Symbility Reports 54% Revenue Growth Year-Over-Year in Q2 2016
/EINPresswire.com/ -- TORONTO, ON--(Marketwired - August 18, 2016) - Symbility Solutions Inc. (the "Corporation") (TSX VENTURE: SY), a global software company focused on modernizing the insurance industry, today announced financial results for the second quarter ended June 30, 2016.
SECOND QUARTER FINANCIAL RESULTS
- Consolidated revenue for the second quarter of fiscal 2016 was $8.7 million, an increase of $3.1 million, or 54 percent, from $5.6 million reported in the same period last year.
- The net loss for the second quarter of fiscal 2016 was $718,000 and represents basic and fully diluted earnings per share of ($0.00), an improvement from the net loss of $2.4 million in the same period last year and represents basic and fully diluted earnings per share of ($0.01).
- The Corporation has a cash balance of $6.6 million and no debt as at June 30, 2016.
- The Corporation has working capital, excluding deferred revenue, of $10.1 million as at June 30, 2016.
- Adjusted EBITDA
1 for the three months ending June 30, 2016, was $286,000, an improvement from Adjusted EBITDA of ($797,000) million in the same period last year. Included in Adjusted EBITDA of $286,000 in the current quarter are expenses of $132,000 related to changes in foreign exchange.
MANAGEMENT COMMENT
"We are pleased to report another new milestone in Q2 of 2016 with our highest quarterly revenue since inception. This quarter saw a 31% revenue increase in our Property segment with a 24% increase in Health and an overall positive adjusted EBITDA despite the foreign exchange headwinds," stated James Swayze, Symbility's chief executive officer. "We feel confident heading into the second half of the year that we will meet or exceed our guidance considering the increases we are seeing in product utilization across our segments and regions."
SELECTED FINANCIAL INFORMATION
in thousands of
dollars three months ended June 30, six months ended June 30,
--------------------------- -------------------------
2016 2015 2016 2015
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Revenue $8,665 $5,628 $16,576 $10,675
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Cost of Sales $2,601 $1,426 $4,877 $2,745
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Expenses $6,766 $6,594 $13,921 $12,273
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Net Loss ($718) ($2,395) ($2,239) ($4,323)
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Adjusted EBITDA $286 ($797) ($267) ($1,674)
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Loss per share2 ($0.00) ($0.01) ($0.01) ($0.02)
----------------------------------------------------------------------------
As at June 30, 2016, and December 31, 2015, in
thousands of dollars 2016 2015
----------------------------------------------------------------------------
Cash and cash equivalents $6,555 $6,553
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Total Assets $37,366 $39,155
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Total long term liabilities $387 $354
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three months ended June 30, six months ended June 30,
--------------------------- ---------------------------
2016 2015 2016 2015
----------------------------------------------------------------------------
IFRS Net Loss ($718) ($2,395) ($2,239) ($4,323)
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Finance income, net ($3) ($12) ($9) ($53)
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Depreciation and
amortization $684 $700 $1,378 $1,259
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Stock-based
compensation $304 $127 $577 $385
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Other non-operating
expenses $0 $768 $0 $1,025
----------------------------------------------------------------------------
Income tax expense $19 $15 $26 $33
----------------------------------------------------------------------------
Adjusted EBITDA $286 ($797) ($267) ($1,674)
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INVESTOR CONFERENCE CALL
Symbility will host a live webcast and conference call this morning, Thursday, August 18, 2016, at 11 a.m. ET to discuss these results. All interested parties are welcome to join the live webcast, which can be accessed at http://www.gowebcasting.com/7725. Participants may also join the conference call by dialing toll free 1-877-291-4570 or 1-647-788-4965 for international participants. A replay of the webcast will be available on Symbility's website.
ABOUT SYMBILITY
Symbility® (TSX VENTURE: 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 June 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)
----------------------------------------------------------------------------
As At
-------------------------
June 30, December 31,
2016 2015
Assets
Current assets
Cash and cash equivalents 6,555 6,553
Accounts receivable 6,619 7,127
Prepaid expenses 773 1,101
Tax credits receivables 999 849
-------------------------
14,946 15,630
Long-term assets
Prepaid expenses and Security deposits 169 142
Property and equipment 673 691
Intangible assets 10,815 11,929
Goodwill 10,763 10,763
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37,366 39,155
-------------------------
Liabilities
Current Liabilities
Accounts payable and accrued liabilities 4,857 4,949
Deferred revenue 2,599 2,702
-------------------------
Long-term liabilities 7,456 7,651
Accrued liabilities and others 20 8
Customer deposits 367 346
-------------------------
7,843 8,005
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Shareholders' equity 29,523 31,150
-------------------------
37,366 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 six-month period ended
ended June 30, June 30,
2016 2015 2016 2015
----------------------- -----------------------
Revenue
Software and other 7,219 5,586 14,078 10,633
Professional services 1,446 42 2,498 42
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Total Revenue 8,665 5,628 16,576 10,675
Cost of sales
Software and other 1,744 1,402 3,259 2,721
Professional services 857 24 1,618 24
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Total cost of sales 2,601 1,426 4,877 2,745
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Gross Profit 6,064 4,202 11,699 7,930
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Expenses
Sales and Marketing 3,566 2,896 7,143 5,375
General and administration 2,018 1,708 4,024 3,424
Research and development 888 1,159 1,793 2,266
Depreciation,
amortization, and foreign
exchange foreign exchange 294 63 961 183
Transaction and
restructuring - 768 - 1,025
----------------------- -----------------------
6,766 6,594 13,921 12,273
----------------------- -----------------------
Loss before finance costs
(income), net and income
tax expense (702) (2,392) (2,222) (4,343)
Finance income, net (3) (12) (9) (53)
Income tax expense 19 15 26 33
----------------------- -----------------------
Net loss and comprehensive
loss for the period (718) (2,395) (2,239) (4,323)
----------------------- -----------------------
Basic and diluted loss and
comprehensive loss per
common share (0.00) (0.01) (0.01) (0.02)
----------------------- -----------------------
Weighted average number of
common shares outstanding
Basic and Diluted 237,628,521 226,966,582 237,584,932 218,557,265
----------------------- -----------------------
MEDIA CONTACTS
James R. Swayze
Chief Executive Officer
(647) 775- 8603
jswayze@symbilitysolutions.com
Blair R. Baxter
Chief Financial Officer
(647) 775-8608
bbaxter@symbilitysolutions.com
Lucy De Oliveira
Global Marketing Director
(647) 775-8607
ldeoliveira@symbilitysolutions.com
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