Click here to close now.

Welcome!

Agile Computing Authors: Liz McMillan, Carmen Gonzalez, Harry Trott, Lacey Thoms, Adrian Bridgwater

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
SYS-CON Events announced today that BMC 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. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust IT industrialization – allowing customers to provide amazing user experiences with optimized IT per...
2015 predictions circa 1970: houses anticipate our needs and adapt, city infrastructure is citizen and situation aware, office buildings identify and preprocess you. Today smart buildings have no such collective conscience, no shared set of fundamental services to identify, predict and synchronize around us. LiveSpace and M2Mi are changing that. LiveSpace Smart Environment devices deliver over the M2Mi IoT Platform real time presence, awareness and intent analytics as a service to local connected devices. In her session at @ThingsExpo, Sarah Cooper, VP Business of Development at M2Mi, will d...
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In this session, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, will describe how to revolutionize your architecture and...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
We’re entering a new era of computing technology that many are calling the Internet of Things (IoT). Machine to machine, machine to infrastructure, machine to environment, the Internet of Everything, the Internet of Intelligent Things, intelligent systems – call it what you want, but it’s happening, and its potential is huge. IoT is comprised of smart machines interacting and communicating with other machines, objects, environments and infrastructures. As a result, huge volumes of data are being generated, and that data is being processed into useful actions that can “command and control” thi...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) i...
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
Thanks to widespread Internet adoption and more than 10 billion connected devices around the world, companies became more excited than ever about the Internet of Things in 2014. Add in the hype around Google Glass and the Nest Thermostat, and nearly every business, including those from traditionally low-tech industries, wanted in. But despite the buzz, some very real business questions emerged – mainly, not if a device can be connected, or even when, but why? Why does connecting to the cloud create greater value for the user? Why do connected features improve the overall experience? And why do...
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of 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. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption by amplifying "faint signals" from the alpha geeks who are creating the future. An active participa...
Imagine a world where targeting, attribution, and analytics are just as intrinsic to the physical world as they currently are to display advertising. Advances in technologies and changes in consumer behavior have opened the door to a whole new category of personalized marketing experience based on direct interactions with products. The products themselves now have a voice. What will they say? Who will control it? And what does it take for brands to win in this new world? In his session at @ThingsExpo, Zack Bennett, Vice President of Customer Success at EVRYTHNG, will answer these questions a...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
The multi-trillion economic opportunity around the "Internet of Things" (IoT) is emerging as the hottest topic for investors in 2015. As we connect the physical world with information technology, data from actions, processes and the environment can increase sales, improve efficiencies, automate daily activities and minimize risk. In his session at @ThingsExpo, Ed Maguire, Senior Analyst at CLSA Americas, will describe what is new and different about IoT, explore financial, technological and real-world impact across consumer and business use cases. Why now? Significant corporate and venture...
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.