Click here to close now.




















Welcome!

Agile Computing Authors: Greg O'Connor, Ian Khan, Elizabeth White, SmartBear Blog, Greg Dickinson

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
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 his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
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.
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.