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."