TORONTO, ONTARIO — (Marketwire) — 11/16/12 — Symbility Solutions Inc.® (the “Corporation”) (TSX VENTURE: SY), a leading provider of cloud-based claims technology for the insurance industry, today reported that revenue increased to approximately $4.9 million for the three months ending September 30, 2012, up 144% from $2.0 million in the comparable period in 2011.
Net loss for the three months ending September 30, 2012 was $159,000 or ($0.00) per share on a basic and fully diluted basis. This compares to a net income of approximately $88,000 in the same period last year or earnings per share of $0.00 on a basic and fully diluted basis.
At September 30, 2012, the Corporation held $2.7 million in cash and cash equivalents (net of debt of $112,000 owed on a capital lease).
Adjusted EBITDA for the three months ending September 30, 2012 was $469,000 compared to Adjusted EBITDA of $146,000 in the same period last year. 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. We believe Adjusted EBITDA is useful to an investor in evaluating our operating performance because it helps investors more meaningfully evaluate and compare the results of our operations from period to period, by removing the impact of our asset base (primarily depreciation and amortization), transaction related expenses and actions that do not affect liquidity (stock-based compensation expense and non-cash impairments) from our operating results.
“This quarter was primarily focused on the MSB integration and resource strengthening to build scale into our operations. While the effort is ongoing, we have effectively absorbed the staff, systems, contracts and offices of the MSB claims division and are operating as one fluid entity already,” states James Swayze, Chief Executive Officer, Symbility Solutions Inc. “We are very proud of the fact that we have added two additional offices and more than doubled our staff over the last two quarters, and still managed to post an EBITDA three times higher than the same period last year. We now have a solid foundation in our infrastructure from which to rapidly grow our top and bottom line into next year and beyond.”
The Corporations- operating subsidiaries, Symbility Solutions Ltd. (“Symbility®”) and Automated Benefits Inc.®
(“Adjudicare®”) report the following recent business developments:
Symbility
(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, 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. All other financial measures referenced herein have been prepared in accordance with International Financial Reporting Standards unless stated otherwise.
About Symbility Solutions Inc.
Symbility Solutions (TSX VENTURE: SY) is a progressive software company dedicated to developing applications for the insurance industry. The organization currently has two product family brands: Symbility® and Adjudicare®.
The Symbility platform is a cutting-edge, easy-to-use, cloud-based claims processing and estimating technology that optimizes claims performance for the Property & Casualty insurance industry. Relying on the most extensive and defendable property cost data developed by Marshall & Swift/Boeckh (“MSB”), our collaborative workflow management, mobile estimating, claims triage solutions and analytical services allow insurers to reduce costs while delivering a market-leading claims experience. Symbility Claims solutions, used in conjunction with MSB-s Underwriting Solutions, means property insurers now have a dynamic, market-driven enterprise solution. Providing a virtual feedback loop between claims and underwriting systems, this enterprise solution allows insurers to manage property risks more proactively and effectively.
Adjudicare is an advanced, practical web-based software solution used by a network of Employee Benefits Brokers and Third-Party Administrator partners across Canada in the adjudication of health and dental claims. Adjudicare-s rules-based engine and leading-edge features ensure that claims are precisely adjudicated and paid in real-time, giving our partners- customers optimum flexibility, along with transparent disclosure on the benefit plan-s financial performance.
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 September 30, 2012, 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.
All trade names are the property of their respective owners.
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.
Contacts:
Media Contacts:
Symbility Solutions Inc.
James R. Swayze
Chief Executive Officer
(416) 359-9339, ext. 1003
Symbility Solutions Inc.
Blair R. Baxter
Chief Financial Officer
(416) 359-9339, ext. 1008
Symbility Solutions Inc.
Richard D. Adair
President/Chief Operating Officer
(416) 359-9339, ext. 1002
Symbility Solutions Inc.
Lucy De Oliveira
Marketing Director
(416) 359-9339, ext. 1007
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