TORONTO, ONTARIO–(Marketwire – April 28, 2010) – Automated Benefits Corp. (the “Corporation”) (TSX VENTURE:AUT) today reported revenue increased by 18% to approximately $4,586,000 for the fiscal year ending December 31, 2009. This compares to revenues of approximately $3,891,000 for the same period last year which represents an increase of approximately $695,000.
The net loss for the twelve month period ending December 31, 2009 increased by 9.6% to approximately $1,944,000 and represents a basic and fully diluted loss per share of $0.02. This compares to a loss of approximately $1,774,000 during the same period last year representing a basic and fully diluted loss per share of $0.02 and an increase of approximately $170,000. The majority of this decline results from a one-time expense for stock-based compensation.
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 twelve month period ending December 31, 2009 was ($1,102,000), an improvement of $160,000 over adjusted EBITDA of ($1,262,000) for the prior year.
Automated Benefits Corp. President and Chief Executive Officer James R. Swayze commented, “In the midst of a global recession in 2009, we were still able to acquire high-profile contracts in both North America and the United Kingdom.” He added, “When combined with the launch of new products in both markets and the addition of new sales-focused senior management, we believe this gives the Corporation significant momentum going into 2010.”
Symbility Solutions Inc. and Automated Benefits Inc. report the following recent business developments:
- On January 25, 2010, Automated Benefits Inc. announced Sirius Benefit Plans of Winnipeg, Manitoba, has begun the transition of their existing block of group insurance business to the Adjudicare software. This transition will occur over the course of 2010 and, when complete, is expected to represent a substantial increase in business for the Adjudicare platform.
- On March 22, 2010, Symbility Solutions, Inc. announced the launch of its newest claims software solution, Symbility Inside Adjuster. Symbility Inside Adjuster will aid insurers in quickly estimating the scope of a loss during the first notice of loss (FNOL) without necessarily requiring escalation to field adjusting.
- 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.
Today, the Corporation is announcing its intent to issue 2,700,000 common shares with a deemed value of $0.10 per share for an aggregate value of $270,000 to a Director and officer and an officer in lieu of cash bonuses for 2009. The issuance of the 2,700,000 common shares to the Director and officer and the officer is subject to TSX approval.
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 two complementary components. Its award-winning Symbility Mobile Adjuster software is an estimating tool that increases speed, efficiency and accuracy by allowing on-site claims processing. 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 software solutions give users the mobility, speed and control they need to effectively and quickly move onto their 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 audited consolidated financial statements and management’s discussion and analysis for the fiscal year ending December 31, 2009, 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.
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.