SOURCE: Symbility Solutions Inc.

Symbility Solutions Inc.

March 30, 2015 08:00 ET

Symbility Solutions Announces Year End Results for 2014

TORONTO, ON--(Marketwired - March 30, 2015) - Symbility Solutions Inc. (the "Corporation"), (TSX VENTURE: SY), a global software company dedicated to developing cloud-based applications for the insurance industry, today reported that revenue increased by 27% to $27.8 million for the fiscal year ended December 31, 2014. This compares to revenues of $21.9 million in FY 2013 and is an increase of $5.9 million.

The net loss for the year ended December 31, 2014 was $833,000 and represents a basic and fully diluted loss per share of $0.00. This compares to a loss of $4.7 million in FY 2013. Included in the net loss for the year were non-cash amortization and stock-based compensation of $3.9 million, compared to non-cash amortization and stock-based compensation of $4.7 million in FY2013.

The Corporation believes Adjusted EBITDA1 is also a useful measure as a proxy for operating cash flow and facilitates period-to-period operating comparisons. Adjusted EBITDA for the twelve-month period ending December 31, 2014 was $3.1 million compared to ($137,000) in 2013. The Corporation has a cash balance of $12.6 million as of December 31, 2014.

"Fiscal 2014 was a record year for us," commented James Swayze, CEO, Symbility Solutions. "Recognizing that insurance companies are increasingly looking to adapt mobile and cloud technologies, we expanded our global presence even further in order to capitalize on this market momentum."

Swayze continued, "We have successfully rolled out additional services and product offerings to our customers, including our live video collaboration tool Symbility Video Connect, which has gained traction in the industry and we believe it will change the way insurers interact with their customers. Symbility remains focused on innovating ways to take the policyholders experience to new levels."

The Corporation will host a conference call tomorrow Wednesday, April 1st, 2015 at 10:00 a.m. ET to provide a business update and review financial results for the year ended December 31, 2014. 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/6360. Participants may also join the conference call by dialing toll free 1-877-223-4471 or 1-647-788-4922 for international participants.

Selected Financial Information

  Three months ended
Dec 31
 Twelve months ended
Dec 31
(in thousands of dollars) 2014 2013  2014 2013
Revenue $6,949 $5,471  $27,805 $21,894
Net Income (Loss) $225 ($1,347)  ($833) ($4,687)
Adjusted EBITDA1 $1,078 ($460)  $3,091 ($137)
Earnings (Loss) per share2 $0.00 ($0.01)  ($0.00) ($0.02)
      
  Three months ended
Dec 31
 Twelve months ended
Dec 31
(in thousands of dollars) 2014 2013  2014 2013
IFRS Net Income (Loss) $225 ($1,347)  ($833) ($4,687)
Finance and other income (31) (29)  (148) (117)
Depreciation and amortization 550 412  1,951 1,605
Stock-based compensation 267 494  1,903 3,049
Transaction related expenses 5 -  143 -
Income tax expense 62 10  75 13
Adjusted EBITDA1 $1,078 ($460)  $3,091 ($137)
      
     
As at December 31,
(in thousands of dollars)
2014 2013
Cash and cash equivalents $12,612 $12,173
Total assets $35,532 $33,613
Total long term liabilities $409 $350
   

The Corporation is also pleased to announce that they will be holding their Annual and Special Meeting of shareholders on Wednesday June 10th, 2015 at 12:00 p.m. ET. The meeting will be held at the TMX Broadcast Centre -- The Exchange Tower -- 130 King Street West Toronto, ON M5X 1J2. Any and all holders of common shares of the Corporation as at the close of business on the Record Date, which is April 30, 2015, will be entitled to vote at this meeting. For more information, please refer to the Corporation's Management Information Circular, which will be posted at www.sedar.com.

The Corporation also announced that that it has issued the shares as announced on February 11, 2015 to pay independent director fees for the period October 1, 2014 to December 31, 2014.

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, and other 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 as issued by IASB. All other financial measures referenced herein have been prepared in accordance with International Financial Reporting Standards unless stated otherwise.

2 In Canadian dollars, rounded to the nearest cent.

About Symbility Solutions Inc.

Symbility Solutions® (TSX VENTURE: SY) 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 www.symbilitysolutions.com or follow Symbility on Twitter at @symbility and on LinkedIn at symbility-solutions.

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 year ending December 31, 2014, copies of which can be found at www.sedar.comExcept 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.

 
Symbility Solutions Inc.
Consolidated Statements of Financial Position
(In thousands of Canadian dollars)
 
 As at
  December 31,
2014
December 31,
2013
Assets   
Current assets    
 Cash and cash equivalents 12,612
12,173
 Accounts receivable and other assets 4,879 4,153
 Prepaid expenses and other assets 704 751
 Tax receivables 895 40
   
Long-term assets 19,090 17,117
 Prepaid expenses 34 -
 Security deposits 56 33
 Property and equipment 747 675
 Intangible assets 8,657 9,017
 Goodwill 6,948 6,771
  35,532 33,613
Liabilities    
Current Liabilities    
 Accounts payable and accrued liabilities 5,136 3,775
 Current portion of deferred revenue 2,135 3,032
   
Long-term liabilities 7,271 6,787
 Accrued liabilities and others 64 5
 Customer deposits 345 345
  7,680 7,137
Commitments    
Shareholders' equity 27,852 26,476
  35,532 33,613
   

 
Symbility Solutions Inc.
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
(In thousands of Canadian dollars, except per share data)
 
 Three-month period ended
December 31
 Twelve-month period ended
December 31
  2014 2013  2014 2013
Revenue 6,949 5,471  27,805 21,894
Cost of sales 1,508 1,187  5,289 4,395
  5,441 4,284  22,516 17,499
Expenses         
 Sales and marketing 2,636 2,267  10,630 9,883
 General and administration 1,730 1,990  7,068 7,725
 Research and development 485 1,336  5,094 4,428
 Transaction related 4 -  143 -
 Other operating 329 56  487 254
  5,184 5,649  23,422 22,290
Income (loss) before finance costs (income), net and income tax expense 257 (1,365)  (906) (4,791)
Finance income, net (31) (28)  (148) (117)
Current income tax expense 63 10  75 13
Net income (loss) and comprehensive income (loss) for the period 225 (1,347)  (833) (4,687)
Basic and diluted income (loss) and comprehensive income (loss) per common share 0.00 (0.01)  (0.00) (0.02)
Weighted average number of common shares outstanding     
 Basic209,865,543205,375,464 208,597,825204,897,076
 Diluted220,319,808205,375,464 208,597,825204,897,076
       

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