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TimeBuilderon Nov 30, 2017 1:17pm
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RE:Q3 Results
RE:Q3 ResultsCopy of the CNW group News Release ...for your viewing PLEASURE......Very NICE
Press release from CNW Group
Symbility Solutions Reports Record Revenue and Profitability in Third Quarter 2017
Wednesday, November 29, 2017
Symbility Solutions Reports Record Revenue and Profitability in Third Quarter 2017
17:00 EST Wednesday, November 29, 2017
TORONTO, Nov. 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 third quarter ending Sept. 30, 2017.
"Symbility has been working hard over the past couple of years to ensure we have enough adjusters in the supply chain trained to support our customers in their time of need and Q3 2017 was definitely a time when all hands were required on deck," said James Swayze, CEO of Symbility Solutions. "It was nice to see the leverage of our model emerge in this busy quarter to show strong profitability with the record revenue."
Mr. Swayze continued, "the strength of our top and bottom line this quarter gives us confidence to reiterate our guidance of $40 million - $42 million in revenue and $2 million - $3 million in Adjusted EBITDA1 for 2017."
THIRD QUARTER FINANCIAL RESULTS
- Consolidated revenue for the third quarter of 2017 ended Sept. 30, 2017 was $11.3 million compared to $8.7 million in the same period in 2016, an increase of 30 percent. Consolidated revenue for the nine months ended Sept. 30, 2017 was $30.4 million compared to $25.3 million in the same period in 2016, an increase of 20 percent.
- The Company reported an Adjusted EBITDA of $1.6 million in Q3 2017 compared to an Adjusted EBITDA of $0.3 million in Q3 2016, an increase of 507 percent. Adjusted EBITDA for the nine months ended Sept. 30, 2017 was $1.6 million compared to Adjusted EBITDA of ($0.3) million in the same period in 2016.
- The Company had a net income per share2 of $0.00 in the third quarter of 2017 compared to a net loss per share of ($0.00) in the third quarter of 2016. The Company had a loss per share of ($0.01) for the nine months ended Sept. 30, 2017 compared to a loss per share of ($0.01) in the same period in 2016.
- The Company had a cash balance of $6.4 million as at Sept. 30, 2017 compared to a cash balance of $8.0 million as at Dec. 31, 2016.
- Net income for the third quarter of 2017 was $0.6 million compared to net loss of ($0.5) million in the same period in 2016. Net loss for the nine months ended Sept. 30, 2017 was ($1.5) million compared to net loss of ($2.8) million in the same period in 2016, an improvement of 48 percent.
SELECTED FINANCIAL INFORMATION
| in thousands of dollars | | | | three months ended Sept. 30, | | nine months ended Sept. 30, |
| | | | | 2017 | 2016 | | 2017 | 2016 |
| Revenue | | | | $11,274 | $8,693 | | $30,405 | $25,269 |
| Cost of sales | | | | $3,365 | $3,080 | | $9,498 | $7,957 |
| Expenses | | | | $7,334 | $6,138 | | $22,352 | $20,060 |
| Net income (loss) | | | | $580 | ($530) | | ($1,453) | ($2,769) |
| Adjusted EBITDA1 | | | | $1,608 | $265 | | $1,634 | ($3) |
| Income (loss) per share2 | | | | $0.00 | ($0.00) | | ($0.01) | ($0.01) |
| As at Sept. 30, 2017, and Dec. 31, 2016, in thousands of dollars | | | | | 2017 | | 2016 |
| Cash and cash equivalents | | | | | $6,447 | | $7,976 |
| Total assets | | | | | $37,328 | | $38,021 |
| Total long-term liabilities | | | | | $389 | | $396 |
| | | three months ended Sept. 30, | | nine months ended Sept. 30, |
| | | 2017 | 2016 | | 2017 | 2016 |
| IFRS net income (loss) | | $580 | ($530) | | ($1,453) | ($2,769) |
| Finance income, net | | (3) | (6) | | (12) | (16) |
| Depreciation and amortization | | 454 | 672 | | 1,559 | 2,050 |
| Stock-based compensation | | 193 | 118 | | 606 | 695 |
| Transaction related expense | | 386 | 0 | | 914 | 0 |
| Income tax expense (recovery) | | (2) | 11 | | 20 | 37 |
| Adjusted EBITDA1 | | $1,608 | $265 | | $1,634 | ($3) |
| 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. |