Automated Benefits Corp. (the "Corporation") (TSX VENTURE:AUT)
today reported financial results for the third quarter of fiscal
year 2011. Revenue increased by 18% to $2 million for the third
quarter in 2011, compared to revenue of $1.7 million for the same
period in 2010, an increase of $0.3 million. Revenue increased by
35% to $5.7 million for the nine months ending September 30, 2011,
compared to revenue of $4.2 million for the same period in 2010, an
increase of $1.5 million.
The net income for the third quarter in 2011 was $88,000
compared to the net income of $385,000 for the same period in 2010,
a decrease of $297,000. The decrease relates mainly to the fact
that Symbility delivered programming services revenue in the third
quarter of FY 2010 at the front end of a customer rollout, which
did not reoccur in the third quarter of FY 2011. These revenues are
replaced by recurring license fees after the rollout of the project
is complete. The net income for the nine months ending September
30, 2011 was $197,000 compared to a net loss of $215,000 for the
same period in 2010, an improvement of $412,000.
The basic and fully diluted earnings per share for the three
months ending September 30, 2011 was approximately seven
one-hundredths of a cent, compared to the basic and fully diluted
earnings per share of three-tenths of a cent for the same period in
2010. The basic and fully diluted earnings per share for the nine
months ending September 30, 2011 was approximately two-tenths of a
cent, compared to the basic and fully diluted loss per share of
two-tenths of a cent for the same period in 2010.
The Corporation believes adjusted EBITDA is also a useful
measure as a proxy for operating cash flow and facilitates
period-to-period operating comparisons. Adjusted EBITDA is defined
as, earnings before interest income, taxes, depreciation and
amortization, stock based compensation, restructuring, impairment
charges, and other one-time gains and losses. Adjusted EBITDA for
the three and nine months ending September 30, 2011 was $146,000
and $483,000, respectively. This compares to adjusted EBITDA of
$447,000 and $45,000 in the same period last year for a decrease of
$301,000 and an improvement of $438,000 respectively.
Commenting on the third quarter of 2011, James R. Swayze, Chief
Executive Officer of Automated Benefits Corp. said: "We are proud
to have delivered our third consecutive profitable quarter. Our
performance to date this year reflects the operational strength of
our two subsidiaries and we expect this to contribute to our
expanded growth in 2012."
The Corporation's operating subsidiaries; Symbility Solutions
Inc.® ("Symbility") and Automated Benefits Inc.® ("Adjudicare®")
report the following recent business developments:
-- On July 26, 2011, Adjudicare announced the formalization of a contract
with Lewer Insurance Agency ("Lewer") of Mississauga, Ontario. Lewer
works with small business owners, independent marketers, and corporate
executives for all industries with a focus on the petroleum and
automotive sectors and represents an exciting opportunity for
Adjudicare's expansion into the Quebec market.
-- On August 16, 2011, Adjudicare announced that Sirius Benefit Plans, a
national full-service Third-Party Administrator of employee benefit
programs, had completed its implementation of the Adjudicare software
solution servicing the majority of its existing block of group insurance
business.
-- On October 11, 2011, Symbility Solutions announced that in 2012, their
award-winning application Symbility Mobile Claims® would be available
on a variety of different smartphones and tablets, such as iPhone, iPod,
iPad, Playbook, Android and Windows Mobile.
-- On October 19, 2011, Adjudicare announced that it had successfully
celebrated its inaugural Adjudicare Partner Event with attendance from a
community of partners ranging from customers, vendors, employees, and
board members. This diverse group came together to network, collaborate
and exchange ideas on how to compete successfully in the group benefits
industry.
-- On October 31, 2011, Adjudicare announced the launch of
benefitsXchange.ca, a free dedicated online resource, and interactive
community available for owners, brokers, third-party administrators,
adjudicators and plan administrators. The portal brings together
benefits industry participants from different geographies and market
segments across Canada, to exchange knowledge and relevant industry
information.
-- On November 17, 2011, Adjudicare announced it had entered into a
contract with MSH International, a leading worldwide provider of
expatriate insurance solutions. MSH International's Canadian office is
located in Calgary, Alberta, with headquarters in Paris, France and is a
member of the Siaci Saint Honore Group. MSH International is one of the
largest and most comprehensive suppliers of expatriate insurance
services in the world.
About Automated Benefits Corp.
Automated Benefits Corp.® is a software company dedicated to
developing applications for the insurance industry in North America
and Europe. The Corporation currently has two platforms:
Adjudicare® and Symbility®.
Symbility (www.symbilitysolutions.com) automates property
insurance claims through its three complementary software
components, which afford users the mobility, speed and control
needed to efficiently and quickly move onto the next claim.
Symbility Claims Connect® is the collaborative workflow management
tool that gives every claim participant real-time access to the
claims they are working on. Symbility Inside Adjuster(TM) is an
integrated application designed to streamline the first notice of
loss process that leads to faster settlement of claims. Symbility
Mobile Claims® software is an estimating tool that increases speed,
efficiency, and accuracy by allowing on-site claims processing.
Adjudicare (www.adjudicare.com) is a web-based software solution
used by our 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, ensures that claims are precisely adjudicated and paid in
real-time, giving their 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 interim consolidated financial statements and related
notes and Management's Discussion and Analysis for the quarter
ending September 30, 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 are 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.
Contacts: Automated Benefits Corp. Lucy De Oliveira Director of
Marketing (416) 359-9339, ext.
1007ldeoliveira@automatedbenefits.com
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