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Synex International Inc. Third Quarter of Fiscal 2020

VANCOUVER, British Columbia, May 25, 2020 (GLOBE NEWSWIRE) -- Synex International Inc. (TSX: SXI) a?? For the three months ended March 31, 2020 (a??Q3 2020a??), revenue increased to $1,049,390 from $781,529 in the corresponding period in fiscal 2019 (a??Q3 2019a??). Electricity sales from Q3 2020 were $1,022,392, which is $276,642 better than Q3 2019. For the nine months ended March 31, 2020, revenue increased to $2,404,173 from $2,303,999 in the corresponding period in fiscal 2019. Electricity sales for the nine months ended March 31, 2020 were $2,309,380, which is $207,315 higher than the corresponding period in fiscal 2019. The increase in revenue for Q3 2020 was mainly due to greater power sales with respect to the Mears, Cypress and Barr Plants.A 
The net income attributable to shareholders of the Company for Q3 2020 was $216,740 as compared to the net loss attributable to shareholders of $505,724 for Q3 2019. The increase in net income for Q3 2020 as compared to Q3 2019 is primarily due to restructuring initiatives that include an overall reduction is staffing level saving $138,147 over the prior quarter as well as reductions in other categories. Going forward management remains aggressive in reviewing and assessing its costs structure to ensure maximum value for the goods and services it receives. The net income per share in Q3 2020 was $0.01 as compared to a loss of $0.01 in Q3 2019.A 

Management and the Board have reviewed the cash position of the company and have determined that the liquidity of the business remains a priority to rebuild the interest reserves, reduce the line of credit, prepare for the dry season and ensure that any unforeseen economic events outside of managements control may be mitigated. The Board does not anticipate declaring dividends for the remainder of the fiscal year.A 

Total generation at the Mears and Cypress Plants for the nine months ended March 31, 2020 was 1,412 MWh as compared to 1,281 MWh for the nine months ended March 31, 2019. Total generation at the Mears and Cypress Plants was 95% of the average generation for such plants over their average operating period. Total generation at the Barr Plant for the nine months ended March 31, 2020 was 916 MWh as compared to 767 MWh for the nine months ended March 31, 2019. Total generation at the Barr Plant was 94% of the average generation for the Barr Plant over the 8a??year operating period.A 

Electricity sales for the Kyuquot Utility for Q3 2020 were 469 MWh as compared to 413 MWh for Q3 2019. Electricity sales for the Kyuquot Utility for the nine months ended March 31, 2020 were 1,248 MWh as compared to 774 MWh for the nine months ended March 31, 2019. Revenue for the Kyuquot Utility for Q3 2020 was $137,668, as compared to $117,681 for Q3 2019. Revenue for the Kyuquot Utility for the nine months ended March 31, 2020 was $388,492 as compared to $97,115 for the nine months ended March 31, 2019.A 

The Engineering Division revenue for the Q3 2020 was $1,406 as compared to $10,187 for Q3 2019. The revenue continues to be much lower than historical amounts due to decreased consulting activity for the private hydroelectric power industry in British Columbia.A 

The Company holds an 11% interest in Robson Valley Power Corporation which owns the 3.3MW Ptarmigan Plant. Subsequent to quarter-end management has received multiple offers to purchase the 11% interest owned by the Company and has received Board approval to pursue these offers.A At March 31, 2020, the Company had a cash balance of $441,697 as compared to $499,436 at June 30, 2019. The total loan principal outstanding to the Canadian Western Bank was $13,668,089 at March 31, 2020 as compared to $13,794,104 at June 30, 2019. Loans payable at March 31, 2020 included a current portion of $13,224,358 and a nona?? current portion of $443,731.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. a??Daniel J. Russella??
Daniel J. Russell, President & CEO
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