Welcome!

Agile Computing Authors: AppDynamics Blog, Elizabeth White, Liz McMillan, John Basso, Igor Drobiazko

News Feed Item

Symbility Solutions Increases Revenue 32% FY2013 vs FY2012

TORONTO, ONTARIO -- (Marketwired) -- 03/28/14 -- 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 by 32% to $21.9 million for the fiscal year ended December 31, 2013. This compares to revenues of $16.5 million in FY 2012 and is an increase of $5.4 million.

The net loss for the year ended December 31, 2013 was $4.7 million and represents a basic and fully diluted loss per share of $0.02. This compares to a loss of $3.4 million in FY 2012. Included the net loss for the year was non-cash amortization and stock based compensation of $4.7 million compared to transaction related expenses of $1.83 million and non-cash amortization and stock based compensation of $2.39 million in FY2012.

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, 2013 was ($137,000), compared to $831,000 in 2012.

"Our focus in 2013 was the expansion of our supply chain and the 62% increase in our user base in addition to our revenue growth is evidence of success." commented James Swayze, CEO, Symbility Solutions. "This year we have a number of new products and partnerships aimed at insurance company needs, both domestically and internationally, that we expect to drive cost out of our customers operations through an increase in remote and virtual data collection."

The Corporation has provided the following metrics on the number of users of its Symbility Property software at the end of each period and the number of claims created in each period as an indication of the growing activity in Symbility Property.


                                            Fiscal       Fiscal       Fiscal
                                              2013         2012         2011
----------------------------------------------------------------------------
Users                                       41,458       25,622       17,080
Claims created                             870,076      634,568      347,277
----------------------------------------------------------------------------

The Corporation also announced today that 630,685 options were granted to Officers in accordance with the Corporation's stock option plan. Each option entitles its holder to purchase one common share of the Corporation at the closing share price on March 31, 2014 for a period of ten years from March 31, 2014. The options will vest at a rate of one third per annum on the anniversary date of the grant.

The Corporation will host a conference call today at 10:00 a.m. ET to provide a business update and review financial results for the year ended December 31, 2013. The conference call will be webcast. All interested parties are welcome to join the live webcast, which can be accessed at http://www.gowebcasting.com/5349. Participants may also join the conference call by dialing toll free 1-877-223-4471 or 1-647-788-4922 for international participants.

The Corporation is also pleased to announce that they will be 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, 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 22, 2014, 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 www.sedar.com.

Selected Financial Information


----------------------------------------------------------------------------
                                   Three months ended   Twelve months ended 
                                               Dec 31                Dec 31 
                                --------------------------------------------
(in thousands of dollars)             2013       2012       2013       2012 
----------------------------------------------------------------------------
Revenue                          $   5,471  $   4,656  $  21,894  $  16,537 
----------------------------------------------------------------------------
Net Loss                         $  (1,347) $    (761) $  (4,687) $  (3,393)
----------------------------------------------------------------------------
Adjusted EBITDA(1)               $    (460) $     161  $    (137) $     831 
============================================================================
Loss per share (2)               $   (0.01) $   (0.00) $   (0.02) $   (0.02)
============================================================================
                                                                            


----------------------------------------------------------------------------
                                   Three months ended   Twelve months ended 
                                               Dec 31                Dec 31 
                                --------------------------------------------
(in thousands of dollars)             2013       2012       2013       2012 
----------------------------------------------------------------------------
IFRS Net Loss                    $  (1,347) $    (761) $  (4,687) $  (3,393)
Finance and other income               (29)        (6)      (117)        (9)
Depreciation and amortization          412        371      1,605      1,099 
Stock-based compensation               494        550      3,049      1,296 
Transaction related expenses             -          -          -      1,831 
Income tax expense                      10          7         13          7 
----------------------------------------------------------------------------
Adjusted EBITDA(1)               $    (460) $     161  $    (137) $     831 
============================================================================
                                                                            
----------------------------------------------------------------------------
As at December 31, 2013,                                                    
(in thousands of dollars)                                    2013       2012
----------------------------------------------------------------------------
Cash and cash equivalents                              $   12,173 $   15,008
----------------------------------------------------------------------------
Total assets                                           $   33,613 $   36,409
----------------------------------------------------------------------------
Total long term liabilities                            $      350 $      459
============================================================================

