TORONTO, ONTARIO--(Marketwire -04/26/12)- Automated Benefits Corp. (the "Corporation") (AUT.V - News), a software company dedicated to developing applications for the insurance industry in North America and Europe, today reported revenue increased by 36% to approximately $7.95 million for the fiscal year ended December 31, 2011. This compares to revenues of approximately $5.85 million in FY 2010, which represents an increase of approximately $2.1 million.
The net loss for the year ended December 31, 2011 decreased by 64% to approximately $94,000 and represents a basic and fully diluted loss per share of approximately one-tenth of a cent. This compares to a loss of approximately $264,000 in FY 2010, representing a basic and fully diluted loss per share of approximately one-quarter of a cent, and an improvement of approximately $170,000.
The Corporation believes adjusted EBITDA is also a useful measure as a proxy for operating cashflow and facilitates period-to-period operating comparisons. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, impairment losses, stock based compensation, restructuring costs including general and administration expenses, and other non-recurring gains or losses including transaction costs related to acquisition. Adjusted EBITDA for the twelve month period ending December 31, 2011 was $800,000, an improvement of $723,000 over adjusted EBITDA of $77,000 in FY 2010.
"We are excited to have achieved such a strong operating cashflow in 2011," states James R. Swayze, Chief Executive Officer of Automated Benefits Corp. "With the rollout of Symbility's products to The Farmers Exchange and the acquisition of the claims business of Marshall, Swift & Boeckh, we look forward to continued profitable growth in 2012."
The Corporations operating subsidiaries, Symbility Solutions Inc. ("Symbility") and Automated Benefits Inc. ("Adjudicare") report the following recent business developments:
-- In December of 2011, Adjudicare announced it had signed a formal partnership with Arete®, a national organization providing comprehensive employee health, wellness and effectiveness services, including psychosocial counseling, disability prevention and management solutions. -- In December of 2011, Symbility announced that Ohio FAIR signed a multi- year agreement to implement Symbility into its organization. Established in 1968, the Ohio FAIR provides insurance coverage to residential and commercial properties that do not meet the voluntary insurer market underwriting guidelines or have experienced multiple losses. -- In January of 2012, Symbility announced that Farmers Insurance Exchange will be rolling out our software to the balance of their company. After a successful initial rollout to the specialty claims division, Farmers decided that the Symbility platform offered a compelling business case to introduce it to the rest of their organization. -- In January of 2012, Adjudicare announced it had signed a formal partnership with WorldCare®, a pioneer and leader in the global healthcare community offering highly specialized and personalized electronic second medical opinions from top medical centers to local attending physicians for the benefit of their patients. -- In March of 2012, Symbility announced it had signed a five year agreement with Chubb a, a leading provider of comprehensive insurance products and services tailored to individuals with unique homes and possessions. -- In April of 2012, Symbility announced it had completed the acquisition of the claims division of Marshall, Swift & Boeckh ("MSB"), a wholly- owned subsidiary of Decision Insight Information Group. This acquisition combines Symbility's leadership in workflow and property estimating technologies with MSB's 80 years of expertise in property cost data and analytics under a single corporate structure, which will offer the property and casualty market a new alternative. -- In April of 2012, Symbility, officially unveiled its new logo and corporate identity at the largest property and liability claims event in the industry, the 2012 Property Loss Research Bureau (PLRB) Claims Conference & Insurance Services Expo, in Orlando, Florida.
About Automated Benefits Corp.
Automated Benefits Corp.® is a progressive software company dedicated to developing applications for the insurance industry in North America and Europe. The organization currently has two platforms: Symbility Solutions® and Adjudicare®.
Symbility Solutions provides powerful, accurate and easy-to-use claims processing and estimating software solutions for Property & Casualty Insurers. Our collaborative workflow management, mobile estimating and claims triage solutions allow insurers to reduce costs while delivering a market leading claims experience.
Adjudicare is an advanced, practical software solution used by a network of Employee Benefits Brokers and Third Party Administrator partners across Canada in the adjudication of health and dental claims. Adjudicare's rules-based engine and leading-edge features ensure that claims are precisely adjudicated and paid in real-time, giving our partners' customers optimum flexibility, along with transparent disclosure on the benefit plan's financial performance.
All trade names are the property of their respective owners.
This press release should be read in conjunction with Corporation's consolidated financial statements and related notes and management's discussion and analysis for the year ending December 31, 2011, copies of which can be found at www.sedar.com.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Automated Benefits Corp. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Automated Benefits Corp.
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 of as a substitute for net earnings (loss) prepared in accordance with IFRS. All other financial measures referenced herein have been prepared in accordance with International Financial Reporting Standards unless stated otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Automated Benefits Corp.
James R. Swayze
Chief Executive Officer
(416) 359-9339, ext. 1003
Automated Benefits Corp.
Richard D. Adair
President/Chief Operating Officer
(416) 359-9339, ext. 1002
Automated Benefits Corp.
Lucy De Oliveira
Director of Marketing
(416) 359-9339, ext. 1007