TORONTO, ONTARIO -- (Marketwire) -- 03/18/13 -- Symbility Solutions Inc. (the "Corporation") (TSX VENTURE: SY)(OTCQX: ATBEF), a global software company dedicated to developing applications for the insurance industry, today reported that revenue increased by 108% to $16.54 million for the fiscal year ended December 31, 2012. This compares to revenues of $7.95 million in FY 2011 and is an increase of $8.59 million.
The net loss for the year ended December 31, 2012 was $3.39 million and represents a basic and fully diluted loss per share of $0.02. This compares to a loss of $94,000 in FY 2011. Included in the net loss for the year were transaction related expenses of $1.83 million and non-cash amortization and stock based compensation of $2.39 million, for a total of $4.22 million.
The Corporation believes Adjusted EBITDA(1) is also a useful measure as a proxy for operating cash flow and facilitates period-to-period operating comparisons. Adjusted EBITDA for the twelve month period ending December 31, 2012 was $831,000, compared to $807,000 in 2011.
Selected Annual Financial Information
----------------------------------------------------------------------------As at / For the years ended December 31 (in thousands of dollars) 2012 2011----------------------------------------------------------------------------Consolidated Revenue 16,537 7,946----------------------------------------------------------------------------Adjusted EBITDA 831 807----------------------------------------------------------------------------Cash and cash equivalents 15,008 1,301----------------------------------------------------------------------------Total Assets 36,409 5,454----------------------------------------------------------------------------
"2012 was a transformational year for Symbility," states James Swayze, Chief Executive Officer, Symbility Solutions Inc. "We are very proud of the fact that we completed the acquisition and integration of the MSB claims division, added additional offices, more than doubled our staff and rolled out a number of new customers globally. Our financial position was strengthened through a bought deal financing of $10 million in December 2012. An additional achievement has been to expand our sales and marketing resources as this will be critical to our continued success in 2013 and beyond."
The Company currently has published research from five investment banks. The average of the 2013 revenue estimates for the Company is $23.3 million and the Company reports that it believes that it will meet or exceed this consensus estimate for fiscal 2013.
The Corporation is also pleased to announce that they will be holding their Annual and Special Meeting of shareholders on Wednesday May 15, 2013 at 12:00 p.m. EST. The meeting will be held at Malaparte, located at the TIFF Bell Lightbox, 6th Floor, 350 King Street West, Toronto, Ontario, M5V 3X2. Any and all holders of common shares of the Corporation as at the close of business on the Record Date, which is April 2, 2013, will be entitled to vote at this meeting. For more information, please refer to the Corporation's Management Information Circular, which will be posted at www.sedar.com.
