Welcome!

Web 2.0 Authors: Elizabeth White, Roger Strukhoff, Kevin Benedict, Carmen Gonzalez, Yeshim Deniz

News Feed Item

Symbility Solutions Reports Record Revenue of $7.2 Million and Adjusted EBITDA of $808,000

TORONTO, ONTARIO -- (Marketwired) -- 05/15/14 -- 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 to $7.182 million for the three months ending March 31, 2014. This compares to revenues of $4.974 million in the same period last year, which represents an increase of 44% or $2.208 million.

The net loss for the three months ending March 31, 2014 was $698,000 and represents a basic and fully diluted loss per share of $(0.00). This compares to net loss of $1.972 million in the same period last year, representing a basic and fully diluted loss per share of $(0.01). The Corporation has a cash balance of $18.0 million as at March 31, 2014.

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 three months ending March 31, 2014 was $808,000 compared to adjusted EBITDA of $(200,000) in the same period last year.

As announced on April 2, 2014, the Corporation signed twenty-one domestic and international customer contracts in the first quarter of 2014. The contracts represent new business for Symbility in Canada, USA, UK and Germany, including a number of different insurers, independent adjusting firms, contractors and other P&C supply chain vendors for the Property Division, and new third-party administrators for Symbility Health. The contracts range in duration from one to five years and the combined annual net new contract value (ACV)(2) of these agreements is $1.3 million, with a total contract value (TCV)(3) of $4.5 million.

"Our sales performance in the quarter was very solid as our products continue to gain traction in property insurance claims markets globally," commented James Swayze, Chief Executive Officer, Symbility Solutions Inc. "With much of last year focused on building the team and pipeline, it is nice to see the payoff in the form of adoption and growing momentum by new customers, especially internationally where our revenue doubled year-over-year compared to Q1 2013."

Selected Financial Information


----------------------------------------------------------------------------
For the three months ended March 31, in thousands of                        
 dollars                                                    2014        2013
----------------------------------------------------------------------------
Consolidated Revenue                                 $    7,182  $    4,974 
----------------------------------------------------------------------------
Net Loss                                             $     (698) $   (1,972)
----------------------------------------------------------------------------
Loss per share(4)                                    $    (0.00) $    (0.01)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
As at March 31, 2014 and December 31, 2013, in                              
 thousands of dollars                                      2014        2013 
----------------------------------------------------------------------------
Cash and cash equivalents                            $   18,090  $   12,173 
----------------------------------------------------------------------------
Total Assets                                         $   40,395  $   33,613 
----------------------------------------------------------------------------
Total long term liabilities                          $      349  $      350 
----------------------------------------------------------------------------

The Corporation has provided a reconciliation of adjusted EBITDA to IFRS net loss in the following table:


----------------------------------------------------------------------------
For the three months ended March 31, in thousands of                        
 dollars                                                    2014        2013
----------------------------------------------------------------------------
IFRS Net Loss                                        $     (698) $   (1,972)
Finance and other income                                    (38)        (32)
Depreciation and amortization                               447         375 
Stock-based compensation                                  1,094       1,426 
Income tax expense                                            3           3 
----------------------------------------------------------------------------
Adjusted EBITDA                                      $      808  $     (200)
============================================================================

Board of Directors of the Corporation granted 300,000 options to an officer in accordance with the Corporation's stock option plan. Each option entitles its holder to purchase one Common Share at the closing price on May 15, 2014 for a period of ten years from the date of grant. The options will vest in three equal tranches with one-third vesting the first anniversary of the grant date, one-third vesting on the second anniversary of the grant date, and one-third vesting on the third anniversary of the grant date.

As previously announced, the Corporation is 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, Ontario, for shareholders, investors and guests.

(1) Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, impairment losses, stock-based compensation, 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 income (loss) prepared in accordance with IFRS as issued by the IASB.

(2) The ACV is an estimated variable amount impacted by: (1) the actual number of claims processed; (2) the impact of severe weather on insurance property claims; (3) the number of claims assigned by an insurance carrier to an independent adjuster or contractor; (4) the time required to integrate the Company's system with Symbility Solutions platform, any of which may result of a time delay between the signed agreement and revenue recognition.

(3) The TCV is the total of the estimated ACV over the term of each the contracts. TCV also includes expected changes from the use of Symbility's products and/or price increases.

(4) 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, and management's discussion and analysis for the period ending March 31, 2014, copies of which can be found at http://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.                                                    
Interim Consolidated Statements of Financial Position                       
(Unaudited - In thousands of Canadian dollars)                              
                                                                            
                                                           As at            
                                              ------------------------------
                                                    March 31,   December 31,
                                                         2014           2013
Assets                                                                      
Current assets                                                              
  Cash and cash equivalents                            18,090         12,173
  Accounts receivable and other assets                  4,827          4,153
  Prepaid expenses and other assets                       818            791
                                              ------------------------------
                                                       23,735         17,117
                                                                            
Long-term assets                                                            
  Security deposits                                        52             33
  Property and equipment                                  690            675
  Intangible assets                                     9,147          9,017
  Goodwill                                              6,771          6,771
                                              ------------------------------
                                                       40,395         33,613
                                              ==============================
Liabilities                                                                 
Current liabilities                                                         
  Accounts payable and accrued liabilities              4,595          3,755
  Deferred revenue                                      8,543          3,032
                                              ------------------------------
                                                       13,138          6,787
Long-term liabilities                                                       
  Finance lease obligations                                 4              5
  Customer deposits                                       345            345
                                              ------------------------------
                                                       13,487          7,137
                                              ------------------------------
                                                                            
Shareholders' equity                                   26,908         26,476
                                              ------------------------------
                                                       40,395         33,613
                                              ==============================
                                                                            
Symbility Solutions Inc.                                                    
Interim Consolidated Statements of Loss and Comprehensive Loss              
(Unaudited - In thousands of Canadian dollars, except per share data)       
                                                                            
                                                  Three-month period ended  
                                                          March 31,         
                                                 ---------------------------
                                                           2014         2013
                                                                            
Revenue                                                 7,182         4,974 
                                                                            
Cost of sales                                           1,329           997 
                                                 ---------------------------
                                                                            
                                                        5,853         3,977 
                                                 ---------------------------
Expenses                                                                    
  Sales and marketing                                   3,138         2,734 
  General and administration                            1,946         2,195 
  Research and development                              1,785           987 
  Other operating (income)                               (283)           62 
                                                 ---------------------------
                                                        6,586         5,978 
                                                 ---------------------------
                                                                            
Loss before finance costs (income), net and                                 
 income tax expense                                      (733)       (2,001)
  Finance costs (income), net                             (38)          (32)
  Income tax expense                                        3             3 
                                                 ---------------------------
Net loss and comprehensive loss for the period           (698)       (1,972)
                                                 ---------------------------
                                                                            
Basic and diluted loss and comprehensive loss per                           
 common share                                           (0.00)        (0.01)
                                                 ---------------------------
                                                                            
Weighted average number of common shares                                    
 outstanding Basic and diluted                    205,731,893   203,970,455 
                                                 ===========================

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
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
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) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
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 in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
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 comprehension and conference efficiency.
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, will discuss 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 to explain some of these concepts including when to use different storage models.
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
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. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.