TORONTO, Aug. 29, 2017 /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 second quarter ending
June 30, 2017.
"We are pleased to report yet another quarter of record-breaking
revenue, making this the fifth consecutive quarter of growth and
our strongest quarter of revenue to date," said James Swayze, CEO of Symbility Solutions. "All
three of our operating segments have realized solid organic growth
within existing accounts, and new contracts globally. The resources
added to our Artificial Intelligence initiative, plus the launch of
our consumer-facing products in Canada and the UK market will lead to
accelerated adoption of our complete suite of solutions in the
coming quarters."
SECOND QUARTER FINANCIAL RESULTS
- Consolidated revenue for the second quarter of 2017 ended
June 30, 2017 was $9.8 million compared to $8.7 million in the same period in 2016, an
increase of 13%. Consolidated revenue for the six months ended
June 30, 2017 was $19.1 million compared to $16.6 million in the same period in 2016, an
increase of 15%.
- The Company reported an Adjusted EBITDA of $0.39 million in Q2 2017 compared to an Adjusted
EBITDA of $0.29 million in Q2 2016,
an increase of 36%. Adjusted EBITDA for the six months ended
June 30, 2017 was $0.03 million compared to Adjusted EBITDA of
($0.27) million in the same period in
2016, a decrease in loss of 110%.
- The Company had a loss per share2 of ($0.00) in the second quarter of 2017 compared to
a loss per share of ($0.00) in the
second quarter of 2016. The Company had a loss per share of
($0.01) for the six months ended
June 30, 2017 compared to a loss per
share of ($0.01) in the same period
in 2016.
- The Company had a cash balance of $6.8
million as at June 30, 2017
compared to a cash balance of $8.0
million as at December 31,
2016.
- Net loss for the second quarter of 2017 was ($0.90) million compared to net loss of
($0.72) million in the same period in
2016. Net loss for the six months ended June
30, 2017 was ($2.03) million
compared to net loss of ($2.24)
million in the same period in 2016, a decrease in loss of
9%.
SELECTED FINANCIAL INFORMATION
in thousands of
dollars
|
three months ended
June 30,
|
six months ended
June 30,
|
|
2017
|
2016
|
2017
|
2016
|
Revenue
|
$9,796
|
$8,665
|
$19,131
|
$16,576
|
Cost of
Sales
|
$3,151
|
$2,601
|
$6,133
|
$4,877
|
Expenses
|
$7,542
|
$6,766
|
$15,018
|
$13,921
|
Net Loss
|
($899)
|
($718)
|
($2,033)
|
($2,239)
|
Adjusted
EBITDA1
|
$389
|
$286
|
$26
|
($267)
|
Loss per
share2
|
($0.00)
|
($0.00)
|
($0.01)
|
($0.01)
|
As at June 30,
2017, and December 31, 2016, in thousands of
dollars
|
2017
|
2016
|
Cash and cash
equivalents
|
$6,768
|
$7,976
|
Total
Assets
|
$35,769
|
$38,021
|
Total long term
liabilities
|
$409
|
$396
|
|
three months ended
June 30,
|
|
six months ended
June 30,
|
|
2017
|
2016
|
|
2017
|
2016
|
IFRS Net
Loss
|
($899)
|
($718)
|
|
($2,033)
|
($2,239)
|
Finance income,
net
|
($5)
|
($3)
|
|
($9)
|
($9)
|
Depreciation and
amortization
|
$497
|
$684
|
|
$1,105
|
$1,378
|
Stock-based
compensation
|
$261
|
$304
|
|
$413
|
$577
|
Transaction Related
Expense
|
$528
|
$0
|
|
$528
|
$0
|
Income tax
expense
|
$7
|
$19
|
|
$22
|
$26
|
Adjusted
EBITDA1
|
$389
|
$286
|
|
$26
|
($267)
|
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
Tuesday, August 29, 2017, at
4 p.m. Eastern time to discuss these
results. All interested parties are welcome to join the live
webcast, which can be accessed at
https://event.on24.com/wcc/r/1491521/55E0B6D86B5C99A4DF483C7B5E5E5E45.
