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.
"signed"
______________________________________
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.