TORONTO, Nov. 28, 2018 /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, 2018.
THIRD QUARTER FINANCIAL RESULTS
- Consolidated revenue for the third quarter of 2018 ended
September 30, 2018 was $9.9 million compared to $9.8 million in the same period in 2017, an
increase of one percent. Consolidated revenue for the nine months
ended September 30, 2018 was
$27.4 million compared to
$25.8 million over the same period in
2017, an increase of seven percent.
- The Company reported Adjusted EBITDA1 from
continuing operations of $1.4 million
in third quarter of 2018 compared to an Adjusted EBITDA of
$1.6 million in the third quarter of
2018, a decrease of 12 percent. Adjusted EBITDA for the nine months
ended September 30, 2018 was
$2.4 million compared to $1.6 million in the same period in 2017, an
increase of 55 percent.
- The Company had income per share2 from continuing
operations of $0.00 in the third
quarter of 2018 compared to an income per share from continuing
operations of $0.00 in the third
quarter of 2017.
- The Company had a cash balance of $23.1
million as at September 30,
2018 compared to a cash balance of $8.2 million as at December 31, 2017.
- Net income and comprehensive income from continuing operations
for the third quarter of 2018 was $861,000 compared to a net income of $562,000 for the same period in 2017. Net income
(loss) and comprehensive income (loss) from continuing operations
for the nine months ended September 30,
2018 was $390,000 compared to
($1.5) million over the same period
in 2017.
- Net income from discontinued operations was $56,000 for the third quarter of 2018 compared to
a net income of $18 in the third
quarter of 2017. Net Income from discontinued operations for the
nine months ended September 30, 2018
was $15.2 million compared to a net
income of $8,000 for the nine months
ended September 30, 2017.
SELECTED FINANCIAL INFORMATION
in thousands of
dollars
|
three months ended
September 30
|
|
nine months ended
September 30,
|
Continuing
Operations
|
2018
|
2017
|
|
2018
|
2017
|
Revenue
|
$9,924
|
$9,908
|
|
$27,438
|
$25,751
|
Cost of
Sales
|
$2,538
|
$2,664
|
|
$6,979
|
$7,401
|
Expenses
|
$6,632
|
$6,587
|
|
$20,229
|
$19,803
|
Net Income
(Loss)
|
$861
|
$562
|
|
$390
|
($1,461)
|
Adjusted
EBITDA1
|
$1,377
|
$1,566
|
|
$2,423
|
$1,567
|
Income (Loss) per
share2
|
$0.00
|
$0.00
|
|
$0.00
|
($0.01)
|
in thousands of
dollars
|
three months ended
September 30,
|
|
nine months ended
September 30,
|
|
2018
|
2017
|
|
2018
|
2017
|
Net Income
(Loss)
|
$917
|
$580
|
|
$15,579
|
($1,453)
|
Income (Loss) per
share2
|
$0.00
|
$0.00
|
|
$0.06
|
($0.01)
|
As at September
30, 2018 and December 31, 2017
|
2018
|
2017
|
Cash and cash
equivalents
|
$23,132
|
$8,238
|
Total
Assets
|
$53,722
|
$37,971
|
Total long term
liabilities
|
$92
|
$389
|
|
three months ended
September 30,
|
|
nine months ended
September 30,
|
Reconciliation of
Adjusted EBITA
|
2018
|
2017
|
|
2018
|
2017
|
IFRS Net Income
(Loss)
|
$917
|
$580
|
|
$15,579
|
($1,453)
|
Discontinued
operations
|
($56)
|
($18)
|
|
($15,189)
|
($8)
|
Finance income,
net
|
(78)
|
(3)
|
|
(142)
|
(12)
|
Depreciation and
amortization
|
426
|
451
|
|
1,321
|
1,547
|
Stock-based
compensation
|
53
|
172
|
|
379
|
559
|
Transaction
Expense
|
144
|
386
|
|
493
|
914
|
Income tax
expense
|
(29)
|
(2)
|
|
(18)
|
20
|
Adjusted
EBITDA1 (Continuing Operations)
|
$1,377
|
$1,566
|
|
$2,423
|
$1,567
|
|
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.
