TORONTO, ONTARIO — (Marketwired) — 11/13/13 — Symbility Solutions Inc. (the “Corporation”), (TSX VENTURE: SY)(OTCQX: ATBEF), a global software company dedicated to developing cloud-based applications for the property and health insurance industries, today reported that revenue increased to $5.4 million for the three months ending September 30, 2013. This compares to revenues of $4.9 million in the same period last year, which represents an increase of 10%. This brings the nine month revenue total to $16.4 million versus $11.9 million for the same period last year, representing a 38% increase year to date.
The net loss for the three months ending September 30, 2013 was $1.0 million and represents a basic and fully diluted loss per share of ($0.01). This compares to net loss of $159,000 in the same period last year, representing a basic and fully diluted loss per share of $(0.00).
Adjusted EBITDA for the three months ending September 30, 2013 was ($112,000) compared to adjusted EBITDA of $471,000 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.
Following an extensive evaluation and analysis of the existing client contracts and new opportunities the Corporation-s outlook for fiscal 2013 revenue is between $21 million and $22 million. The revised outlook also reflects the impact of an unusually calm storm season in the United States, which has reduced transaction volumes and revenue.
“Our focus this year has been primarily geared towards ramping up new users from the supply chain of restoration contractors, independent adjusters and other third-party vendors to build the foundational support for our growing pipeline of insurance companies,” commented James Swayze, CEO, Symbility Solutions Inc. “We expect the 12,000 new users we have added this year to significantly enhance our 2014 revenue as they reach full adoption in six to nine months. The Corporation has been increasingly modifying contract terms and proposals for its carrier customers to include minimum claim and revenue levels so as to reduce the variability of revenue due to weather and corresponding claims activity in the future.”
Selected Financial Information
About Symbility Solutions Inc.
Symbility Solutions® (TSX VENTURE: SY)(OTCQX: ATBEF) 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 or follow Symbility on Twitter at and on LinkedIn at .
This press release should be read in conjunction with Corporation-s interim condensed consolidated financial statements and related notes, and management-s discussion and analysis for the quarter ending September 30, 2013, copies of which can be found at .
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.
Contacts:
Media Contacts:
Symbility Solutions Inc.
James R. Swayze
Chief Executive Officer
(647) 775-8600, ext. 8603
Symbility Solutions Inc.
Richard D. Adair
President/Chief Operating Officer
(647) 775-8600, ext. 8602
Symbility Solutions Inc.
Blair R. Baxter
Chief Financial Officer
(647) 775-8608
Symbility Solutions Inc.
Lucy De Oliveira
Marketing Director
(647) 775-8607
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