DAILY NEWS Nov 16, 2012 10:00 AM - 0 comments

Symbility Solutions reports net loss, significant revenue increase for Q3

TEXT SIZE bigger text smaller text

Claims technology provider Symbility Solutions has reported a net loss for the third quarter of the year of $159,000, though it reported “record” revenue of $4.9 million for the quarter, up significantly from the same period last year.

The Toronto company’s revenue increase for the quarter is up 144% from the $2 million in revenue it reported for the same three months (ending Sept. 30) in 2011. Its net income for the third quarter of last year was $88,000.

The company’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $469,000 compared to adjusted EBITDA of $146,000 in Q3 of 2011.

As of Sept. 30, the company held $2.7 million in cash and cash equivalents (net of debt of $112,000 owed on a capital lease).

"This quarter was primarily focused on the MSB integration and resource strengthening to build scale into our operations,” James Swayze, Symbility’s CEO noted, referring to the acquisition of  Marshall & Swift/Boeckh’s claims division early this year.

“While the effort is ongoing, we have effectively absorbed the staff, systems, contracts and offices of the MSB claims division and are operating as one fluid entity already," he added. 

"We are very proud of the fact that we have added two additional offices and more than doubled our staff over the last two quarters, and still managed to post an EBITDA three times higher than the same period last year. We now have a solid foundation in our infrastructure from which to rapidly grow our top and bottom line into next year and beyond."

Monitor These Topics

Horizontal ruler

Note: By submitting your comments you acknowledge that Canadian Underwriter has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Please note that due to the volume of e-mails we receive, not all comments will be published and those that are published will not be edited. However, all will be carefully read, considered and appreciated.

comments powered by Disqus