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
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at 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. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
VeriStor Systems has announced that CRN has named VeriStor to its 2017 Managed Service Provider (MSP) 500 list in the Elite 150 category. This annual list recognizes North American solution providers with cutting-edge approaches to delivering managed services. Their offerings help companies navigate the complex and ever-changing landscape of IT, improve operational efficiencies, and maximize their return on IT investments. In today’s fast-paced business environments, MSPs play an important role...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at 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. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that Telecom Reseller has been named “Media 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. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
FinTech is the sum of financial and technology, and it’s one of the fastest growing tech industries. Total global investments in FinTech almost reached $50 billion last year, but there is still a great deal of confusion over what it is and what it means – especially as it applies to retirement. Building financial startups is not simple, but with the right team, technology and an innovative approach it can be an extremely interesting domain to disrupt. FinTech heralds a financial revolution that...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
SYS-CON Events announced today that Loom Systems will exhibit at 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. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that T-Mobile will exhibit at 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. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...