|
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. 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
September 30, 2018, 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,
2018
|
December
31,
2017
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
|
23,132
|
8,238
|
Accounts
receivable
|
|
6,324
|
7,651
|
Prepaid
expenses
|
|
1,473
|
1,614
|
Tax credits
receivables
|
|
768
|
665
|
|
|
31,697
|
18,168
|
|
|
|
|
Long-term
assets
|
|
|
|
|
|
|
|
Restricted Cash
Deposits
|
|
3,400
|
-
|
Prepaid
expenses
|
|
26
|
54
|
Security
deposits
|
|
141
|
115
|
Property and
equipment
|
|
497
|
502
|
Intangible
assets
|
|
7,198
|
8,369
|
Goodwill
|
|
10,763
|
10,763
|
|
|
53,722
|
37,971
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
Accounts payable and
accrued liabilities
|
|
1,252
|
1,786
|
Accrued
liabilities
|
|
3,072
|
4,079
|
Provisions
|
|
784
|
220
|
Deferred
revenue
|
|
2,634
|
2,121
|
|
|
|
|
Long-term
liabilities
|
|
7,742
|
8,206
|
Accrued liabilities
and others
|
|
92
|
7
|
Customer
deposits
|
|
-
|
382
|
|
|
7,834
|
8,595
|
|
|
|
|
Shareholders'
equity
|
|
45,888
|
29,376
|
|
|
53,722
|
37,971
|
Symbility Solutions
Inc.
Interim Consolidated
Statements of Income (Loss) and Comprehensive Income
(Loss)
Unaudited -
In thousands of Canadian dollars, except per share
data
|
|
|
three-month period
ended September
30,
|
|
nine-month period
ended
September
30,
|
Continuing
Operations
|
|
2018
|
2017
|
|
2018
|
2017
|
Revenue
|
|
|
|
|
|
|
Software and
other
|
|
6,139
|
6,973
|
|
18,084
|
19,015
|
Professional
services
|
|
3,785
|
2,835
|
|
9,354
|
6,736
|
Total
Revenue
|
|
9,924
|
9,808
|
|
27,438
|
25,751
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
|
|
|
|
Software and
other
|
|
793
|
1,303
|
|
2,461
|
3,220
|
Professional
services
|
|
1,745
|
1,361
|
|
4,518
|
4,181
|
Total cost of
sales
|
|
2,538
|
2,664
|
|
6,979
|
7,401
|
Gross
Profit
|
|
7,386
|
7,144
|
|
20,459
|
18,350
|
Expenses
|
|
|
|
|
|
|
Sales and
Marketing
|
|
3,292
|
3,008
|
|
10,184
|
9,708
|
General and
administration
|
|
2,176
|
2,302
|
|
6,750
|
6,544
|
Research and
development
|
|
765
|
752
|
|
2,488
|
2,263
|
Depreciation,
amortization, and foreign exchange
|
|
255
|
139
|
|
314
|
374
|
Transaction
|
|
144
|
386
|
|
493
|
914
|
|
|
6,632
|
6,587
|
|
20,229
|
19,803
|
Income (loss)
before finance income, net and income tax expense
|
|
754
|
557
|
|
230
|
(1,453)
|
Finance income,
net
|
|
(78)
|
(3)
|
|
(142)
|
(12)
|
Income (loss)
Before
Income Tax Expense
|
|
832
|
560
|
|
372
|
(1,441)
|
Income Tax Expense
(recovery)
|
|
(29)
|
(2)
|
|
(18)
|
20
|
Net Income (loss)
and comprehensive Income (loss) for the period from
continuing operations
|
|
861
|
562
|
|
390
|
(1,461)
|
Discontinued
Operations
|
|
|
|
|
|
|
Net income for the
period from discontinued
operations
|
|
56
|
18
|
|
15,189
|
8
|
Net income (loss)
and comprehensive income (loss) for the period
|
|
917
|
580
|
|
15,579
|
(1,453)
|
Basic and diluted
income (loss) and comprehensive income (loss) per
common share from continuing operations
|
|
0.00
|
0.00
|
|
0.00
|
(0.01)
|
Basic and diluted
income (loss) and comprehensive income (loss)
per common share
|
|
0.00
|
0.00
|
|
0.06
|
(0.01)
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
Basic
|
|
241,365,039
|
239,473,840
|
|
240,231,660
|
239,130,208
|
Diluted
|
|
251,921,606
|
247,870,944
|
|
249,352,340
|
239,130,208
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/symbility-solutions-reports-third-quarter-2018-financial-results-300756467.html
SOURCE Symbility Solutions Inc.