Click here to close now.




















Welcome!

Microsoft Cloud Authors: Adine Deford, Elizabeth White, the Editor, Michael Krems, Xenia von Wedel

News Feed Item

Symbility Solutions Reports Record Revenue of $4.9 Million in Q3 2012

Year Over Year Quarterly Revenue Doubles, Adjusted EBITDA Triples

TORONTO, ONTARIO -- (Marketwire) -- 11/16/12 -- Symbility Solutions Inc.® (the "Corporation") (TSX VENTURE:SY), a leading provider of cloud-based claims technology for the insurance industry, today reported that revenue increased to approximately $4.9 million for the three months ending September 30, 2012, up 144% from $2.0 million in the comparable period in 2011.

Net loss for the three months ending September 30, 2012 was $159,000 or ($0.00) per share on a basic and fully diluted basis. This compares to a net income of approximately $88,000 in the same period last year or earnings per share of $0.00 on a basic and fully diluted basis.

At September 30, 2012, the Corporation held $2.7 million in cash and cash equivalents (net of debt of $112,000 owed on a capital lease).

Adjusted EBITDA for the three months ending September 30, 2012 was $469,000 compared to Adjusted EBITDA of $146,000 in the same period last year. 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. We believe Adjusted EBITDA is useful to an investor in evaluating our operating performance because it helps investors more meaningfully evaluate and compare the results of our operations from period to period, by removing the impact of our asset base (primarily depreciation and amortization), transaction related expenses and actions that do not affect liquidity (stock-based compensation expense and non-cash impairments) from our operating results.

"This quarter was primarily focused on the MSB integration and resource strengthening to build scale into our operations. While the effort is ongoing, we have effectively absorbed the staff, systems, contracts and offices of the MSB claims division and are operating as one fluid entity already," states James Swayze, Chief Executive Officer, Symbility Solutions Inc. "We are very proud of the fact that we have added two additional offices and more than doubled our staff over the last two quarters, and still managed to post an EBITDA three times higher than the same period last year. We now have a solid foundation in our infrastructure from which to rapidly grow our top and bottom line into next year and beyond."

The Corporations' operating subsidiaries, Symbility Solutions Ltd. ("Symbility®") and Automated Benefits Inc.®

("Adjudicare®") report the following recent business developments:

Symbility


--  On July 25, 2012, Symbility announced it had signed a multi-year
    agreement with Shelter Insurance® group of companies, a leader in the
    insurance industry, providing customers with exceptional insurance and
    financial products and services since 1946. On September 26, 2012,
    Symbility announced that Farmers Alliance Companies, who has specialized
    in providing personal, commercial, and farm insurance for rural America
    for more than a century, also signed a multi-year agreement to integrate
    the Symbility platform into its operations. In addition, on October 15,
    2012, Symbility announced that Mountain West Farm Bureau Mutual
    Insurance Company, a multi-line insurance organization, serving the
    needs of individuals, families, and businesses throughout Wyoming and
    Montana, had also signed a multi- year agreement to integrate Symbility
    into its operations. Shelter Insurance, Farmers Alliance, and Mountain
    West Farm Bureau were previous IntegriClaim customers. 
    
--  September 20, 2012, the Corporation announced that its shareholders had
    approved changing the name of the Corporation to Symbility Solutions
    Inc. Since September 24, 2012, our stock symbol has been TSX-V:SY and
    our corporate website is now www.symbilitysolutions.com. On October 4,
    2012, Symbility announced its plans to expand the sales Leadership team
    with the addition of John Burega, as the company's Senior Vice
    President, Global Sales & Marketing and the promotion of Jeff Brinkman,
    to Vice President, US Sales. 
    
