TORONTO, ONTARIO--(Marketwired - Aug 12, 2013) - Symbility Solutions Inc. (the "Corporation") (TSX VENTURE:SY)(ATBEF), a global software company dedicated to developing applications for the insurance industry, today reported that revenue increased to $6.0 million for the three months ending June 30, 2013. This compares to revenues of $4.6 million in the same period last year, which represents an increase of 31% or $1.4 million. This brings the six month revenue total to $11.0 million versus $6.9 million for the first half of last year, representing a 59% increase year to date.
The net loss for the three months ending June 30, 2013 was $334,000 and represents a basic and fully diluted loss per share of ($0.00). This compares to net loss of $1.3 million in the same period last year, representing a basic and fully diluted loss per share of ($0.01).
Adjusted EBITDA for the three months ending June 30, 2013 was $635,000 compared to adjusted EBITDA of $273,000 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.
"Our strong performance is a direct result of a number of successful customer deployments across all of our regions and the expanding usage of the supply chain, therefore increasing the number of participants collaborating on claims," states James Swayze, Chief Executive Officer, Symbility Solutions Inc. "Symbility has succeeded in developing a best-in-class, cloud-based claims solutions for insurance carriers. We are now in the process of shifting the weight of our efforts to become more sales and marketing centric capable of scaling customer acquisitions on a global basis."
Selected Financial Information
| Three months ended June 30 | Six months ended June 30 | ||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||
| Consolidated Revenue | $ | 6,019 | $ | 4,586 | $ | 10,994 | $ | 6,947 | |||||
| Net Loss | $ | (334 | ) | $ | (1,319 | ) | $ | (2,306 | ) | $ | (2,473 | ) | |
| Loss per share (1) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | |
| Three months ended June 30 | Six months ended June 30 | ||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||
| IFRS Net Loss | $ | (334 | ) | $ | (1,319 | ) | $ | (2,306 | ) | $ | (2,473 | ) | |
| Finance and other income | (29 | ) | 1 | (61 | ) | 2 | |||||||
| Depreciation and amortization | 407 | 341 | 782 | 367 | |||||||||
| Stock-based compensation | 591 | 363 | 2,016 | 509 | |||||||||
| Transaction related expenses | - | 887 | - | 1,799 | |||||||||
| Income tax expense | - | - | 3 | - | |||||||||
| Adjusted EBITDA | $ | 635 | $ | 273 | $ | 434 | $ | 204 | |||||
| As at June 30, 2013 and December 31, 2012 | 2013 | 2012 | ||
| Cash and cash equivalents | $ | 11,876 | $ | 15,008 |
| Total assets | $ | 33,190 | $ | 36,409 |
| Total long term liabilities | $ | 367 | $ | 459 |
[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.