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 Q1 2013.
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.
"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.