Automated Benefits has reported total revenues of $1.25m for the first quarter of 2010, an increase of 13% compared to $1.11m for the same quarter in 2009.
For the quarter ended March 31, 2010, the company posted a net loss of $0.19m which is a decrease of 55% compared to $0.43m for the same quarter in 2009.
The company reported EBITDA loss of $0.16m for the first quarter of 2010 which is an increase of $0.21m compared to EBITDA loss of $0.37m for the same period last year.
Automated Benefits had previously unveiled Sirius Benefit Plans of Winnipeg, Manitoba on January 25, 2010, and has begun the transition of their existing block of group insurance business to Adjudicare software. This transition is expected to occur over the course of 2010 and, when completed, is expected to represent increase in business for the Adjudicare platform.
James Swayze, CEO of Automated Benefits, said: “Management is very pleased with a 13% increase in revenue from the same period last year, especially while net loss decreased significantly. This reflects management’s continued focus on consolidating operations and the results of the indirect sales channel strategy that we launched in the UK in 2009.”