Automated Benefits Corp. Increases Revenue 13%
27 August 2010 - 10:00PM
Marketwired
Automated Benefits Corp. (the "Corporation") (TSX VENTURE: AUT)
today reported revenue increased by 13% to approximately $2,529,000
for the six months ending June 30, 2010. This compares to revenues
of approximately $2,243,000 for the same period last year which
represents an increase of approximately $286,000.
The net loss for the six month period ending June 30, 2010
decreased by 54% to approximately $609,000 and represents a basic
and fully diluted loss per share of $0.01. This compares to a loss
of approximately $1,312,000 during the same period last year
representing a basic and fully diluted loss per share of $0.01 and
a decrease of approximately $703,000.
Management believes adjusted EBITDA is also a useful measure
that 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 six month period ending June 30,
2010 was ($400,000), an improvement of $381,000 over adjusted
EBITDA of ($781,000) for the prior year.
"Management is very pleased to see continued revenue growth
while net losses decreased substantially as compared to the same
period last year," states James R. Swayze, Chief Executive Officer
of Automated Benefits Corp. He added, "This has been achieved while
we continue to develop innovative products to address the needs of
customers in North America and in international markets."
Symbility Solutions Inc. and Automated Benefits Inc. report the
following recent business developments:
- On April 6, 2010, Symbility Solutions Inc. announced the finalization of a
three year contract with Groupe Promutuel, one of the most important
insurers in the Quebec market.
- On June 1, 2010, Symbility Solutions Inc. announced a strategic
partnership with Wipro Limited, a global provider of integrated business,
technology and process solutions.
- On June 15, 2010, Symbility Solutions Inc. announced the launch of the
Haus360 solution, which is an adaptation of the Innovation Symbility
platform to meet the needs of the German market.
- On June 28, 2010, Automated Benefits Inc. announced the release of version
4.0 of the Adjudicare software, transitioning the Adjudicare software from
a computer-based platform to a web-based application.
- On July 20, 2010, Symbility Solutions Inc. announced release of the latest
version 3.6 of the Symbility Mobile Claims and Symbility Claims Connect
applications, with features such as locking estimates and diagrams for the
North American market.
- On August 10, 2010, Symbility Solutions Inc. announced the finalization of
a three year contract with one of the largest contractor networks in
Canada.
About Automated Benefits Corp
Automated Benefits Corp., headquartered in Toronto, Ontario, is
a software company dedicated to developing applications for the
insurance industry. The Corporation currently has two subsidiaries,
Automated Benefits Inc. and Symbility Solutions Inc.
Symbility Solutions automates property insurance claims through
its complementary components. 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 for the faster
settlement of claims. Its award-winning Symbility Mobile Claims
software is an estimating tool that increases speed, efficiency and
accuracy by allowing on-site claims processing. Symbility software
solutions give users the mobility, speed and control needed to
effectively and quickly move onto the next claim.
Automated Benefits Inc. provides the Adjudicare software
solution for the adjudication of health and dental claims. This
software adjudicates claims in real time, providing clients with
the highest level of flexibility available along with complete
disclosure on the plan's financial performance. Automated Benefits
Inc. enables their clients to provide an additional level of
value-added service in a very cost effective manner. The Adjudicare
software supports the adjudication of health and dental claims
through local insurance brokers across Canada.
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 period
ending June 30, 2010, 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 GAAP 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 GAAP. All other financial
measures referenced herein have been prepared in accordance with
Canadian generally accepted accounting principles 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 President and
Chief Executive Officer (416) 359-9339, ext. 1003
jswayze@automatedbenefits.com Automated Benefits Corp. Richard
Adair Chief Financial Officer and Chief Operating Officer (416)
359-9339 ext. 1002 radair@automatedbenefits.com
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