Six Months YTD 2010 vs. YTD 2009
TORONTO, ONTARIO–(Marketwire – Aug. 27, 2010) – Automated Benefits Corp. (the “Corporation”) (TSX VENTURE:AUT) today reported revenue increased by 13% to approximately $2,529,000 for the six months ending June 30, 2010. This compares to revenues of approximately $2,243,000 for the same period last year which represents an increase of approximately $286,000.
The net loss for the six month period ending June 30, 2010 decreased by 54% to approximately $609,000 and represents a basic and fully diluted loss per share of $0.01. This compares to a loss of approximately $1,312,000 during the same period last year representing a basic and fully diluted loss per share of $0.01 and a decrease of approximately $703,000.
Management believes adjusted EBITDA is also a useful measure that 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 six month period ending June 30, 2010 was ($400,000), an improvement of $381,000 over adjusted EBITDA of ($781,000) for the prior year.
“Management is very pleased to see continued revenue growth while net losses decreased substantially as compared to the same period last year,” states James R. Swayze, Chief Executive Officer of Automated Benefits Corp. He added, “This has been achieved while we continue to develop innovative products to address the needs of customers in North America and in international markets.”
Symbility Solutions Inc. and Automated Benefits Inc. report the following recent business developments:
- On April 6, 2010, Symbility Solutions Inc. announced the finalization of a three year contract with Groupe Promutuel, one of the most important insurers in the Quebec market.
- On June 1, 2010, Symbility Solutions Inc. announced a strategic partnership with Wipro Limited, a global provider of integrated business, technology and process solutions.
- On June 15, 2010, Symbility Solutions Inc. announced the launch of the Haus360 solution, which is an adaptation of the Innovation Symbility platform to meet the needs of the German market.
- On June 28, 2010, Automated Benefits Inc. announced the release of version 4.0 of the Adjudicare software, transitioning the Adjudicare software from a computer-based platform to a web-based application.
- On July 20, 2010, Symbility Solutions Inc. announced release of the latest version 3.6 of the Symbility Mobile Claims and Symbility Claims Connect applications, with features such as locking estimates and diagrams for the North American market.
- On August 10, 2010, Symbility Solutions Inc. announced the finalization of a three year contract with one of the largest contractor networks in Canada.
About Automated Benefits Corp
Automated Benefits Corp., headquartered in Toronto, Ontario, is a software company dedicated to developing applications for the insurance industry. The Corporation currently has two subsidiaries, Automated Benefits Inc. and Symbility Solutions Inc.
Symbility Solutions automates property insurance claims through its complementary components. 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 is an integrated application designed to streamline the first notice of loss process for the faster settlement of claims. Its award-winning Symbility Mobile Claims software is an estimating tool that increases speed, efficiency and accuracy by allowing on-site claims processing. Symbility software solutions give users the mobility, speed and control needed to effectively and quickly move onto the next claim.
Automated Benefits Inc. provides the Adjudicare software solution for the adjudication of health and dental claims. This software adjudicates claims in real time, providing clients with the highest level of flexibility available along with complete disclosure on the plan’s financial performance. Automated Benefits Inc. enables their clients to provide an additional level of value-added service in a very cost effective manner. The Adjudicare software supports the adjudication of health and dental claims through local insurance brokers across Canada.
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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 period ending June 30, 2010, 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 GAAP 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 GAAP. All other financial measures referenced herein have been prepared in accordance with Canadian generally accepted accounting principles unless stated otherwise.