SEB Reports Financial Results for the Year Ending November 30, 2014
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/02/15 -- Smart Employee Benefits Inc. ("SEB" or "Company") (TSX VENTURE: SEB) is pleased to report its financial results for the year ending November 30, 2014. Ranked in April, 2014 as Canada's top growth company in the ICT sector by Branham Group, SEB offers a full suite of technology-enabled services and solutions to its geographically diverse clientele. Clients are able to leverage project and consulting expertise, proprietary software offerings, group benefit administration and claims adjudication, auxiliary health administration services and information technology training and licensing.
John McKimm, President and CEO states: "2014 was an exciting year for SEB. Significant acquisitions, associated financings, partnership formations and restructuring have been completed laying the foundation for the Company's strategic vision of modernizing the healthcare industry via technology. To date, SEB has closed nine acquisitions. Two in previous years, five during fiscal 2014, and two subsequent to the year end. This diversification and the resulting synergies have led to projected sustainable annual revenue in excess of $60 million. In addition, the Company now has a well-established physical presence in both Central and Western Canada."
2014 Corporate Highlights
The 2014 fiscal year included the following highlights:
Subsequent to November 30, 2014:
2014 Financial Highlights
Revenues
Revenue for the year was $20,022,220 compared to $10,153,539 in the prior year ending November 30, 2013. The increase in revenue was due in part to the consolidation of the newly acquired entities' revenues, including; Inforica for the period December 2013 to November ($2,522,838), Antian from March to November ($553,879), Adeeva Nutritionals from March to November ($1,244,438), and Stroma Consulting Group for the period from June through November ($2,398,576). In addition, both Logitek and SOMOS showed growth in revenues.
Cost of Revenues
The largest portion of "Cost of Revenues" was the compensation costs of contractors in SOMOS, Logitek and Inforica. While significant streamlining has taken place, these costs showed a net increase of $6,066,512 over the previous year which is consistent with the growth in revenues.
Net Loss
For the year ending November 30, 2014, SEB recorded a loss of $7,089,198 which included interest of $546,815 and non-cash items of $2,771,974, made up of stock-based compensation cost of $975,043, accretion of non-cash interest of $793,987 related to SEB's convertible financings, amortization of $1,032,420, depreciation of $228,454 and income tax recovery of $257,930. The Company is targeting being cash flow positive in fiscal 2015.
The consolidated financial statements and related MD&A for the period ended November 30, 2014, can be found on SEDAR at under the profile of Smart Employee Benefits.
About SEB
Smart Employee Benefits Inc.'s global infrastructure is comprised of two Divisions; Technology and Health and Wellness.
The Technology Division currently serves corporate and government clients through three inter-related segments:
The Health and Wellness Division focuses on software-enabled services in the Personal Health Sector and delivers its offerings to corporate and government clientele through four inter-related segments:
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:
Smart Employee Benefits Inc.
John McKimm
President/Chief Executive Officer
(416) 460-2817
Smart Employee Benefits Inc.
Eduardo (Ed) Baer
VP, Investor Relations
1-888-939-8885 x 350
First Canadian Capital Corp.
Dan Boase
416-742-5600 or 1-866-580-8891
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Datum: 02.04.2015 - 16:37 Uhr
Sprache: Deutsch
News-ID 383246
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