SEB Reports Profitable First Quarter 2015
(firmenpresse) - MISSISSAUGA, ONTARIO -- (Marketwired) -- 04/30/15 -- Smart Employee Benefits Inc. ("SEB" or Company") (TSX VENTURE: SEB) is pleased to report its first profitable quarter and positive EBITDA since being founded in January, 2011. During its initial years, SEB focussed its efforts on developing SAAS-based software solutions and a SAAS/BPO business model, with a major emphasis on the $60 billion "Health Benefits" business in Canada. SEB has completed more than 9 acquisitions and joint ventures in the past 24 months that have resulted in a national network of offices and professionals across Canada, a presence in the UAE, India and Australia, and a profitable, sustainable sales base in excess of $60.0 million.
First Quarter 2015 Corporate Highlights:
Corporate highlights include:
Subsequent to February 28, 2015:
Financial Results:
Revenue for the quarter was $11,281,580 compared to $4,257,290 in the same quarter of the previous year. The increase in revenue was due to the inclusion of the newly acquired/controlled companies'' revenues and organic growth initiatives. These include: Banyan for the period December 1, 2014 to February 28, 2015 ($2,002,833), Paradigm for the period from January 1, 2015 to February 28, 2015 ($3,887,028) and SEBCON for the month of February, 2015 ($19,029).
For the quarter ended February 28, 2015, SEB recorded pre-tax income of $774,323 which included the gain on the sale of a portion of business in the amount of $1,450,000. This compares favorably with the loss of $1,062,395 for the same quarter last year. Also included was interest expense of $125,124 and non-cash expenses totaling $1,070,657 ($312,743 - Q1/14). Income before interest, non-cash expenses and the sale of the EDI business was a positive $520,104 for the quarter versus a negative $644,573 for the same quarter the previous year.
Non-cash expenses include stock-based compensation cost of $157,837 ($0 - Q1/14), accretion of interest related to SEB''s convertible financings of $194,512 ($90,431 - Q1/14), amortization of $683,300 ($197,084 - Q1/14), depreciation of $35,008 ($25,228 - Q1/14) and the income tax provision on the results from continuing operations is estimated at of $69,378.
The unaudited condensed interim consolidated financial statements and related MD&A for the period ended February 28, 2015, can be found on SEDAR at under the profile of Smart Employee Benefits.
States John McKimm, President/CEO of SEB, "Over $20.0 million dollars has been spent over the past four years on the acquisition and development of software solutions, hosting infrastructures, and acquiring companies. The first quarter ending February 28, 2015, is SEB''s first profitable quarter. Sales are now tracking over $60.0 million annually with a fast growing backlog. SEB has now reached the point where management expects, ongoing, a positive and growing EBITDA. SEB subsidiaries have enjoyed more than 10% organic growth in the past year largely through RFP wins in both the government and private sector. A non-core asset that was part of one acquisition was sold for $2.15 million. Cost structure of the acquisitions has been optimized through amalgamations and cost reduction initiatives. Backlog has grown substantially, with over 12 months of sales in backlog. Transactions in the acquisition and joint venture pipeline for 2015 are well advanced. We are very confident of our ability to materially improve on the revenue and cash flow which we experienced in fiscal 2014, into fiscal 2015 and 2016. SEB is poised for very strong growth in 2015, from both organic initiatives and through acquisitions."
About SEB:
Smart Employee Benefits Inc.''s global infrastructure is comprised of two Divisions; Technology and Health Care. The Technology Division currently serves corporate and government clients across Canada and internationally. The Health Care Division focuses on SAAS and BPO solutions in the Personal Health Sector and delivers its offerings to corporate and government clientele.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS RELEASE REPRESENTS THE COMPANY''S CURRENT EXPECTATIONS AND, ACCORDINGLY, IS SUBJECT TO CHANGE. HOWEVER, THE COMPANY EXPRESSLY DISCLAIMS ANY INTENTION OR OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY APPLICABLE LAW.
All figures are in Canadian dollars unless otherwise stated.
Neither the 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:
Media and Investor Contact:
Eduardo Baer
EVP Business Development
(888) 939-8885 x 350
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Datum: 30.04.2015 - 06:00 Uhr
Sprache: Deutsch
News-ID 1355347
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