Posts net income of $12.09m compared to $7.91m for the same period last year
Ebix, a supplier of on-demand software and eCommerce services to the insurance industry, has reported total revenue of $31.3m for the fourth quarter of fiscal 2009, an increase of 55% compared to $20.1m for the same period last year.
The company posted an operating income of $11.85m, compared to $8.09m for the same period last year. Net income was $12.09m for the fourth quarter FY09, compared to $7.91m for the same period a year ago.
For the full year 2009, the company reported total revenue of $97.68m, an increase of nearly 30.6% compared to $74.75m for 2008. The operating income increased to $39.25m from $29.26m and net income increased by about 42% to $38.8m from $27.3m in FY09.
Robert Kerris, chief financial officer of Ebix, said: “We are pleased with our results especially since they include non-recurring expenses associated with the acquisitions of EZ Data and Peak. With $19.2m of cash as of 31st December 2009, $22m of additional borrowing capacity, and the continued growth in operating cash flows, we believe that we are well positioned to use this cash towards making strategic accretive acquisitions in the Exchange arena.”