|
Ebix, Inc. and Subsidiaries
|
|
Condensed Consolidated Balance
Sheets |
|
(In thousands, except share amounts)
|
| |
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
2010 |
|
2009 |
| |
|
(Unaudited) |
|
|
|
| |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
| Cash and cash
equivalents |
|
$ 20,418 |
|
|
$ |
19,227 |
|
| Short-term
investments |
|
2,732 |
|
|
|
1,799 |
|
Trade accounts
receivable, less allowances
of $508 and $565, respectively |
|
26,025 |
|
|
|
22,861 |
|
| Other current
assets |
|
4,258 |
|
|
|
2,628 |
|
|
Total current assets |
|
53,433 |
|
|
|
46,515 |
|
| |
|
|
|
|
|
| Property and
equipment, net |
|
7,757 |
|
|
7,865 |
|
| Goodwill |
|
160,455 |
|
|
|
157,245 |
|
| Intangibles,
net |
|
20,641 |
|
|
|
20,505 |
|
| Indefinite-lived
intangibles |
|
29,293 |
|
|
|
29,223 |
|
| Other assets
|
|
836 |
|
|
|
814 |
|
|
Total assets |
|
$ 272,415 |
|
|
$ |
262,167 |
|
| |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
| Accounts payable
and accrued liabilities |
|
$ 5,985 |
|
|
$ |
11,060 |
|
| Accrued payroll
and related benefits |
|
4,100 |
|
|
|
3,634 |
|
| Short term
debt |
|
5,000 |
|
|
|
23,100 |
|
| Convertible
debt, net of discount of $601 and $706, respectively |
|
24,399 |
|
|
|
28,681 |
|
| Current portion
of long term debt and capital lease obligation |
|
524 |
|
|
|
596 |
|
| Deferred revenue
|
|
8,691 |
|
|
|
7,754 |
|
| Other current
liabilities |
|
276 |
|
|
|
272 |
|
|
Total current liabilities
|
|
48,975 |
|
|
|
75,097 |
|
| |
|
|
|
|
|
|
Revolving line of credit |
|
15,600 |
|
|
|
— |
|
| Long term
debt and capital lease obligations, less current portion
|
|
4,128 |
|
|
|
671 |
|
| Other liabilities
|
|
2,966 |
|
|
|
2,965 |
|
| Deferred tax
liability, net |
|
4,729 |
|
|
|
5,147 |
|
| Put option
liability |
|
6,541 |
|
|
|
6,596 |
|
| Deferred revenue
|
|
137 |
|
|
|
269 |
|
| Deferred rent
|
|
702 |
|
|
|
679 |
|
|
Total liabilities |
|
83,778 |
|
|
|
91,424 |
|
| |
|
|
|
|
|
|
Commitments and Contingencies,
Note 6 |
|
|
|
|
|
| |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Preferred
stock, $.10 par value, 500,000 shares authorized,
no shares issued and outstanding at
March 31, 2010 and December 31, 2009 |
|
— |
|
|
|
— |
|
Common stock,
$.10 par value, 60,000,000 shares authorized,
35,045,192 issued and 35,004,683 outstanding at March 31,
2010
and 34,474,608 issued and 34,434,099
outstanding at December 31, 2009 |
|
3,500 |
|
|
|
3,443 |
|
| Additional
paid-in capital |
|
162,393 |
|
|
|
158,404 |
|
Treasury stock
(40,509 shares as
of March 31, 2010 and December 31, 2009 |
|
(76 |
) |
|
|
(76 |
) |
| Retained earnings
|
|
21,007 |
|
|
|
8,623 |
|
| Accumulated
other comprehensive income |
|
1,813 |
|
|
|
349 |
|
|
Total stockholders’ equity
|
|
188,637 |
|
|
|
170,743 |
|
|
Total liabilities and stockholders’
equity |
|
$ 272,415 |
|
|
$ |
262,167 |
|
|
