| |
|
|
|
|
| Ebix,
Inc. and Subsidiaries |
| Consolidated
Balance Sheets |
|
(In thousands, except share amounts) |
| |
|
|
|
|
| |
|
December
31,
2008 |
|
December
31,
2007 |
| |
|
(Unaudited)
|
|
|
| ASSETS |
|
|
|
|
| Current assets:
|
|
|
|
|
| Cash and cash equivalents
|
|
$ |
11,011 |
|
|
$ |
49,466 |
|
| Accounts receivable,
less allowance of $454 and $146, respectively |
|
|
13,562 |
|
|
|
8,809 |
|
| Other current assets
|
|
|
1,694 |
|
|
|
1,130 |
|
| Total current assets
|
|
|
26,267 |
|
|
|
59,405 |
|
| |
|
|
|
|
| Property and equipment,
net |
|
|
3,774 |
|
|
|
3,356 |
|
| Goodwill |
|
|
99,865 |
|
|
|
36,408 |
|
| Intangible assets, net
|
|
|
10,447 |
|
|
|
7,318 |
|
| Other assets |
|
|
3,239 |
|
|
|
2,023 |
|
| |
|
|
|
|
|
Total assets |
|
$ |
143,592 |
|
|
$ |
108,510 |
|
| |
|
|
|
|
| LIABILITIES
AND STOCKHOLDERS' EQUITY |
|
|
|
|
| Current liabilities:
|
|
|
|
|
| Accounts payable and
accrued expenses |
|
|
8,195 |
|
|
|
2,231 |
|
| Accrued payroll and
related benefits |
|
|
2,709 |
|
|
|
1,517 |
|
| Short term debt |
|
|
24,945 |
|
|
|
15,650 |
|
| Convertible debt, short
term portion |
|
|
11,518 |
|
|
|
— |
|
| Current portion of long
term debt and capital lease obligations |
|
|
912 |
|
|
|
510 |
|
| Deferred revenue |
|
|
5,713 |
|
|
|
5,645 |
|
| Other current liabilities
|
|
|
225 |
|
|
|
149 |
|
| |
|
|
|
|
| Total current liabilities
|
|
|
54,217 |
|
|
|
25,702 |
|
| |
|
|
|
|
| Convertible debt, long
term portion |
|
|
15,000 |
|
|
|
20,000 |
|
| Long term debt and capital
lease obligation, less current portion |
|
|
290 |
|
|
|
486 |
|
| Other liabilities |
|
|
3,293 |
|
|
|
1,477 |
|
| Deferred Rent |
|
|
610 |
|
|
|
719 |
|
| |
|
|
|
|
| Total liabilities
|
|
|
73,410 |
|
|
|
48,384 |
|
| |
|
|
|
|
| Commitments
and Contingencies, see Note 9 Stockholders' equity:
|
|
|
|
|
Convertible Series D
Preferred stock, $.10 par value,
500,000 shares authorized, no shares issued and
outstanding |
|
|
— |
|
|
|
— |
|
| Common stock, $.10
par value, 20,000,000 shares authorized,
10,006,455 issued and 9,946,710 outstanding at
December 31, 2008
and 10,218,702 issued and 10,192,032 outstanding
at December 31, 2007 * |
|
|
981 |
|
|
|
337 |
|
| Additional paid-in capital
|
|
|
111,642 |
|
|
|
114,771 |
|
| Treasury stock (59,745
and 26,670 shares repurchased as of December 31,
2008 and December 31, 2007) |
|
|
(1,178 |
) |
|
|
(149 |
) |
| Accumulated deficit
|
|
|
(30,200 |
) |
|
|
(57,513 |
) |
| Accumulated other comprehensive
income |
|
|
(11,063 |
) |
|
|
2,680 |
|
| Total stockholders'
equity |
|
|
70,182 |
|
|
|
60,126 |
|
| |
|
|
|
|
| Total liabilities
and stockholders' equity |
|
$ |
143,592 |
|
|
$ |
108,510 |
|
| |
|
|
|
|
| * Adjusted for all
periods presented to reflect retroactive effect
of 3-for-1 stock split dated October 9, 2008 |
| |
|
|
