TORONTO, Nov. 29, 2016 /CNW/ - Symbility Solutions Inc.
("Symbility" or the "Company") (TSX.V: SY), a global software
company focused on modernizing the insurance industry, today
announced financial results for the third quarter ending
September 30, 2016.
"We are very pleased with our Q3 results, reporting another
record revenue quarter, resulting in an increase to our 2016
guidance from $33 million to meet or
exceed $34 million," said
James Swayze, Chief Executive
Officer of Symbility Solutions. "Our year to date revenue has
increased 37% as compared to the same period last year as a
consequence of expanding into new geographies, acquiring new
customers in our current territories, upselling new products into
our existing customer base and gaining market share from
competitors in mature markets. We are also happy to report that
although we continue to invest meaningfully in new products and new
markets, we were Adjusted EBITDA positive for the second
consecutive quarter coming in at $264,000 which gives us confidence that we will
have an overall positive Adjusted EBITDA for the year in 2016."
THIRD QUARTER FINANCIAL RESULTS
- Consolidated revenue for the third quarter of 2016 was
$8.7 million compared to $7.8 million in the same period in 2015, an
increase of 11.6 percent. Consolidated revenue for the nine months
ended September 30, 2016 totaled
$25.3 million compared to
$18.5 million for the nine months
ended September 30, 2015, an increase
of 36.9 percent.
- The Company reported an Adjusted EBITDA of $264,000 in Q3 2016 compared to $512,000 in Q3 2015. For the nine months ended
September 30, 2016 the Company had an
Adjusted EBITDA of ($3,000) compared
to an Adjusted EBITDA of ($1,162,000)
for the nine months ended September 30,
2015.
- The Company had a loss per share2 of ($0.00) in the third quarter of 2016 compared to
a loss per share of ($0.00) in the
third quarter of 2015. The Company had a loss per share of
($0.01) for the nine months ended
September 30, 2016 compared to a loss
per share of ($0.02) for the same
period in 2015.
- The Company had a cash balance of $6.5
million at September 30, 2016
compared to a cash balance of $6.6
million at December 31,
2015.
- Net loss for the third quarter of 2016 was ($530,000) compared to ($864,000) in the same period of 2015, a decrease
in loss of 38.7 percent. Net loss for the nine months ended
September 30, 2016 was ($2,769,000) compared to ($5,187,000) on for the nine months ended
September 30, 2015, a decrease in
loss of 46.6 percent.
SELECTED FINANCIAL INFORMATION
in thousands of
dollars
|
three months ended
September 30,
|
|
nine months ended
September 30,
|
|
2016
|
2015
|
|
2016
|
2015
|
Revenue
|
$8,693
|
$7,787
|
|
$25,269
|
$18,462
|
Cost of
Sales
|
$3,051
|
$2,262
|
|
$7,928
|
$5,008
|
Expenses
|
$6,168
|
$6,365
|
|
$20,089
|
$18,637
|
Net Loss
|
($530)
|
($864)
|
|
($2,769)
|
($5,187)
|
Adjusted
EBITDA1
|
$264
|
$512
|
|
($3)
|
($1,162)
|
Loss per
share2
|
($0.00)
|
($0.00)
|
|
($0.01)
|
($0.02)
|
|
|
|
|
|
|
As at September
30, 2016, and December 31, 2015, in thousands of
dollars
|
2016
|
2015
|
Cash and cash
equivalents
|
$6,503
|
$6,553
|
Total
Assets
|
$38,842
|
$39,155
|
Total long term
liabilities
|
$397
|
$354
|
|
|
|
|
|
|
|
|
|
three months ended
September 30,
|
|
nine months ended
September 30,
|
|
2016
|
2015
|
|
2016
|
2015
|
IFRS Net
Loss
|
($530)
|
($864)
|
|
($2,769)
|
($5,187)
|
Finance income,
net
|
($7)
|
($6)
|
|
($16)
|
($59)
|
Depreciation and
amortization
|
$672
|
$824
|
|
$2,050
|
$2,083
|
Stock-based
compensation
|
$118
|
$326
|
|
$695
|
$711
|
Restructuring
Cost
|
$0
|
$0
|
|
$0
|
$332
|
Transaction Related
Expense
|
$0
|
$202
|
|
$0
|
$895
|
Income tax
expense
|
$11
|
$30
|
|
$37
|
$63
|
Adjusted
EBITDA1
|
$264
|
$512
|
|
($3)
|
($1,162)
|
|
|
|
|
|
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 and
restructuring cost. 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.
|
INVESTOR CONFERENCE CALL
Symbility will host a live webcast and conference call tomorrow
Wednesday, November 30, 2016, at
10 a.m. ET to discuss these results.
All interested parties are welcome to join the live webcast, which
can be accessed
at http://event.on24.com/r.htm?e=1296160&s=1&k=3F6B1C1FA14AFFF80721A0514C5CF231.
Participants may also join the conference call by dialing toll free
(888) 231-8191 or (647) 427-7450 for international participants. A
replay of the webcast will be available on Symbility's
website.
