This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Synex International Inc. First Quarter Of Fiscal 2013

TSX : SXI

VANCOUVER, Nov. 6, 2012 /CNW/ - For the three months ended September 30, 2012 ("Q1 2013"), revenue decreased to $825,956 as compared to $894,114 in the corresponding period in fiscal 2012 ("Q1 2012"). Revenue decreased from each of the Mears Plant, Cypress Plant and Kyuquot Utility in Q1 2013 over Q1 2012 and consulting revenue increased slightly in Q1 2013 over Q1 2012. The Barr Plant was not in operation in Q1 2012.

The net loss for Q1 2013 was $436,869 as compared to a net loss of $89,790 in Q1 2013. A net loss in the first quarter is expected as the generation from hydro plants in the first quarter normally represents less than 10% of annual forecast generation. The increase in net loss reflects the addition of Barr Creek operations as well as reduced generation from the Mears and Cypress Plants due to near record dry conditions in August 2012 and September 2012. Total generation in Q1 2013 at the Mears and Cypress Plants was 1,595MWh, which is 42% of the generation at the plants in Q1 2012. The loss per share in Q1 2013 was $0.02 as compared to a loss per share of $0.00 in Q1 2012.

During Fiscal 2010, Hawkeye Energy Corporation ("HEC"), a creditor of the Company, entered into receivership and its assets were conditionally sold by the Receiver on behalf of the creditors to the Engineering Division under a bidding process. Prior to closing 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, on December 20, 2011, HPC filed for Notice of Appeal of the court decision. Subsequent to the end of Q1 2012, on October 18, 2012, the BC Court of Appeal upheld the appeal of HPC and ordered that a new trial be held. The date of for the new trial is expected to be in early 2014. HPC has advised that they may pursue further legal action after the new trial.

During Q1 2012, the Power Division had capital expenditures of $74,224 in respect of the development of three separate hydroelectric projects, namely the 5MW McKelvie Creek Project, the 8MW (in total) Newcastle and Montague Creek Projects and the 9.9MW Victoria Lake Project. The Victoria Lake Project has an electricity purchase agreement dated August 2006 whereas the two other projects are expected to make application for electricity purchase agreements under the BC Hydro Standing Offer Program.

At September 30, 2012, the Company had a cash balance of $938,086 which includes $249,806 of cash held within Barr Creek Limited Partnership and Barr Creek Hydro Ltd. The Company is continuing to utilize much of its free cash flow to advance the development of hydroelectric opportunities on Vancouver Island in British Columbia.

Synex International Inc. is a public company, trading on the TSX since 1987, with business interests that cover the development, ownership and operation of electrical generation facilities and the provision of consulting engineering services in water resources, particularly hydroelectric facilities.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs