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04.11.2009 14:47 Ebix Announces Record Results with 76 Cents EPS Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today reported record financial results for the third quarter of 2009. The results marked the highest revenue, net income and diluted EPS in any one-quarter that the company has reported in its thirty-three year history. The company reported total revenue of $23.29 million for the third quarter of 2009, compared to $20.17 million for the third quarter of 2008, marking a 16 percent increase in revenues. These revenues do not include any revenue from the recent acquisitions made by Ebix effective 1st October 2009, of EZDATA Corp. and Peak Performance Solutions Inc. The company's operating income for the quarter rose 21 percent to $9.78 million, as compared to $8.12 million in the third quarter of 2008. Net income after taxes for the quarter rose 28 percent to $9.43 million, or $0.76 per diluted share, up from $7.40 million, or $0.62 per diluted share, in the third quarter of 2008— earnings per share growth of 22 percent. The company also reported basic earnings per share in the third quarter of 2009 of $0.91 as compared to $0.77 in the third quarter of 2008. Currency adjusted revenues in third quarter of 2009 grew to $23.73 million, a 17.6 percent increase over the third quarter of 2008. Currency adjusted net income after taxes in the third quarter of 2009 grew to $ 9.61 million, a 30.0 percent increase over the third quarter of 2008. ”Currency Adjusted” is a non-GAAP financial measure that we use solely for comparing numbers from two different periods without the impact of foreign exchange. The company's operating expenses for the quarter grew by 12 percent to $13.51 million as compared to $12.05 million for the third quarter of 2008. Results for the third quarter of 2009 were based on 12.61 million weighted average diluted shares outstanding, as compared to 12.17 million in the third quarter of 2008. The company also reported that its cumulative net income at the end of nine months of 2009 grew by 38 percent to $ 26.73 million as compared to cumulative net income of $ 19.40 million at the end of nine months of 2008. The nine-month cumulative diluted EPS for 2009 also grew by 32 percent to $2.17 as compared to cumulative diluted EPS of $1.65 at the end of nine months of 2008. The company also declared that in the third quarter of 2009, Exchange channel became 61% of Ebix's total revenues while the BPO channel accounted for 15% of its revenues. Broker systems business accounted for 13% and the carrier channel accounted for 11% of Ebix's worldwide revenues. Robin Raina, president and CEO, Ebix said, ”We are pleased that the third quarter results are in line with our expectations. We are especially pleased that net margins after taxes in the third quarter grew to 41% from 37% in the same quarter last year. We feel good about our consistent revenue streams and believe that the company has the ability to continue our growth both organically and through strategic acquisitions.” Robin added, ”These are both very strategic acquisitions that allow us cross selling opportunities, as also help us take a giant leap forward in terms of making the dream of end-to-end computing possible. We intend integrating them within Ebix on a war footing and in the most sensible fashion with the aim of leading the industry, accompanied by short term and long term accretiveness for our shareholders ” Robin also said, ”In recent times, we have been repeatedly asked by investors, for some guidance on the impact of EZDATA and Peak on our financial results. Clearly we remain focused on getting the same level of net margins from these two deals, as we are used to today. While we are not yet fully prepared to discuss the complete positive impact of the EZ Data and Peak acquisitions on our results, yet we feel comfortable enough to define some floor metrics in terms of revenues and net income from these acquisitions. We expect the two deals to contribute a combined minimum of $26 million in revenues and $7.5 million in net income, over the next 12 months.” Ebix Chief Financial Officer Robert Kerris commented: ”During nine months ending September 30, 2009 the Company generated $22.1 million from our operating activities which represents a 14% improvement over the same period a year earlier. Net income for the third quarter of $9.43 million is up $483 thousand or 5% from the second quarter, representing the thirteenth consecutive quarter of sequential quarter over quarter net income growth. Our operating margins remain strong at 42% for the quarter and 41% the nine-month period ending September 30, 2009, respectively. We are also pleased by the fact that to date $26.6 million of the original $35.0 million of convertible debt issued during 2007 and 2008 has been paid or converted into Ebix common stock, leaving a remaining balance due on those obligations of $8.4 million.” |
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| aus der Diskussion: | Ebix Inc. (765778) |
| Autor (Datum des Eintrages): | watchi (09.11.09 16:44:31) |
| Beitrag: | 5 von 12 (ID:38349357) |
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