TORONTO, ON--(Marketwired - November 16, 2015) - Symbility Solutions Inc. (the "Corporation") (TSX VENTURE: SY), a global software company dedicated to developing applications for the insurance industry, reports that consolidated revenue increased to $7.8 million for the three months ending September 30, 2015. This compares to revenues of $6.6 million in the same period last year, which represents an increase of 18 percent, and $5.6 million in the second quarter of 2015, representing 38 percent revenue growth this quarter over the last quarter.
The net loss for the three months ending September 30, 2015 was $864,000 and represents a basic and fully diluted loss per share of ($0.00). This compares to net loss of $259,000 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 $4.5 million as at September 30, 2015.
The Corporation believes adjusted EBITDA
Symbility's chief executive officer, James Swayze, commented, "Symbility is very pleased to have returned to positive Adjusted EBITDA this quarter. The changes we have been implementing this year have helped Symbility get back on track with the kind of revenue growth we have achieved in recent years. From a customer adoption perspective, we have signed a number of contracts in both North America and Europe recently and we expect to continue this momentum as we close out the year which will drive further growth and profitability."
Third Quarter Results Conference Call
Symbility will host a conference call today, Monday, November 16, 2015, at 11:00 a.m. ET to provide a business update and review financial results for the third quarter of 2015. 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/7090. Participants may also join the conference call by dialing toll free 1-877-291-4570 or 1-647-788-4919 for international participants.
Symbility is pleased to announce that it has engaged The Howard Group as its strategic investor communications advisor, providing both traditional and online initiatives targeting the investment community and the investing public. The Agreement has a term of one year effective November 1, 2015. The remuneration payable to the Howard Group will be $7,500 per month plus GST. The Agreement is subject to the approval of the TSX Venture Exchange.
Selected Financial Information
(in thousands of dollars, except per share amounts)
Three months ended Nine months ended
September 30, September 30,
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2015 2014 2015 2014
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Revenue $7,787 $ 6,608 $18,462 $ 20,856
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Cost of Sales $2,262 $ 1,222 $5,008 $ 3,781
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Expenses $6,365 $5,673 $18,637 $18,238
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Net Loss ($864) ($259) ($5,187) ($1,058)
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Adjusted EBITDA $512 $597 ($1,162) $2,013
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Loss per share2 ($0.00) ($0.00) ($0.02) ($0.01)
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As at September 30, 2015, and December 31, 2015 2014
2014
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Cash and cash equivalents $4,529 $12,612
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Total Assets $41,139 $35,532
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Total long term liabilities $367 $409
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Three months ended Nine months ended
Sept 30, Sept 30,
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2015 2014 2015 2014
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IFRS Net Loss ($864) ($259) ($5,187) ($1,058)
Finance income, net (6) (37) (59) (117)
Depreciation and amortization 824 482 2,083 1,400
Stock-based compensation 326 263 711 1,637
Other expenses 202 139 1,227 139
Income tax expense 30 9 63 12
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Adjusted EBITDA $512 $597 ($1,162) $2,013
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About Symbility Solutions
Symbility Solutions (TSX VENTURE: SY) is a global provider of cloud-based and mobile-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. Symbility's mobile innovation division, BNOTIONS, focuses on the design and development of leading technologies in the areas of mobile, the Internet of Things (IoT), Machine-to-Machine (M2M), and wearables. For more information, please visit www.symbilitysolutions.com or follow Symbility on Twitter at @symbility and on LinkedIn at symbility-solutions.
Caution Regarding Forward-Looking Information
This press release may contain forward-looking statements with respect to the Corporation, its products and operations and the estimated value and future operation relating to the BNOTIONS acquisition and the Corporation's future opportunities and expected financial performance. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of the Corporation discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations, and the factors described under "Risk Factors" in the Management's Discussion and Analysis and Annual Information Form of the Corporation which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to the Corporation and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the Corporation has no obligation to update such statements.
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 quarter ending September 30, 2015, copies of which can be found at www.sedar.com.
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)
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As At
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September December
30, 2015 31, 2014
Assets
Current assets
Cash and cash equivalents 4,529 12,612
Accounts receivable 9,636 4,879
Prepaid expenses 1,042 704
Tax receivables 1,195 895
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16,402 19,090
Long-term assets
Security deposits and other assets 144 90
Property and equipment 744 747
Intangible assets 13,098 8,657
Goodwill 10,751 6,948
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41,139 35,532
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Liabilities
Current Liabilities
Accounts payable and accrued liabilities 5,482 5,136
Deferred revenue 3,591 2,135
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9,073 7,271
Long-term liabilities
Accrued liabilities and others 22 64
Customer deposits 345 345
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9,440 7,680
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Shareholders' equity 31,699 27,852
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41,139 35,532
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Symbility Solutions Inc.
Interim Consolidated Statements of Loss and Comprehensive Loss
(Unaudited - In thousands of Canadian dollars, except per share data)
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Nine-month period ended
Three-month period September 30,
ended September 30,
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2015 2014 2015 2014
Revenue
Software and other 6,325 6,608 16,957 20,856
Professional services 1,462 - 1,505 -
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Total revenue 7,787 6,608 18,462 20,856
Cost of sales
Software and other 1,397 1,222 4,118 3,781
Professional services 865 - 890 -
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Total cost of sales 2,262 1,222 5,008 3,781
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Gross margin 5,525 5,386 13,454 17,075
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Expenses
Sales and marketing 3,343 2,377 8,719 7,994
General and
administration 1,843 1,689 5,267 5,338
Research and development 943 1,299 3,208 4,609
Depreciation,
amortization, and
foreign exchange 34 169 216 158
Other 202 139 1,227 139
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6,365 5,673 18,637 18,238
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Loss before finance
income, and income tax
expense (840) (287) (5,183) (1,163)
Finance income, net (6) (37) (59) (117)
Income tax expense 30 9 63 12
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Net loss and comprehensive
loss for the period (864) (259) (5,187) (1,058)
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Basic and diluted loss and
comprehensive loss per
common share (0.00) (0.00) (0.02) (0.01)
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Weighted average number of
common shares outstanding
Basic and diluted 237,520,650 209,675,404 224,947,856 208,170,608
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Media Contacts:
James R. Swayze
Chief Executive Officer
Symbility Solutions Inc.
(647) 775-8600, ext. 8603
jswayze@symbilitysolutions.com
Lucy De Oliveira
Global Marketing Director
Symbility Solutions Inc.
(647) 775-8607
ldeoliveira@symbilitysolutions.com
Investor Contacts:
Blair R. Baxter
Chief Financial Officer
Symbility Solutions Inc.
(647) 775-8608
bbaxter@symbilitysolutions.com