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 Company, 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 Company 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 Company which are available
at www.sedar.com. The cautionary statements
qualify all forward-looking statements attributable to the Company
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 Company has no obligation to update such
statements.
This press release should be read in conjunction with
Company's consolidated financial statements and related notes, and
management's discussion and analysis for the quarter ending
June 30, 2017, 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)
|
|
|
|
|
|
|
|
|
|
June
30,
2017
|
December
31,
2016
|
Assets
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
6,768
|
7,976
|
|
Accounts
receivable
|
|
6,589
|
6,488
|
|
Prepaid
expenses
|
|
1,205
|
1,217
|
|
Tax credits
receivables
|
|
564
|
745
|
|
|
15,126
|
16,426
|
Long-term
assets
|
|
|
|
|
|
|
|
|
Prepaid
expenses
|
|
68
|
33
|
|
Security
deposits
|
|
111
|
114
|
|
Property and
equipment
|
|
555
|
626
|
|
Intangible
assets
|
|
9,146
|
10,059
|
|
Goodwill
|
|
10,763
|
10,763
|
|
|
35,769
|
38,021
|
Liabilities
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
1,207
|
2,288
|
|
Accrued
liabilities
|
|
3,721
|
4,025
|
|
Provisions
|
|
662
|
845
|
|
Deferred
revenue
|
|
2,721
|
1,836
|
|
|
8,311
|
8,994
|
Long-term
liabilities
|
|
|
|
|
Accrued liabilities
and others
|
|
12
|
14
|
|
Customer
deposits
|
|
397
|
382
|
|
|
8,720
|
9,390
|
|
|
|
|
Shareholders'
equity
|
|
27,049
|
28,631
|
|
|
35,769
|
38,021
|
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
June
30,
|
|
six-month period
ended
June
30,
|
|
|
2017
|
2016
|
|
2017
|
2016
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
Software and
other
|
|
7,981
|
7,219
|
|
15,230
|
14,078
|
|
Professional
services
|
|
1,815
|
1,446
|
|
3,901
|
2,498
|
|
Total
Revenue
|
|
9,796
|
8,665
|
|
19,131
|
16,576
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
|
|
|
|
|
Software and
other
|
|
1,697
|
1,744
|
|
3,313
|
3,259
|
|
Professional
services
|
|
1,454
|
857
|
|
2,820
|
1,618
|
|
Total cost of
sales
|
|
3,151
|
2,601
|
|
6,133
|
4,877
|
Gross
Profit
|
|
6,645
|
6,064
|
|
12,998
|
11,699
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
Sales and
Marketing
|
|
3,551
|
3,566
|
|
7,326
|
7,143
|
|
General and
administration
|
|
2,153
|
2,018
|
|
4,601
|
4,024
|
|
Research and
development
|
|
1,186
|
888
|
|
2,319
|
1,793
|
|
Depreciation,
amortization, and foreign exchange
|
|
124
|
294
|
|
244
|
961
|
|
Transaction
|
|
528
|
-
|
|
528
|
-
|
|
|
7,542
|
6,766
|
|
15,018
|
13,921
|
Loss before
finance income, net and income
tax expense
|
|
(897)
|
(702)
|
|
(2,020)
|
(2,222)
|
|
Finance income,
net
|
|
(5)
|
(3)
|
|
(9)
|
(9)
|
|
Income tax
expense
|
|
7
|
19
|
|
22
|
26
|
|
|
|
|
|
|
|
|
Net loss and
comprehensive loss for the period
|
|
(899)
|
(718)
|
|
(2,033)
|
(2,239)
|
|
|
|
|
|
|
|
Basic and diluted
loss and comprehensive loss
per common share
|
|
(0.00)
|
(0.00)
|
|
(0.01)
|
(0.01)
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
|
Basic and
Diluted
|
|
238,988,822
|
237,628,521
|
|
238,955,544
|
237,584,932
|
SOURCE Symbility Solutions Inc.