Q2 results appear to indicate that sales for the new F9 Pro are just beginning. -- Dick Martin
Synex report for second quarter of fiscal 1999
VANCOUVER, Feb. 19 /CNW/ - SYNEX INTERNATIONAL INC.
TSE : SXI
The first half of fiscal 1999 of Synex International Inc. produced
increases in revenue, asset base and shareholders equity when compared to the
corresponding period in the previous year. The earnings per share in the
first six months was $0.01 as compared to $0.05 in the previous year. The
decrease in net income primarily reflects increased marketing costs for the
new F9 Pro and F9 Enterprise products in the Software Division. Revenue from
F9 Pro and F9 Enterprise is expected to significantly increase during the
remaining six months of fiscal 1999.
<<
Dec 31 1998 Dec 31 1997
Revenue $ 3,289,716 $ 3,010,166
Net Income $ 113,714 $ 568,454
Total Assets $ 21,349,312 $ 18,753,823
Shareholders Equity $ 7,584,410 $ 6,220,862
Shares Outstanding 15,947,583 12,197,583
Earnings per Share $0.01 $0.05
>>
Synex Energy Resources Ltd.: The revenue from the Brown Lake Plant was
$1.1 million, an increase of over 11% from the previous corresponding period.
The first half of the fiscal year includes the summer period from July to
September when expected plant utilization is the lowest. All other operations
of the Energy Division were normal during the period.
Synex Noram Power Corporation: Synex Noram has an 80% interest in a
joint venture with a power company in Hebei Province, China. The joint
venture was formed to construct and operate the $40 million Yongnian
Cogeneration in China. The plant is essentially ready for construction. The
Company is continuing to seek third party equity financing for the plant.
Synex Systems Corporation: The marketing program for F9 Pro and F9
Enterprise was significantly advanced during the second quarter, including the
opening of a branch office in France and a branch office in California.
Revenue for the first half of fiscal 1999 was $1.7 million, an increase of 3%
from the corresponding period in the previous year. The first sales of F9 Pro
were achieved late in the second quarter with sales escalation anticipated in
the third and fourth quarters of fiscal 1999.
Outlook: On February 3, 1999, the Company announced that the Board of
Directors and the major shareholder, Greyvest Capital Inc, believe that the
market is significantly undervaluing the shares of the Company. Trilon
Securities Corporation has been retained to assist with the repositioning of
the assets of the Company in order to realize the underlying shareholder
value in the near-term.
--------------------------
Alan W Stephens, President
%SEDAR: 00002435E
-30-
For further information: Alan W. Stephens (604) 688-8271 Ext. 309,
E-mail astephens@synex.com, www.synex.com |
