- Quarterly Revenue of $5 1 . 0 Million, up 7 % Year-Over-Year
- Q 2 Diluted EPS of $0. 35 , down 25 % Year-Over-Year
ATLANTA, Aug. 9, 2013 (GLOBE NEWSWIRE) -- Ebix, Inc. (Nasdaq:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today reported results for the fiscal second quarter ended June 30, 2013.
Ebix delivered the following results for the second quarter of 2013:
Revenue: Total Q2 2013 revenue was $51.0 million, an increase of 7% on a year-over-year basis, as compared to Q2 2012 revenue of $47.7 million. During the six months ended June 30, 2013, revenue increased $12.0 million or 13%, to $103.6 million compared to $91.5 million during the same period in 2012.Earnings per Share: Q2 2013 diluted earnings per share decreased 25% year-over-year to $0.35, as compared to $0.47 in the second quarter of 2012. For purposes of the Q2 2013 EPS calculation, there was an average of 38.8 million diluted shares outstanding during the quarter, which approximately is the same as Q2 2012. Operating Cash: Cash generated from operations during Q2 2013 was $10.6 million, down 50% year-over-year as compared to $21.0 million in Q2 2012. During the six months ended June 30, 2013, the Company generated $24.8 million of net cash flow from operating activities, a decrease of 28% as compared to $34.7 million in the first six months of 2012. Margins:Operating margins for Q2 2013 were higher at 37.8% as compared to 37.1% for Q2 2012, and 36.7% for Q1 2013. The operating margins in Q2 2013 were positively impacted by a $5.8 million gain from the reduction of the earn out accrual relating to our acquisition of PlanetSoft, while being negatively impacted by certain legal and extraordinary operational costs adding up to $4.5 million in Q2 of 2013. The Company was also negatively impacted by the impact of lower initial operating margins from some of the businesses acquired in 2012 and 2013, as compared to our existing operations. The Company expects a portion of the legal costs in Q2 of 2013 to continue for a few more quarters, impacting our operating margins negatively. Diversified Revenue Base: Ebix continued to have highly diversified revenue streams across thousands of clients, with the largest client accounting for less than 2.5% of the Company's Q2 2013 revenues. Channel Revenues: The Exchange channel continued to be the largest channel for Ebix accounting for 79% of the Company's Q2 2013 Revenues as compared to 80% in Q2 2012.
|Three Months Ended June 30,||Six Months Ended June 30,|
|(dollar amounts in thousands)||2013||2012||2013||2012|
|Business Process Outsourcing ("BPO")||4,013||3,890||8,177||7,461|