Welcome!

News Feed Item

Symbility Solutions Reports Record Revenue of $7.2 Million and Adjusted EBITDA of $808,000

TORONTO, ONTARIO -- (Marketwired) -- 05/15/14 -- Symbility Solutions Inc. (the "Corporation"), (TSX VENTURE: SY), a global software company dedicated to developing applications for the insurance industry, today reported that revenue increased to $7.182 million for the three months ending March 31, 2014. This compares to revenues of $4.974 million in the same period last year, which represents an increase of 44% or $2.208 million.

The net loss for the three months ending March 31, 2014 was $698,000 and represents a basic and fully diluted loss per share of $(0.00). This compares to net loss of $1.972 million in the same period last year, representing a basic and fully diluted loss per share of $(0.01). The Corporation has a cash balance of $18.0 million as at March 31, 2014.

The Corporation believes adjusted EBITDA(1) is also a useful measure as a proxy for operating cash flow and facilitates period-to-period operating comparisons. Adjusted EBITDA for the three months ending March 31, 2014 was $808,000 compared to adjusted EBITDA of $(200,000) in the same period last year.

As announced on April 2, 2014, the Corporation signed twenty-one domestic and international customer contracts in the first quarter of 2014. The contracts represent new business for Symbility in Canada, USA, UK and Germany, including a number of different insurers, independent adjusting firms, contractors and other P&C supply chain vendors for the Property Division, and new third-party administrators for Symbility Health. The contracts range in duration from one to five years and the combined annual net new contract value (ACV)(2) of these agreements is $1.3 million, with a total contract value (TCV)(3) of $4.5 million.

"Our sales performance in the quarter was very solid as our products continue to gain traction in property insurance claims markets globally," commented James Swayze, Chief Executive Officer, Symbility Solutions Inc. "With much of last year focused on building the team and pipeline, it is nice to see the payoff in the form of adoption and growing momentum by new customers, especially internationally where our revenue doubled year-over-year compared to Q1 2013."

Selected Financial Information


----------------------------------------------------------------------------
For the three months ended March 31, in thousands of
 dollars                                                    2014        2013
----------------------------------------------------------------------------
Consolidated Revenue                                 $    7,182  $    4,974
----------------------------------------------------------------------------
Net Loss                                             $     (698) $   (1,972)
----------------------------------------------------------------------------
Loss per share(4)                                    $    (0.00) $    (0.01)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
As at March 31, 2014 and December 31, 2013, in
 thousands of dollars                                      2014        2013
----------------------------------------------------------------------------
Cash and cash equivalents                            $   18,090  $   12,173
----------------------------------------------------------------------------
Total Assets                                         $   40,395  $   33,613
----------------------------------------------------------------------------
Total long term liabilities                          $      349  $      350
----------------------------------------------------------------------------

The Corporation has provided a reconciliation of adjusted EBITDA to IFRS net loss in the following table:


----------------------------------------------------------------------------
For the three months ended March 31, in thousands of
 dollars                                                    2014        2013
----------------------------------------------------------------------------
IFRS Net Loss                                        $     (698) $   (1,972)
Finance and other income                                    (38)        (32)
Depreciation and amortization                               447         375
Stock-based compensation                                  1,094       1,426
Income tax expense                                            3           3
----------------------------------------------------------------------------
Adjusted EBITDA                                      $      808  $     (200)
============================================================================

Board of Directors of the Corporation granted 300,000 options to an officer in accordance with the Corporation's stock option plan. Each option entitles its holder to purchase one Common Share at the closing price on May 15, 2014 for a period of ten years from the date of grant. The options will vest in three equal tranches with one-third vesting the first anniversary of the grant date, one-third vesting on the second anniversary of the grant date, and one-third vesting on the third anniversary of the grant date.

As previously announced, the Corporation is holding their Annual and Special Meeting of shareholders on Thursday May 22, 2014 at 12:00 p.m. EDT. The meeting will be held at the TMX Broadcast Centre - The Exchange Tower - 130 King Street West Toronto, Ontario, for shareholders, investors and guests.

(1) Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, impairment losses, stock-based compensation, and other non-recurring gains or losses including transaction costs related to acquisition. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons. Adjusted EBITDA does not have any standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures presented by other companies. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with IFRS as issued by the IASB.