(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, restructuring costs included in other general & administration expense 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(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, management's discussion and analysis and the Annual Information Form for the period ending December 31, 2013, copies of which can be found at 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.                                                    
Notes to Consolidated Financial Statements                                  
(In thousands of Canadian dollars unless otherwise stated)                  
December 31, 2013                                                           
----------------------------------------------------------------------------
                                                                            
                                                            As at           
                                                ----------------------------
                                                  December 31,  December 31,
                                                          2013          2012
Assets                                                                      
Current assets                                                              
  Cash and cash equivalents                             12,173        15,008
  Accounts receivable and other assets                   4,153         3,340
  Loans receivable                                           -           148
  Prepaid expenses and other assets                        791           576
                                                ----------------------------
                                                        17,117        19,072
Long-term assets                                                            
  Security deposits                                         33            19
  Property and equipment                                   675           399
  Intangible assets                                      9,017        10,148
  Goodwill                                               6,771         6,771
                                                ----------------------------
                                                        33,613        36,409
                                                ----------------------------
Current liabilities                                                         
Liabilities                                                                 
  Accounts payable and accrued liabilities               3,755         3,902
  Current portion of deferred revenue                    3,032         4,118
                                                ----------------------------
                                                         6,787         8,020
Long-term liabilities                                                       
  Deferred revenue                                           -           208
  Finance lease obligations                                  5            49
  Customer deposits                                        345           202
                                                ----------------------------
                                                         7,137         8,479
                                                ----------------------------
                                                                            
Commitments                                                                 
                                                                            
Shareholders' equity                                    26,476        27,930
                                                ----------------------------
                                                        33,613        36,409
                                                ----------------------------
                                                                            
Symbility Solutions Inc.                                                    
Consolidated Statements of Loss and Comprehensive Loss                      
(In thousands of Canadian dollars except per share data)                    
----------------------------------------------------------------------------
                                                                            
                                 Three-month period     Twelve-month period 
                                  ended December 31       ended December 31 
                            ------------------------------------------------
                                   2013        2012        2013        2012 
                                                                            
Revenue                           5,471       4,656      21,894      16,537 
                                                                            
Cost of sales                     1,130         969       4,224       3,202 
                            ------------------------------------------------
                                  4,341       3,687      17,670      13,335 
                            ------------------------------------------------
Expenses                                                                    
  Sales and marketing             2,324       1,969      10,055       6,239 
  General and administration      1,955       1,545       7,600       5,745 
  Research and development        1,371         911       4,552       2,718 
  Transaction related                 -          (2)          -       1,831 
  Other operating                    56          29         254         197 
                            ------------------------------------------------
                                  5,706       4,452      22,461      16,730 
                            ------------------------------------------------
Loss before finance costs                                                   
 (income), net and income                                                   
 tax expense                     (1,365)       (765)     (4,791)     (3,395)
                                                                            
Finance costs (income), net         (28)        (11)       (117)         (9)
Current income tax expense           10           7          13           7 
                            ------------------------------------------------
Net loss and comprehensive                                                  
 loss for the period             (1,347)       (761)     (4,687)     (3,393)
                            ------------------------------------------------
Basic and diluted loss and                                                  
 comprehensive loss per                                                     
 common share                     (0.01)      (0.00)      (0.02)      (0.02)
                            ------------------------------------------------
Weighted average number of                                                  
 common shares outstanding                                                  
  Basic and diluted         205,375,464 186,278,556 204,897,076 164,561,810 
                            ------------------------------------------------

Contacts:
Media Contacts: Symbility Solutions Inc.
James R. Swayze
Chief Executive Officer
(647) 775-8600, ext. 8603
[email protected]

Symbility Solutions Inc.
Richard D. Adair
President/Chief Operating Officer
(647) 775-8600, ext. 8602
[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.

@ThingsExpo Stories
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified – now it's a component-based well-performing framework. This immersive one-day workshop at 18th Cloud Expo, led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and the product company SuranceBay, will provide you with everything you wanted to know about Angular 2.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
You deployed your app with the Bluemix PaaS and it's gaining some serious traction, so it's time to make some tweaks. Did you design your application in a way that it can scale in the cloud? Were you even thinking about the cloud when you built the app? If not, chances are your app is going to break. Check out this webcast to learn various techniques for designing applications that will scale successfully in Bluemix, for the confidence you need to take your apps to the next level and beyond.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...