Atlanta-based ebix.com, Inc., an international supplier of software and e-commerce solutions to the property and casualty industry, reported results for the third quarter ended Sept. 30, 2003.
ebix.com, Inc. reported third quarter net income of $575,000, or $0.24 per diluted share, as compared to net income of $502,000 or $0.22 per diluted share for the third quarter of 2002. Total revenue for the quarter ended Sept. 30, 2003, increased by $492,000, or 13%, to $4,168,000 from $3,676,000 for the comparable quarter of the prior year. This revenue increase was attributable mainly due to increases in revenues from call center activities, hosted ebixASP services and consulting services, partially offset by a decrease in INS-Site revenue and a decrease in support revenue associated with legacy products.
Net income for the nine months ended Sept. 30, 2003 was $1,181,000, or $0.51 per diluted share, compared to net income of $716,000, or $0.31 per diluted share, for the nine months ended Sept. 30, 2002. Total revenues were $11,075,000 for the nine months ended Sept. 30, 2003 compared to revenues of $9,746,000 for the nine months ended Sept. 30, 2002.
The company also reported cash and cash equivalents growing to $7,170,000 as of Sept. 30, 2003, from $4,993,000 as of Dec. 31, 2002.
“We are very pleased with our operating results. The last quarter saw us grow all three parameters that reflect the true strength of any company – revenues, profitability and cash reserves,” commented Robin Raina, chairman, president and CEO of ebix.com, Inc. “Our improved performance – both in the international and U.S. markets – is representative of our success in being able to bind the business and technology vision of the company globally in a cohesive manner.”
Raina added, “Our investments in growing our services business – both ebixASP and our business process outsourcing (BPO) business – have started providing positive returns to the company. The increase in revenues is especially encouraging as it more than compensates for the expected decrease in legacy product support revenues.”
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