Welcome!

@CloudExpo Authors: Yeshim Deniz, Pat Romanski, Liz McMillan, Elizabeth White, Maria C. Horton

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
"We are a well-established player in the application life cycle management market and we also have a very strong version control product," stated Flint Brenton, CEO of CollabNet,, in this SYS-CON.tv interview at 18th Cloud Expo at the Javits Center in New York City, NY.
Vulnerability management is vital for large companies that need to secure containers across thousands of hosts, but many struggle to understand how exposed they are when they discover a new high security vulnerability. In his session at 21st Cloud Expo, John Morello, CTO of Twistlock, addressed this pressing concern by introducing the concept of the “Vulnerability Risk Tree API,” which brings all the data together in a simple REST endpoint, allowing companies to easily grasp the severity of the ...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
Here are the Top 20 Twitter Influencers of the month as determined by the Kcore algorithm, in a range of current topics of interest from #IoT to #DeepLearning. To run a real-time search of a given term in our website and see the current top influencers, click on the topic name. Among the top 20 IoT influencers, ThingsEXPO ranked #14 and CloudEXPO ranked #17.
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
Containers are rapidly finding their way into enterprise data centers, but change is difficult. How do enterprises transform their architecture with technologies like containers without losing the reliable components of their current solutions? In his session at @DevOpsSummit at 21st Cloud Expo, Tony Campbell, Director, Educational Services at CoreOS, will explore the challenges organizations are facing today as they move to containers and go over how Kubernetes applications can deploy with lega...
In their session at @DevOpsSummit at 21st Cloud Expo, Michael Berman, VP Engineering at TidalScale, and Ivo Jimenez, Engineer at TidalScale, will describe how automating tests in TidalScale is easy thanks to WaveRunner. They will show how they use WaveRunner, Jenkins, and Docker to have agile delivery of TidalScale. Michael Berman is VP Engineering at TidalScale. TidalScale is developing a scale up compute and resource architecture for customers to perform big data exploration and real time anal...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"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.
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
FinTechs use the cloud to operate at the speed and scale of digital financial activity, but are often hindered by the complexity of managing security and compliance in the cloud. In his session at 20th Cloud Expo, Sesh Murthy, co-founder and CTO of Cloud Raxak, showed how proactive and automated cloud security enables FinTechs to leverage the cloud to achieve their business goals. Through business-driven cloud security, FinTechs can speed time-to-market, diminish risk and costs, maintain continu...
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to maximize project result...
The Founder of NostaLab and a member of the Google Health Advisory Board, John is a unique combination of strategic thinker, marketer and entrepreneur. His career was built on the "science of advertising" combining strategy, creativity and marketing for industry-leading results. Combined with his ability to communicate complicated scientific concepts in a way that consumers and scientists alike can appreciate, John is a sought-after speaker for conferences on the forefront of healthcare science,...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...