Welcome!

Microsoft Cloud Authors: Janakiram MSV, Yeshim Deniz, David H Deans, Andreas Grabner, Stackify Blog

News Feed Item

Symbility Solutions Reports Revenue of $7.1 Million in Q2 2014

TORONTO, ONTARIO -- (Marketwired) -- 08/15/14 -- Symbility Solutions Inc. (the "Corporation"), (TSX VENTURE: SY) a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and casualty and health insurance industries, today reported that revenue increased to $7.1 million for the three months ending June 30, 2014. This compares to revenues of $6.0 million in the same period last year, which represents an increase of 17% or $1.1 million. This brings the six month revenue total to $14.2 million versus $11.0 million for the first half of last year, representing a 30% increase year to date.

The net loss for the three months ending June 30, 2014 was $101,000 and represents a basic and fully diluted loss per share of ($0.00). This compares to net loss of $334,000 in the same period last year, representing a basic and fully diluted loss per share of ($0.00). The Corporation has a cash balance of $16.1 million as at June 30, 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 June 30, 2014 was $610,000 compared to adjusted EBITDA of $635,000 in the same period last year.

"We are focused on expanding our reach in Europe, Asia Pacific and other parts of the world as well as offering new technology solutions to complement and enhance our existing array of products in the North American market. Along these lines, we have initiated several strategic partnerships which are generating new business opportunities that will help grow our customer base," stated James Swayze, Chief Executive Officer, Symbility Solutions Inc.

Selected Financial Information

----------------------------------------------------------------------------
                   Three months ended June 30,    Six months ended June 30,
                   ---------------------------  ----------------------------
                            2014          2013           2014          2013
----------------------------------------------------------------------------
Revenue             $      7,066   $     6,019    $    14,248   $    10,994
----------------------------------------------------------------------------
Cost of Sales       $      1,229   $     1,107    $     2,559   $     2,104
----------------------------------------------------------------------------
Expenses            $      5,978   $     5,275    $    12,564   $    11,254
----------------------------------------------------------------------------
Net Loss            $       (101)  $      (334)   $      (799)  $    (2,306)
----------------------------------------------------------------------------
Adjusted EBITDA     $        610   $       635    $     1,417   $       434
----------------------------------------------------------------------------
Loss per share (1)  $      (0.00)  $     (0.00)   $     (0.00)  $     (0.01)
============================================================================


----------------------------------------------------------------------------
As at June 30, 2014 and December 31, 2013, in
 thousands of dollars                                 2014              2013
----------------------------------------------------------------------------
Cash and cash equivalents                      $    16,109       $    12,173
----------------------------------------------------------------------------
Total Assets                                   $    37,531       $    33,613
----------------------------------------------------------------------------
Total long term liabilities                    $       347       $       350
----------------------------------------------------------------------------


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


----------------------------------------------------------------------------
                                Three months ended         Six months ended
                                          June 30,                 June 30,
                           -----------------------  ------------------------
                                  2014        2013         2014        2013
----------------------------------------------------------------------------
IFRS Net Loss               $     (101) $     (334)  $     (799) $   (2,306)
Finance income, net                (41)        (29)         (80)        (61)
Depreciation and
 amortization                      471         407          918         782
Stock-based compensation           280         591        1,374       2,016
Income tax expense                   1           -            4           3
----------------------------------------------------------------------------
Adjusted EBITDA             $      610  $      635   $    1,417  $      434
============================================================================

(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) 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, and management's discussion and analysis for the period ending June 30, 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
                                         -----------------------------------
                                           June 30, 2014   December 31, 2013
Assets
  Current assets
  Cash and cash equivalents                       16,109              12,173
  Accounts receivable and other assets             4,301               4,153
  Prepaid expenses and other assets                  635                 791
                                         ===================================
                                                  21,045              17,117


  Long-term assets
  Security deposits                                   50                  33
  Property and equipment                             883                 675
  Intangible assets                                8,782               9,017
  Goodwill                                         6,771               6,771
                                         -----------------------------------
                                                  37,531              33,613
                                         ===================================
Liabilities
  Current liabilities
    Accounts payable and accrued
     liabilities                                   3,845               3,755
    Deferred revenue                               6,063               3,032
                                         -----------------------------------
                                                   9,908               6,787
  Long-term liabilities
    Finance lease obligations                          2                   5
    Customer deposits                                345                 345
                                         -----------------------------------
                                                  10,255               7,137
                                         -----------------------------------

Shareholders' equity                              27,276              26,476
                                         -----------------------------------
                                                  37,531              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   Six-month period ended
                                 June 30                   June 30
                        ========================= ==========================
                                2014         2013         2014         2013

Revenue                        7,066        6,019       14,248       10,994

Cost of sales                  1,229        1,107        2,559        2,104
                        ----------------------------------------------------

                               5,837        4,912       11,689        8,890
                        ----------------------------------------------------

Expenses
  Sales and marketing          2,478        2,401        5,615        5,135
  General and
   administration              1,703        1,794        3,649        3,989
  Research and
   development                 1,526        1,026        3,311        2,013
  Other operating
   (income)                      271           54          (11)         117
                        ====================================================
                               5,978        5,275       12,564       11,254
                        ----------------------------------------------------

Loss before finance
 income, net and income
 tax expense                    (141)        (363)        (875)      (2,364)

Finance income, net              (41)         (29)         (80)         (61)
Income tax expense                 1            -            4            3
                        ----------------------------------------------------

Net loss and
 comprehensive loss for
 the period                     (101)        (334)        (799)      (2,306)

Basic and diluted loss
 and comprehensive loss
 per common share              (0.00)       (0.00)       (0.00)       (0.01)

Weighted average number
 of common shares
 outstanding
Basic and diluted        209,061,193  205,070,400  207,405,740  204,523,466
                        ====================================================

Contacts:
Media Contacts:
Symbility Solutions Inc.
James R. Swayze
Chief Executive Officer
(647) 775-8603
[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
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices t...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo 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 ...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo 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 ...
DevOps at Cloud Expo – being held June 5-7, 2018, at the Javits Center in New York, NY – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits,...
@DevOpsSummit at Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, is co-located with 22nd Cloud Expo | 1st DXWorld Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
SYS-CON Events announced today that T-Mobile exhibited at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on qua...
SYS-CON Events announced today that Cedexis will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness. For more information, please visit https://www.cedexis.com.
SYS-CON Events announced today that Google Cloud has been named “Keynote Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Companies come to Google Cloud to transform their businesses. Google Cloud’s comprehensive portfolio – from infrastructure to apps to devices – helps enterprises innovate faster, scale smarter, stay secure, and do more with data than ever before.
SYS-CON Events announced today that Vivint to exhibit at SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California. As a leading smart home technology provider, Vivint offers home security, energy management, home automation, local cloud storage, and high-speed Internet solutions to more than one million customers throughout the United States and Canada. The end result is a smart home solution that sav...
SYS-CON Events announced today that Opsani will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Opsani is the leading provider of deployment automation systems for running and scaling traditional enterprise applications on container infrastructure.