SYNEX INTERNATIONAL INC THIRD QUARTER REPORT FOR FISCAL 2011
May 10 2011 - 12:53PM
PR Newswire (Canada)
VANCOUVER, May 10 /CNW/ -- TSX : SXI VANCOUVER, May 10 /CNW/ - Net
income for the nine months ended March 31, 2011 was $2,227 as
compared to a net loss of $110,666 for the corresponding period in
fiscal 2010. The increase in net income is primarily due to the
proceeds of $300,000 for an option by a third party for the
purchase of some water licences of the Company in the first quarter
of fiscal 2011, offset by a provision for recovery of income taxes
of $180,000 in the first nine months of fiscal 2010. The income per
share for the nine months ended March 31, 2011 was $0.00 as
compared to a loss per share of $0.00 for the corresponding period
in fiscal 2010. For the nine months ended March 31, 2011, energy
sales and consulting revenue increased to $2,292,454 as compared to
$2,101,808 for the corresponding period in fiscal 2010. The
increase in revenue is mainly from an increase in consulting
revenue partly offset by decreases in electricity sales from the
Mears and Cypress Plants. During the first nine months of fiscal
2011, the Barr Creek Limited Partnership ("BCLP") and its general
partner Barr Creek Hydro Ltd. ("BCHL") continued to advance the
4.4MW Barr Creek Hydro Project. Construction of site works
including the access roads and the powerhouse substructure is
progressing, although work is being delayed by snowfalls in the
spring of 2011. During March 2011, BCLP entered into contracts for
the supply and installation of the penstock, steel building and
high voltage switchgear. BCLP is owned 80% by the Company and 20%
by the Ehattesaht First Nation. As at March 31, 2011, the total
subscribed units of BCLP was $4.4 million. Subsequent to the end of
the third quarter, the Company announced the execution of a Credit
Agreement with Canadian Western Bank in the maximum amount of $9.1
million for the Barr Creek Hydro Project. The Target Completion
date of the Barr Creek Hydro Project is November 2011. On August
19, 2010, the Company announced that the Engineering Division had
entered into an Option Agreement dated July 23, 2010 with an
unrelated third party. The Option Agreement provides the third
party with the right to purchase a number of applications for water
licences and land tenures held by the Engineering Division as well
as other related rights. The Option Agreement has a latest exercise
date of December 2011. The Option Payment was $300,000 and has been
included as other income in the financial statements of the
Company. The Company wholly owns and operates two hydroelectric
plants totaling 6.6MW, has a minority interest in two operating
hydroelectric plants totally 10MW, has under construction the 4.4MW
Barr Creek Hydroelectric Project and has over 70 water licence and
land tenure applications, mostly on Vancouver Island and in the
Prince Rupert/Terrace area 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. "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. To view this news release in HTML
formatting, please use the following URL:
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400 - 1444 Alberni Street, Vancouver BC V6G 2Z4br/ Phone (604) 688
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