Atlanta-based ebix.com reported first quarter net income of $516,000, or 23 cents per share, as compared to net income of $198,000, or 9 cents per share for the first quarter of 2002.
Total revenue for the quarter ended March 31, 2003, increased by $267,000, or 8%, to $3,612,000 from $3,345,000 for the comparable quarter of the prior year. This revenue increase was attributable mainly to the company’s e-commerce based agency management system, ebixasp.com, and a strong increase in its call center revenue base last quarter. The company also reported positive operating cash flow of $893,000, with cash and cash equivalents growing to $5,703,000 as of March 31, 2003, from $4,993,000 as of Dec. 31, 2002.
“We are pleased that the company’s pioneering efforts and early focus on innovation and building trend- setting technology services like ebixASP are starting to pay dividends,” commented Robin Raina, chairman, president and CEO of ebix.com. “The results are encouraging, especially since they support the company’s strategic foray into the business process outsourcing (BPO) business in the areas of call center and custom software development.”
“In the last quarter, we continued to make strategic investments in building top-rate infrastructure in India, in the BPO arena, said Raina. “These investments are a manifestation of our strong faith in the growth potential associated with the BPO sector.”
“The increases in operating cash flow and net income speak for themselves,” said Richard Baum, executive vice president and CFO of ebix.com. “We are pleased with the results and believe that our investments in India are going to be the vehicle of growth for the company.”
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