(2) The ACV is an estimated variable amount impacted by: (1) the actual number of claims processed; (2) the impact of severe weather on insurance property claims; (3) the number of claims assigned by an insurance carrier to an independent adjuster or contractor; (4) the time required to integrate the Company's system with Symbility Solutions platform, any of which may result of a time delay between the signed agreement and revenue recognition.

(3) The TCV is the total of the estimated ACV over the term of each the contracts. TCV also includes expected changes from the use of Symbility's products and/or price increases.

(4) In Canadian dollars, rounded to the nearest cent.

About Symbility Solutions Inc.

Symbility Solutions® (TSX VENTURE: SY) is a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and health insurance industries. Designed to be flexible and easy-to-use, Symbility Solutions' two product suites, Symbility Property™ and Symbility Health™, empower insurers to collaborate across the entire claims processing workflow and reduce costs while delivering a market-leading claims experience. For more information, please visit www.symbilitysolutions.com or follow Symbility on Twitter at @symbility and on LinkedIn at symbility-solutions.

This press release should be read in conjunction with Corporation's consolidated financial statements and related notes, and management's discussion and analysis for the period ending March 31, 2014, copies of which can be found at http://www.sedar.com.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Symbility Solutions Inc. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Symbility Solutions Inc.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All trade names are the property of their respective owners.


Symbility Solutions Inc.
Interim Consolidated Statements of Financial Position
(Unaudited - In thousands of Canadian dollars)

                                                           As at
                                              ------------------------------
                                                    March 31,   December 31,
                                                         2014           2013
Assets
Current assets
  Cash and cash equivalents                            18,090         12,173
  Accounts receivable and other assets                  4,827          4,153
  Prepaid expenses and other assets                       818            791
                                              ------------------------------
                                                       23,735         17,117

Long-term assets
  Security deposits                                        52             33
  Property and equipment                                  690            675
  Intangible assets                                     9,147          9,017
  Goodwill                                              6,771          6,771
                                              ------------------------------
                                                       40,395         33,613
                                              ==============================
Liabilities
Current liabilities
  Accounts payable and accrued liabilities              4,595          3,755
  Deferred revenue                                      8,543          3,032
                                              ------------------------------
                                                       13,138          6,787
Long-term liabilities
  Finance lease obligations                                 4              5
  Customer deposits                                       345            345
                                              ------------------------------
                                                       13,487          7,137
                                              ------------------------------

Shareholders' equity                                   26,908         26,476
                                              ------------------------------
                                                       40,395         33,613
                                              ==============================

Symbility Solutions Inc.
Interim Consolidated Statements of Loss and Comprehensive Loss
(Unaudited - In thousands of Canadian dollars, except per share data)

                                                  Three-month period ended
                                                          March 31,
                                                 ---------------------------
                                                           2014         2013

Revenue                                                 7,182         4,974

Cost of sales                                           1,329           997
                                                 ---------------------------

                                                        5,853         3,977
                                                 ---------------------------
Expenses
  Sales and marketing                                   3,138         2,734
  General and administration                            1,946         2,195
  Research and development                              1,785           987
  Other operating (income)                               (283)           62
                                                 ---------------------------
                                                        6,586         5,978
                                                 ---------------------------

Loss before finance costs (income), net and
 income tax expense                                      (733)       (2,001)
  Finance costs (income), net                             (38)          (32)
  Income tax expense                                        3             3
                                                 ---------------------------
Net loss and comprehensive loss for the period           (698)       (1,972)
                                                 ---------------------------

Basic and diluted loss and comprehensive loss per
 common share                                           (0.00)        (0.01)
                                                 ---------------------------

Weighted average number of common shares
 outstanding Basic and diluted                    205,731,893   203,970,455
                                                 ===========================

Contacts:
Media Contacts: Symbility Solutions Inc.
James R. Swayze
Chief Executive Officer
(647) 775-8603
[email protected]

Symbility Solutions Inc.
Blair R. Baxter
Chief Financial Officer
(647) 775-8608
[email protected]

Symbility Solutions Inc.
Lucy De Oliveira
Marketing Director
(647) 775-8607
[email protected]
www.symbilitysolutions.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walked through how Octob...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
SYS-CON Events announced today that Catchpoint, a leading digital experience intelligence company, has been named “Silver Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Catchpoint Systems is a leading Digital Performance Analytics company that provides unparalleled insight into your customer-critical services to help you consistently deliver an amazing customer experience. Designed for digital business, C...
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...