TORONTO, ONTARIO — (Marketwired) — 03/30/15 — Symbility Solutions Inc. (the “Corporation”), (TSX VENTURE: SY), a global software company dedicated to developing cloud-based applications for the insurance industry, today reported that revenue increased by 27% to $27.8 million for the fiscal year ended December 31, 2014. This compares to revenues of $21.9 million in FY 2013 and is an increase of $5.9 million.
The net loss for the year ended December 31, 2014 was $833,000 and represents a basic and fully diluted loss per share of $0.00. This compares to a loss of $4.7 million in FY 2013. Included in the net loss for the year were non-cash amortization and stock-based compensation of $3.9 million, compared to non-cash amortization and stock-based compensation of $4.7 million in FY2013.
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 twelve-month period ending December 31, 2014 was $3.1 million compared to ($137,000) in 2013. The Corporation has a cash balance of $12.6 million as of December 31, 2014.
“Fiscal 2014 was a record year for us,” commented James Swayze, CEO, Symbility Solutions. “Recognizing that insurance companies are increasingly looking to adapt mobile and cloud technologies, we expanded our global presence even further in order to capitalize on this market momentum.”
Swayze continued, “We have successfully rolled out additional services and product offerings to our customers, including our live video collaboration tool Symbility Video Connect, which has gained traction in the industry and we believe it will change the way insurers interact with their customers. Symbility remains focused on innovating ways to take the policyholders experience to new levels.”
The Corporation will host a conference call tomorrow Wednesday, April 1st, 2015 at 10:00 a.m. ET to provide a business update and review financial results for the year ended December 31, 2014. The conference call will be webcast. All interested parties are welcome to join the live webcast, which can be accessed at . Participants may also join the conference call by dialing toll free 1-877-223-4471 or 1-647-788-4922 for international participants.
Selected Financial Information
The Corporation is also pleased to announce that they will be holding their Annual and Special Meeting of shareholders on Wednesday June 10th, 2015 at 12:00 p.m. ET. The meeting will be held at the TMX Broadcast Centre — The Exchange Tower — 130 King Street West Toronto, ON M5X 1J2. Any and all holders of common shares of the Corporation as at the close of business on the Record Date, which is April 30, 2015, will be entitled to vote at this meeting. For more information, please refer to the Corporation–s Management Information Circular, which will be posted at .
The Corporation also announced that that it has issued the shares as announced on February 11, 2015 to pay independent director fees for the period October 1, 2014 to December 31, 2014.
(1) Adjusted EBITDA is a non-IFRS measure and is calculated 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 earnings (loss) prepared in accordance with IFRS as issued by IASB. All other financial measures referenced herein have been prepared in accordance with International Financial Reporting Standards unless stated otherwise.
(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 or follow Symbility on Twitter at and on LinkedIn at .
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 year ending December 31, 2014, copies of which can be found at . 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.
Contacts:
James R. Swayze
Chief Executive Officer
Symbility Solutions Inc.
(647) 775-8600, ext. 8603
Blair R. Baxter
Chief Financial Officer
Symbility Solutions Inc.
(647) 775-8608
Lucy De Oliveira
Marketing Director
Symbility Solutions Inc.
(647) 775-8607
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