--  On October 29, 2012, Symbility announced that First Choice Repair, a
    national third party administrator, offering a Managed Repair Program
    through a network of credentialed contractors, had signed a multi-year
    agreement to integrate Symbility into its operations, in order to
    enhance third-party contractor productivity. On November 11, 2012,
    Symbility announced that Independent Mitigation and
    Cleaning/Conservation Network ('IMACC"), the largest network of
    independent restoration contractors in the United States, had also
    signed a multi-year agreement to integrate Symbility into its
    operations.
    

Adjudicare                                                                  

--  On September 25, 2012, Adjudicare announced that it had signed a multi-
    year strategic partnership with Foresight
    Health Incorporated ("FHI"), a firm specializing in unique proprietary
    wellness solutions for Canadian businesses. Adjudicare will distribute
    FHI's Foresight Health Navigator, an on-line health risk appraisal
    system, to our national network of Third-Party Administrators and
    Brokers. 
    
--  On October 3, 2012, Adjudicare announced that it had celebrated its
    second annual Adjudicare Partner Summit. From September 24 - 27, a wide
    variety of Adjudicare partners and strategic vendors from across Canada
    gathered at the historic Fairmount Banff Springs Resort in Banff in
    Alberta. The conference offered participants the opportunity to hear
    from industry experts on a series of current hot topics that included;
    drug plan design and cost containment, practical workplace wellness
    solutions, and working with other industry participants such as Labour
    Unions and the Third Party Administrators Association of Canada (TPAAC).
    Our development team also announced new product updates, including
    online claims submission technology, designed to help them differentiate
    themselves in the ever-competitive Canadian group benefits industry. 
    
--  On October 17, 2012, Adjudicare announced that it had signed a multi-
    year agreement to integrate the Adjudicare platform into Assure Group
    Benefits. Founded in 2007, Assure provides flexible, cost-effective and
    comprehensive employee benefit packages to various groups in the greater
    Vancouver area. 

(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, 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. All other financial measures referenced herein have been prepared in accordance with International Financial Reporting Standards unless stated otherwise.

About Symbility Solutions Inc.

Symbility Solutions (TSX VENTURE:SY) is a progressive software company dedicated to developing applications for the insurance industry. The organization currently has two product family brands: Symbility® and Adjudicare®.

The Symbility platform is a cutting-edge, easy-to-use, cloud-based claims processing and estimating technology that optimizes claims performance for the Property & Casualty insurance industry. Relying on the most extensive and defendable property cost data developed by Marshall & Swift/Boeckh ("MSB"), our collaborative workflow management, mobile estimating, claims triage solutions and analytical services allow insurers to reduce costs while delivering a market-leading claims experience. Symbility Claims solutions, used in conjunction with MSB's Underwriting Solutions, means property insurers now have a dynamic, market-driven enterprise solution. Providing a virtual feedback loop between claims and underwriting systems, this enterprise solution allows insurers to manage property risks more proactively and effectively.

Adjudicare is an advanced, practical web-based software solution used by a network of Employee Benefits Brokers and Third-Party Administrator partners across Canada in the adjudication of health and dental claims. Adjudicare's rules-based engine and leading-edge features ensure that claims are precisely adjudicated and paid in real-time, giving our partners' customers optimum flexibility, along with transparent disclosure on the benefit plan's financial performance.

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 September 30, 2012, 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.

All trade names are the property of their respective owners.

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.

Contacts:
Media Contacts:
Symbility Solutions Inc.
James R. Swayze
Chief Executive Officer
(416) 359-9339, ext. 1003
[email protected]

Symbility Solutions Inc.
Blair R. Baxter
Chief Financial Officer
(416) 359-9339, ext. 1008
[email protected]

Symbility Solutions Inc.
Richard D. Adair
President/Chief Operating Officer
(416) 359-9339, ext. 1002
[email protected]

Symbility Solutions Inc.
Lucy De Oliveira
Marketing Director
(416) 359-9339, ext. 1007
[email protected]

www.symbilitysolutions.com
www.twitter.com/symbility

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
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater.
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, 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. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
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.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
SYS-CON Events announced today that IceWarp 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. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
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...
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.
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...
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.
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...