SYNEX INTERNATIONAL SECOND QUARTER OF FISCAL 2019
- February 15, 2019
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SYNEX INTERNATIONAL SECOND QUARTER OF FISCAL 2019.
For the six months ended December 31, 2018 ('Q2 2019'), revenue increased to $1,522,470 from $1,300,441 in the corresponding period in fiscal 2018 ('Q2 2018').
Electricity generation for the six months was above average whereas in Q2 2018 generation was at record lows. Electricity sales for Q2 2019 were $184,141 higher than in Q2 2018.
The net income for Q2 2019 was $21,710 as compared to the net loss of $391,611 for Q2 2018. The increase in net income for Q2 2019 as compared to the net loss for Q2 2018 is primarily due to higher electricity sales partly offset by lower engineering consulting revenue. Net income per share in Q2 2019 was $nil as compared to a net loss per share of $0.01 in Q2 2018. The capital expenditures in respect of the development of run-of-river hydro projects in British Columbia for Q2 2019 was $63,223 as compared to $72,585 for Q2 2018. The Power Division was most active on the proposed 4.3MW Newcastle Creek Project (the 'Newcastle Project') and 5MW McKelvie Creek Project (the 'McKelvie Project'). At December 31, 2018, the Company had a cash balance of $375,694 as compared to $1,131,414 at June 30, 2018. The total loan principal outstanding to the Canadian Western Bank was $14,258,185 at December 31, 2018 as compared to $14,539,990 at June 30, 2018. Loans payable at December 31, 2018 included a current portion of $7,652,125 and a non-current portion of $6,606,060. Subsequent to the end of the second quarter, on January 11, 2019, the Supreme Court of British Columbia affirmed the Board, effective November 2nd, 2018 to be Tanya DeAngelis, Richard McGivern, Daniel J. Russell, Swami Sundarrajan, Cecilia Tam, and Danny Sgro. The company is a run-of-river hydro developer, operator and engineering firm. The company wholly owns or has a proportionate interest in a net total 12 MW of operating facilities in British Columbia, and a Vancouver Island grid connection and utility carrying on business as Kyuquot Utility. The company also has 9.4 MW of construction ready run-of-river projects, and applications and land tenures on another 24 potential hydroelectric sites totaling over 150MW of installed Capacity in British Columbia.
Forward-looking Information - Synex includes forward-looking information in this press release within the meaning of applicable Canadian securities laws. Forward-looking information included in this press release reflect the current expectations of Synex management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as 'anticipates', 'believes', 'budgets', 'could', 'estimates', 'expects', 'forecasts', 'intends', 'may', 'might', 'plans', 'projects', 'schedule', 'should', 'target', 'will', 'would' and the negative of these terms and other similar terminology or expressions have been used to identify the forward-looking information, which includes, without limitation: any forecasts with respect to financial performance and capital expenditures and the nature, timing, benefits and expected costs of future hydroelectric project development. Forward-looking information involves significant risk, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking information. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally, including those identified from time to time in the forward-looking information. Such risk factors or assumptions include, but are not limited to: changes in economic conditions, risks associated with the construction and operation of hydroelectric facilities and changes in government policies. Synex cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors should be considered carefully and undue reliance should not be placed on the forward-looking information. For additional information with respect to certain of these risks or factors, reference should be made to the continuous disclosure materials filed from time to time by Synex with Canadian securities regulatory authorities. Synex assumes no obligation or intention to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
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