Welcome!

Agile Computing Authors: Liz McMillan, Elizabeth White, John Basso, Pat Romanski, Sematext Blog

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
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices 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 business opportuni...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
"We are a well-established player in the application life cycle management market and we also have a very strong version control product," stated Flint Brenton, CEO of CollabNet,, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
What are the successful IoT innovations from emerging markets? What are the unique challenges and opportunities from these markets? How did the constraints in connectivity among others lead to groundbreaking insights? In her session at @ThingsExpo, Carmen Feliciano, a Principal at AMDG, will answer all these questions and share how you can apply IoT best practices and frameworks from the emerging markets to your own business.
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...