Automated Benefits Corp. (the "Corporation") (TSX VENTURE: AUT)
today reported revenue increased by 33% to approximately $1.67
million for the three months ending March 31, 2011. This compares
to revenues of approximately $1.26 million in the same period last
year, which represents an increase of approximately $410,000.
The net income for the three months ending March 31, 2011
increased to approximately $57,000 and represents a basic and fully
diluted earnings per share of approximately one-twentieth of a
cent. This compares to a loss of approximately $195,000 in the same
period last year, representing a basic and fully diluted loss per
share of approximately one-fifth of a cent, and an improvement of
approximately $252,000.
The Corporation believes adjusted EBITDA is also a useful
measure as a proxy for operating cashflow and facilitates
period-to-period operating comparisons. Adjusted EBITDA is defined
as earnings before interest income, taxes, depreciation and
amortization, stock based compensation, restructuring, impairment
charges and other one-time gains and losses. Adjusted EBITDA for
the three months ending March 31, 2011 was $104,000, an improvement
of $265,000 over adjusted EBITDA of ($161,000) in the same period
last year.
"We expect to build off the momentum of our first quarter and
deliver continued profitable growth for our shareholders in 2011,"
states James R. Swayze, Chief Executive Officer of Automated
Benefits Corp.
The Corporation's operating subsidiaries, Symbility Solutions
Inc. ("Symbility") and Automated Benefits Inc. ("Adjudicare")
report the following recent business developments:
-- On April 5, 2011, Symbility announced its inclusion in Forrester
Research, Inc.'s most recent report, "Industry Essential: The US
Insurance Market, 2011," and was identified as an example of an emerging
business technology vendor for property and casualty insurers.
-- On April 12, 2011, Adjudicare announced the release of Version 4.1.9 of
the Adjudicare software, featuring exciting enhancements and a new
Online Claims Access feature.
-- On April 19, 2011, Adjudicare announced the renewal of a five year
contract with ESI Canada, a wholly owned subsidiary of Express Scripts
Inc. (US: ESRX), for the provision of Pharmacy Benefits Management
services.
-- On May 31, 2011, Symbility announced the release of Version 4.0 of
Mobile Claims and Claims Connect products, which includes communication
with providers of aerial roofing measurements, a new default Claim
Structure and improvements to its Report Builder engine.
Today, the Corporation is also pleased to announce that Richard
Adair has been appointed as President of Adjudicare. Mr. Adair has
been working successfully with the Adjudicare team over the past
nine months in his role as Chief Financial Officer and Chief
Operating Officer to review and strengthen the business strategy of
the division. This organizational change demonstrates the
Corporation's commitment to the business by formalizing the
leadership of the division and investing additional senior
management time and resources to focus on growing revenue
profitably.
James R. Swayze states, "Richard has been a great asset to
Automated Benefits and our Board is confident that he will add even
further value with his enhanced mandate of leading Adjudicare."
Richard Adair notes, "After a comprehensive strategic review of
the industry and assessing Adjudicare's value proposition, I am
confident that Adjudicare can continue to build and grow a very
successful business to the benefit of our customers and our
Automated Benefits shareholders."
In addition, the Corporation also announced today that 525,000
options were granted in accordance with the Corporation's stock
option plan. These options were granted to Richard Adair in
recognition of his enhanced mandate and for services provided by an
independent Director of the Corporation. Each option entitles its
holder to purchase one common share of the Corporation at a price
of $0.24 per share for a period of ten years from the date of
grant. The options will vest in three equal tranches with one-third
vesting immediately, one-third vesting on the first anniversary of
the grant date, and one-third vesting on the second anniversary of
the grant date. The granting of the stock options is subject to
regulatory approval.
About Automated Benefits Corp.
Automated Benefits Corp., headquartered in Toronto, Canada, is a
software company dedicated to developing applications for the
insurance industry in North America and Europe. The Corporation
currently has two platforms: Symbility and Adjudicare.
Symbility automates property insurance claims through its three
complementary software components which afford users the mobility,
speed and control needed to efficiently and quickly move onto the
next claim. Symbility Claims Connect is the collaborative workflow
management tool that gives every claim participant real-time access
to the claims they are working on. Symbility Inside Adjuster is an
integrated application designed to streamline the first notice of
loss process which leads to faster settlement of claims. Symbility
Mobile Claims software is an estimating tool that increases speed,
efficiency and accuracy by allowing on-site claims processing.
Adjudicare is a web-based software solution which enables
insurance brokers and third party administrators across Canada to
adjudicate health and dental claims on behalf of their group
benefit clients. Adjudicare's software accommodates flexible plan
designs and real-time payment of claims which allows our partners
to provide a high level of service while managing the costs of
their client's benefits plans.
All trade names are the property of their respective owners.
This press release should be read in conjunction with
Corporation's interim consolidated financial statements and related
notes and management's discussion and analysis for the quarter
ending March 31, 2011, 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. Automated
Benefits Corp. 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
Automated Benefits Corp.
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 of 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.
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: Automated Benefits Corp. James R. Swayze Chief
Executive Officer (416) 359-9339, ext. 1003
jswayze@automatedbenefits.com Automated Benefits Corp. Richard D.
Adair Chief Financial Officer/Chief Operating Officer (416)
359-9339, ext. 1002 radair@automatedbenefits.com
Austin Resources (TSXV:AUT)
Historical Stock Chart
From Nov 2024 to Dec 2024
Austin Resources (TSXV:AUT)
Historical Stock Chart
From Dec 2023 to Dec 2024