TORONTO, Nov. 29, 2016 /PRNewswire/ - 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, 2016.
"We are very pleased with our Q3 results, reporting another record revenue quarter, resulting in an increase to our 2016 guidance from $33 million to meet or exceed $34 million," said James Swayze, Chief Executive Officer of Symbility Solutions. "Our year to date revenue has increased 37% as compared to the same period last year as a consequence of expanding into new geographies, acquiring new customers in our current territories, upselling new products into our existing customer base and gaining market share from competitors in mature markets. We are also happy to report that although we continue to invest meaningfully in new products and new markets, we were Adjusted EBITDA positive for the second consecutive quarter coming in at $264,000 which gives us confidence that we will have an overall positive Adjusted EBITDA for the year in 2016."
THIRD QUARTER FINANCIAL RESULTS
Consolidated revenue for the third quarter of 2016 was $8.7 million compared to $7.8 million in the same period in 2015, an increase of 11.6 percent. Consolidated revenue for the nine months ended September 30, 2016 totaled $25.3 million compared to $18.5 million for the nine months ended September 30, 2015, an increase of 36.9 percent.
The Company reported an Adjusted EBITDA of $264,000 in Q3 2016 compared to $512,000 in Q3 2015. For the nine months ended September 30, 2016 the Company had an Adjusted EBITDA of ($3,000) compared to an Adjusted EBITDA of ($1,162,000) for the nine months ended September 30, 2015.
The Company had a loss per share2 of ($0.00) in the third quarter of 2016 compared to a loss per share of ($0.00) in the third quarter of 2015. The Company had a loss per share of ($0.01) for the nine months ended September 30, 2016 compared to a loss per share of ($0.02) for the same period in 2015.
The Company had a cash balance of $6.5 million at September 30, 2016 compared to a cash balance of $6.6 million at December 31, 2015.
Net loss for the third quarter of 2016 was ($530,000) compared to ($864,000) in the same period of 2015, a decrease in loss of 38.7 percent. Net loss for the nine months ended September 30, 2016 was ($2,769,000) compared to ($5,187,000) on for the nine months ended September 30, 2015, a decrease in loss of 46.6 percent.
Last updated on: 30/11/2016
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