ABOUT SYMBILITY
Symbility (TSX.V: SY) believes in creating world-class
experiences that simplify business and improve lives. With a
history in modernizing insurance claims solutions for the property
and health industries, Symbility has established itself as a
partner that puts security, efficiency and customer experience
first. Symbility PROPERTY™ brings smarter thinking to property
insurance. Symbility HEALTH™ helps benefits professionals build
their brands and businesses. Our strategic services team, Symbility
INTERSECT™ empowers a variety of businesses with smarter mobile and
IoT product development strategy, design thinking and engineering
excellence. With our three segments pushing industries forward,
Symbility proves that change for the better is entirely possible.
symbilitysolutions.com
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This press release may contain forward-looking statements
with respect to the Corporation, its products and operations and
the contemplated financing. These
statements generally can be identified by use of
forward looking words such as "may", "will", "expect", "estimate",
"anticipate", "intends", "believe" or "continue" or the
negative thereof or similar variations. The actual
results and performance of the Corporation discussed herein could
differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Important factors that could cause actual results to differ
materially from expectations include, among other things, general
economic and market factors, competition, changes in government
regulations, and the factors described under "Risk Factors" in the
Management's Discussion and Analysis and Annual Information Form of
the Corporation which are available
at www.sedar.com. The cautionary statements
qualify all forward-looking statements attributable to the
Corporation and persons acting on their behalf. Unless otherwise
stated, all forward-looking statements speak only as of the date of
this press release and the Corporation has no obligation to update
such statements.
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 quarter ending
September 30, 2016, copies of which
can be found at www.sedar.com.
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. Interim Consolidated
Statements of Financial Position (Unaudited - In thousands of Canadian
dollars)
|
|
|
September
30, 2016
|
December
31, 2015
|
Assets
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
6,503
|
6,553
|
|
Accounts
receivable
|
|
8,433
|
7,127
|
|
Prepaid
expenses
|
|
1,139
|
1,101
|
|
Tax credits
receivables
|
|
626
|
849
|
|
|
16,701
|
15,630
|
Long-term
assets
|
|
|
|
|
Prepaid expenses and
Security deposits
|
|
160
|
142
|
|
Property and
equipment
|
|
666
|
691
|
|
Intangible
assets
|
|
10,552
|
11,929
|
|
Goodwill
|
|
10,763
|
10,763
|
|
|
38,842
|
39,155
|
Liabilities
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
6,383
|
4,949
|
|
Deferred
revenue
|
|
2,951
|
2,702
|
|
|
9,334
|
7,651
|
Long-term
liabilities
|
|
|
|
|
Accrued liabilities
and others
|
|
15
|
8
|
|
Customer
deposits
|
|
382
|
346
|
|
|
9,731
|
8,005
|
|
|
|
|
Shareholders'
equity
|
|
29,111
|
31,150
|
|
|
38,842
|
39,155
|
Symbility Solutions
Inc.
Interim Consolidated
Statements of Loss and Comprehensive Loss
Unaudited -
In thousands of Canadian dollars, except per share
data
|
|
three-month period
ended September
30,
|
|
nine-month period
ended September
30,
|
|
2016
|
2015
|
|
2016
|
2015
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
Software and
other
|
6,988
|
6,325
|
|
21,066
|
16,957
|
|
Professional
services
|
1,705
|
1,462
|
|
4,203
|
1,505
|
|
Total
Revenue
|
8,693
|
7,787
|
|
25,269
|
18,462
|
Cost of
sales
|
|
|
|
|
|
|
Software and
other
|
2,009
|
1,397
|
|
5,268
|
4,118
|
|
Professional
services
|
1,042
|
865
|
|
2,660
|
890
|
|
Total cost of
sales
|
3,051
|
2,262
|
|
7,928
|
5,008
|
Gross
Profit
|
5,642
|
5,525
|
|
17,341
|
13,454
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
Sales and
Marketing
|
3,163
|
3,343
|
|
10,306
|
8,719
|
|
General and
administration
|
2,361
|
1,843
|
|
6,385
|
5,267
|
|
Research and
development
|
883
|
943
|
|
2,676
|
3,208
|
|
Depreciation,
amortization, and foreign exchange foreign exchange
|
(239)
|
34
|
|
722
|
216
|
|
Transaction and
restructuring
|
-
|
202
|
|
-
|
1,227
|
|
6,168
|
6,365
|
|
20,089
|
18,637
|
|
|
|
|
|
|
Loss before
finance costs (income), net and income tax expense
|
(526)
|
(840)
|
|
(2,748)
|
(5,183)
|
|
Finance income,
net
|
(7)
|
(6)
|
|
(16)
|
(59)
|
|
Income tax
expense
|
11
|
30
|
|
37
|
63
|
|
|
|
|
|
|
Net loss and
comprehensive loss for the period
|
(530)
|
(864)
|
|
(2,769)
|
(5,187)
|
|
|
|
|
|
|
Basic and diluted
loss and comprehensive loss per common share
|
(0.00)
|
(0.00)
|
|
(0.01)
|
(0.02)
|
SOURCE Symbility Solutions Inc.