Welcome!

News Feed Item

Symbility Solutions Reports Revenue of $7.1 Million in Q2 2014

TORONTO, ONTARIO -- (Marketwired) -- 08/15/14 -- Symbility Solutions Inc. (the "Corporation"), (TSX VENTURE:SY) a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and casualty and health insurance industries, today reported that revenue increased to $7.1 million for the three months ending June 30, 2014. This compares to revenues of $6.0 million in the same period last year, which represents an increase of 17% or $1.1 million. This brings the six month revenue total to $14.2 million versus $11.0 million for the first half of last year, representing a 30% increase year to date.

The net loss for the three months ending June 30, 2014 was $101,000 and represents a basic and fully diluted loss per share of ($0.00). This compares to net loss of $334,000 in the same period last year, representing a basic and fully diluted loss per share of ($0.00). The Corporation has a cash balance of $16.1 million as at June 30, 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 June 30, 2014 was $610,000 compared to adjusted EBITDA of $635,000 in the same period last year.

"We are focused on expanding our reach in Europe, Asia Pacific and other parts of the world as well as offering new technology solutions to complement and enhance our existing array of products in the North American market. Along these lines, we have initiated several strategic partnerships which are generating new business opportunities that will help grow our customer base," stated James Swayze, Chief Executive Officer, Symbility Solutions Inc.

Selected Financial Information

----------------------------------------------------------------------------
                   Three months ended June 30,    Six months ended June 30, 
                   ---------------------------  ----------------------------
                            2014          2013           2014          2013 
----------------------------------------------------------------------------
Revenue             $      7,066   $     6,019    $    14,248   $    10,994 
----------------------------------------------------------------------------
Cost of Sales       $      1,229   $     1,107    $     2,559   $     2,104 
----------------------------------------------------------------------------
Expenses            $      5,978   $     5,275    $    12,564   $    11,254 
----------------------------------------------------------------------------
Net Loss            $       (101)  $      (334)   $      (799)  $    (2,306)
----------------------------------------------------------------------------
Adjusted EBITDA     $        610   $       635    $     1,417   $       434 
----------------------------------------------------------------------------
Loss per share (1)  $      (0.00)  $     (0.00)   $     (0.00)  $     (0.01)
============================================================================
                                                                            
                                                                            
----------------------------------------------------------------------------
As at June 30, 2014 and December 31, 2013, in                               
 thousands of dollars                                 2014              2013
----------------------------------------------------------------------------
Cash and cash equivalents                      $    16,109       $    12,173
----------------------------------------------------------------------------
Total Assets                                   $    37,531       $    33,613
----------------------------------------------------------------------------
Total long term liabilities                    $       347       $       350
----------------------------------------------------------------------------
                                                                            

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

                                                                            
----------------------------------------------------------------------------
                                Three months ended         Six months ended 
                                          June 30,                 June 30, 
                           -----------------------  ------------------------
                                  2014        2013         2014        2013 
----------------------------------------------------------------------------
IFRS Net Loss               $     (101) $     (334)  $     (799) $   (2,306)
Finance income, net                (41)        (29)         (80)        (61)
Depreciation and                                                            
 amortization                      471         407          918         782 
Stock-based compensation           280         591        1,374       2,016 
Income tax expense                   1           -            4           3 
----------------------------------------------------------------------------
Adjusted EBITDA             $      610  $      635   $    1,417  $      434 
============================================================================
                                                                            
(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) 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(TM) and Symbility Health(TM), 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 June 30, 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               
                                         -----------------------------------
                                           June 30, 2014   December 31, 2013
Assets                                                                      
  Current assets                                                            
  Cash and cash equivalents                       16,109              12,173
  Accounts receivable and other assets             4,301               4,153
  Prepaid expenses and other assets                  635                 791
                                         ===================================
                                                  21,045              17,117
                                                                            
                                                                            
  Long-term assets                                                          
  Security deposits                                   50                  33
  Property and equipment                             883                 675
  Intangible assets                                8,782               9,017
  Goodwill                                         6,771               6,771
                                         -----------------------------------
                                                  37,531              33,613
                                         ===================================
Liabilities                                                                 
  Current liabilities                                                       
    Accounts payable and accrued                                            
     liabilities                                   3,845               3,755
    Deferred revenue                               6,063               3,032
                                         -----------------------------------
                                                   9,908               6,787
  Long-term liabilities                                                     
    Finance lease obligations                          2                   5
    Customer deposits                                345                 345
                                         -----------------------------------
                                                  10,255               7,137
                                         -----------------------------------
                                                                            
Shareholders' equity                              27,276              26,476
                                         -----------------------------------
                                                  37,531              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   Six-month period ended  
                                 June 30                   June 30          
                        ========================= ==========================
                                2014         2013         2014         2013 
                                                                            
Revenue                        7,066        6,019       14,248       10,994 
                                                                            
Cost of sales                  1,229        1,107        2,559        2,104 
                        ----------------------------------------------------
                                                                            
                               5,837        4,912       11,689        8,890 
                        ----------------------------------------------------
                                                                            
Expenses                                                                    
  Sales and marketing          2,478        2,401        5,615        5,135 
  General and                                                               
   administration              1,703        1,794        3,649        3,989 
  Research and                                                              
   development                 1,526        1,026        3,311        2,013 
  Other operating                                                           
   (income)                      271           54          (11)         117 
                        ====================================================
                               5,978        5,275       12,564       11,254 
                        ----------------------------------------------------
                                                                            
Loss before finance                                                         
 income, net and income                                                     
 tax expense                    (141)        (363)        (875)      (2,364)
                                                                            
Finance income, net              (41)         (29)         (80)         (61)
Income tax expense                 1            -            4            3 
                        ----------------------------------------------------
                                                                            
Net loss and                                                                
 comprehensive loss for                                                     
 the period                     (101)        (334)        (799)      (2,306)
                                                                            
Basic and diluted loss                                                      
 and comprehensive loss                                                     
 per common share              (0.00)       (0.00)       (0.00)       (0.01)
                                                                            
Weighted average number                                                     
 of common shares                                                           
 outstanding                                                                
Basic and diluted        209,061,193  205,070,400  207,405,740  204,523,466 
                        ====================================================

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
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. ...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
In his session at 20th Cloud Expo, Mike Johnston, an infrastructure engineer at Supergiant.io, discussed how to use Kubernetes to set up a SaaS infrastructure for your business. Mike Johnston is an infrastructure engineer at Supergiant.io with over 12 years of experience designing, deploying, and maintaining server and workstation infrastructure at all scales. He has experience with brick and mortar data centers as well as cloud providers like Digital Ocean, Amazon Web Services, and Rackspace. H...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
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...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Here are the Top 20 Twitter Influencers of the month as determined by the Kcore algorithm, in a range of current topics of interest from #IoT to #DeepLearning. To run a real-time search of a given term in our website and see the current top influencers, click on the topic name. Among the top 20 IoT influencers, ThingsEXPO ranked #14 and CloudEXPO ranked #17.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.