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Ebix Announces Third Quarter 2013 Results

Stocks in this article: EBIX

ATLANTA, Nov. 8, 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 third quarter ended September 30, 2013.

Ebix delivered the following results for the third quarter of 2013:

Revenue: Total Q3 2013 revenue was $50.3 million, a decrease of 7% on a year-over-year basis, as compared to Q3 2012 revenue of $53.8 million. On a constant currency basis, Ebix revenue increased sequentially to $51.9 million in Q3 of 2013 as compared to $51.5 million in Q2 of 2013.

On a year-over-year basis, Ebix quarterly revenue was affected negatively by approximately $1.6 million due to the strengthening of the US dollar, while the professional services revenues from one of the Company's 2012 acquisitions - PlanetSoft dropped by $1.3 million due to certain delayed implementations announced earlier in Q4 of 2012.

During the nine months ended September 30, 2013, revenue increased $8.5 million or 6%, to $153.9 million compared to $145.3 million during the same period in 2012.

Earnings per Share: Q3 2013 diluted earnings per share decreased 26% year-over-year to $0.34, as compared to $0.46 in the third quarter of 2012. For purposes of the Q3 2013 EPS calculation, there was an average of 38.5 million diluted shares outstanding during the quarter compared to 39.1 million during the same period in 2012.

Operating Cash: Cash generated from operations during Q3 2013 was $12.9 million, down 33% year-over-year as compared to $19.3 million in Q3 2012. During the nine months ended September 30, 2013, the Company generated $37.8 million of net cash flow from operating activities, a decrease of 30% as compared to $54.0 million in the first nine months of 2012.

Margins: Operating margins for Q3 2013 were at 37.0% as compared to 38.5% for Q3 2012, and 37.8% for Q2 2013. The operating margins in Q3 2013 were positively impacted by a $4.1 million gain from the reduction of the earn out accrual relating to our acquisition of PlanetSoft and Trisystems, while being negatively impacted by certain legal and extraordinary operational costs totaling $3.7 million in Q3 of 2013. 

The Company was also negatively impacted by the temporary initial 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 legal costs in future quarters to be lower than Q3 of 2013, although these costs are expected to continue affecting margins for some additional period of time..

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