Welcome!

Agile Computing Authors: Janakiram MSV, Elizabeth White, PagerDuty Blog, Pat Romanski, Mike Raia

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™ and Symbility Health™, 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 910Telecom 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. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Although it has gained significant traction in the consumer space, IoT is still in the early stages of adoption in enterprises environments. However, many companies are working on initiatives like Industry 4.0 that includes IoT as one of the key disruptive technologies expected to reshape businesses of tomorrow. The key challenges will be availability, robustness and reliability of networks that connect devices in a business environment. Software Defined Wide Area Network (SD-WAN) is expected to...
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
As cloud adoption continues to transform business, today’s global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
SYS-CON Events announced today that Pulzze Systems 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. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....