electrical interconnection studies. For Newcastle, the Development Plan, which is the key submission in support of the issuance of a water licence, was submitted in June 2013. For Victoria, regulatory work was advanced. McKelvie and Newcastle are expected to be submitted for electricity purchase agreements to the existing BC Hydro Standing Offer Program whereas Victoria has an electricity purchase agreement with BC Hydro dated August 2006.
During Fiscal 2010, Hawkeye Energy Corporation ("HEC"), a creditor of the Company, entered into receivership and its assets were conditionally sold by the Receiver to the Engineering Division under a bidding process. Prior to the closing of the sale to the Engineering Division, Hawkeye Power Corporation ("HPC") advanced a claim of an unregistered prior right to the HEC assets. On November 21, 2011 a court dismissed the HPC claim. Subsequently, HPC filed for Notice of Appeal of the court decision. On October 18, 2012, the Appeal was upheld and a new trial was ordered. A new trial has been scheduled for July 2014.
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 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.
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.
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