Synex International Inc. First Quarter of Fiscal 2021
Vancouver, British Columbia--(Newsfile Corp. - November 12, 2020) - Synex International (TSX: SXI) (the "Company" or "Synex") is pleased to announce its financial and operational results for the three months ended September 30, 2020 ("Q1 2021").
Revenue for Q1 2021 decreased to $324,530 from $425,769 in the three months ended September 30, 2019 ("Q1 2020"). Electricity sales from Q1 2021 were $320,577 compared with $414,117 in Q1 2020, which is a decrease of $93,540. The decrease in revenue for Q1 2021 was mainly due to lower power sales with respect to the Mears, Cypress and Barr hydroelectric plants.
The net loss attributable to shareholders of the Company in Q1 2021 was $407,939 as compared to net loss of $525,774 in Q1 2020. The net loss per share in Q1 2021 was $0.01 as compared to a loss of $0.01 in Q1 2020.
The capital expenditures in respect of the development of run-of-river hydro projects in British Columbia for Q1 2021 were $8,997 as compared to $16,734 for Q1 2020.
At September 30, 2020, the Company had a cash balance of $448,352 as compared to $859,906 at June 30, 2020. The total loan principal outstanding to the Canadian Western Bank was $13,124,208 at September 30, 2020 as compared to $13,172,287 at June 30, 2020. Loans payable at September 30, 2020 included a current portion of $10,913,256 and a non‐current portion of $2,210,952.
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 several potential hydroelectric sites.
"Daniel J. Russell"
Daniel J. Russell, President & CEO
400 - 1444 Alberni Street, Vancouver B.C. V6G 2Z4
Phone (604) 688-8271 Fax (604) 688-1286
Additional Information - This press release should be read in conjunction with Synex's management discussion and analysis and consolidated interim financial statements for the period ended September 30, 2020. This and additional information can be accessed at www.synex.com and under Synex's company profile on www.sedar.com.
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68113