Welcome!

@CloudExpo Authors: Pat Romanski, Elizabeth White, Liz McMillan, Rishi Bhargava, Ruxit Blog

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.

@CloudExpo Stories
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – 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. Am...
SYS-CON Events announced today that MangoApps 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. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices 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 business opportuni...
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, discussed how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved efficienc...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...