Click here to close now.

SYS-CON MEDIA Authors: Liz McMillan, Pat Romanski, Elizabeth White, Wade Williamson, Lori MacVittie

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™ 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 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
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
Business as usual for IT is evolving into a “Make or Buy” decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud busi...
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
SYS-CON Events announced today that Litmus Automation will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Litmus Automation’s vision is to provide a solution for companies that are in a rush to embrace the disruptive Internet of Things technology and leverage it for real business challenges. Litmus Automation simplifies the complexity of connected devices applications with Loop, a secure and scalable clou...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, will provide some practical insights on what, how and why when implementing "software-defined" in the dat...
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
With the arrival of the Big Data revolution, a data professional is expected to master a broad spectrum of complex domains including data processing, mathematics, programming languages, machine learning techniques, and business knowledge. While this mastery is undoubtedly important, this narrow focus on tool usage has divorced many from the imagination required to solve real-world problems. As the demand for analysis increases, the data science community must transform from tool experts to "data...
SYS-CON Events announced today that QTS Realty Trust, one of the nation’s largest and fastest-growing providers of data center facilities and cloud services and a leader in security and compliance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. QTS Realty Trust, Inc. (NYSE: QTS) is a leading national provider of data center solutions and fully managed services, and a leader in security and compliance...
SYS-CON Events announced today that WSM International (WSM), the world’s leading cloud and server migration services provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. WSM is a solutions integrator with a core focus on cloud and server migration, transformation and DevOps services.
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...
SYS-CON Events announced today that Emcien will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Emcien’s vision is to let anyone use data to know the future. Emcien has built an automated, predictive analysis product that improves the lives of real people. Emcien allows people to automate their data analysis so they can build a better future.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional S...
WSM International has launched a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of the organization. According to a recent press release from Gartner, "By 2016, DevOps will evolve from a niche strategy employed by large cloud ...