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Press Releases |
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Friday August 1, 2008, Ebix Announces Decision to Delay Record Date and Effective Date for Split |
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Friday August 1, 2008, Ebix Announces Three-for-One Stock Split |
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Friday August 1, 2008, Ebix Announces Record Results With $1.62 Diluted EPS |
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Thursday July 31, 2008, Ebix 2008 Second Quarter Earnings Conference Call on Friday, 1st August 2008 @ 11 am EDT |
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Thursday July 31, 2008, Ebix Acquires Pittsburgh-Based Acclamation Systems, Inc. |
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Monday July 28, 2008, Ebix NZ Ranked Amongst the Top Five Most Exciting Companies by New Zealand's Largest Business Newspaper |
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Friday June 27, 2008, Ebix Reaffirms Repurchase Plan |
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Wednesday June 18, 2008, FORTUNE Small Business Magazine Ranks Ebix at the Top amongst Fastest Growing Public Companies in Georgia |
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Tuesday June 17, 2008, Ebix Set to Join Russell 2000 Index |
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Monday June 2, 2008, EbixExchange Provides New Approach for Annuity Sales Suitability |
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Tuesday May 27, 2008, Atlanta Journal-Constitution Ranks Ebix 2nd Amongst the Top 100 Public Companies in Georgia |
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Monday May 19, 2008, EbixExchange Launches New Era in Life Insurance Sales Processing |
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Monday May 19, 2008, Robin Raina Awarded the South Asian Personality of the Year Award |
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Tuesday May 13, 2008, EbixExchange Receives Two Awards From ACORD |
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Monday May 5, 2008, Ebix Net Income Grows 189% in First Quarter of 2008 |
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Friday May 2, 2008, Ebix 2008 First Quarter Earnings Conference Call on Monday, May 5, 2008 at 11:00 a.m. EDT |
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Friday April 25, 2008, Ebix Acquires Michigan Based Insurance BPO - Periculum Services Group |
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Monday April 21, 2008, Ebix Repurchases a Net of 230,000 Shares |
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Friday March 7, 2008, Ebix 2007 Net Income Rises 112% to a Record $12.7 Million, or $ 3.61 Per Diluted Share, on a 46% Revenue Increase |
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Thursday March 6, 2008, Ebix 2007 Annual Earnings Conference Call on Friday, 7th March 2008 @ 11am EST |
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Wednesday January 2, 2008, Ebix Completes Acquisition of Sydney Based Telstra eBusiness Services |
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Ebix Announces Decision to Delay Record Date and Effective Date for Split
Friday August 1, 3:59 pm ET
ATLANTA--(BUSINESS WIRE)--Ebix, Inc. (NASDAQ:EBIX - News), a leading international developer and supplier of software and e-commerce solutions to the insurance industry, today announced that it has decided to delay the record date and the effective date of the three-for-one split announced in the morning today.
This decision was taken to give the company time to increase its authorized shares to 20 million, and to provide the company sufficient authorized shares for possible future capitalization needs. The company expects to send out a proxy asking for authorized share increase to investors by 15th August 2008 and expects the shareholder votes to be tabulated by September 10th 2008.
The company spokesperson announced that it will accordingly announce a new record date after September 10th 2008.
About Ebix
Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in Singapore, Australia, UK, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled it be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model (CMM). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit the Company's website at www.ebix.com.
Contact:Ebix, Inc.
Jesenia Jurado, 678-281-2036
jjurado@ebix.com |
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Ebix Announces Three-for-One Stock Split
Friday August 1, 10:00 am ET
ATLANTA--(BUSINESS WIRE)--Ebix, Inc. (NASDAQ:EBIX - News), a leading international developer and supplier of software and e-commerce solutions to the insurance industry, today announced that its Board of Directors has approved a three-for-one split of the Company's common stock and a proportional increase in the number of Ebix common shares. Each shareholder of record at the close of business on August 4, 2008 will receive two additional shares for every outstanding share held on the record date, and trading will begin on a split-adjusted basis on August 14, 2008.
"This stock split is intended to further improve our liquidity and to make our shares more accessible, both to institutions and to individual shareholders," said Robin Raina, Chairman of the Board, president & CEO.
About Ebix
Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in Singapore, Australia, UK, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled it be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model (CMM). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit the Company's website at www.ebix.com.
Contact:Ebix, Inc.
Jesenia Jurado, 678-281-2036
jjurado@ebix.com |
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Ebix Announces Record Results With $1.62 Diluted EPS
Friday August 1, 8:17 am ET
Net Income Rises 152 percent to $6.34 Million in Q2 of 2008
ATLANTA--(BUSINESS WIRE)--Ebix, Inc. (NASDAQ: EBIX - News):
Conference call: Friday August 1, 2008 at 11:00 A.M. EDT
Audio Replay URL: http://www.ebix.com, Click on Investor Home Page
Dial-in numbers :1-888-687-3295 Dial pass code 58340272
Ebix, Inc. (NASDAQ: EBIX - News), a leading international developer and supplier of software and e-commerce solutions to the insurance industry, today reported record financial results for the second quarter of 2008. The results marked the highest EPS in any one quarter that the company has reported in its thirty two year history.
The company reported total revenue of $17.80 million for the second quarter of 2008, compared to $9.82 million for the second quarter of 2007, marking an 81 percent increase in revenues.
Net income after taxes for the quarter rose 152 percent to $6.34 million, or $1.62 per diluted share, up from $2.51 million, or $0.75 per diluted share, in the second quarter of 2007- an earnings per share growth of 116 percent. Results for the second quarter of 2008 were based on 3.99 million weighted average diluted shares outstanding, as compared to 3.37 million in the second quarter of 2007. The company also reported basic earnings per share in the second quarter of 2008 of $1.96 as compared to $0.85 in the second quarter of 2007.
The company's operating expenses for the quarter grew by 45 percent to $10.90 million as compared to $7.51 million for the second quarter of 2007. The company attributed the increase primarily to the acquisition of IDS in November 2007 and Telstra eBusiness in January 2008.
The company also reported that its cumulative net income at the end of six months of 2008 grew by 168 percent to $12.00 million as compared to cumulative net income of $4.48 million at the end of six months of 2007. The six month cumulative diluted EPS for 2008 also grew by 121 percent to $3.01 as compared to cumulative diluted EPS of $1.36 at the end of six months of 2007.
Robin Raina, president and CEO, Ebix said, "We are pleased that the second quarter results are in line with our expectations. We are especially pleased that net margins in the quarter grew to 36% from 26% in the same quarter last year."
Raina added: "The company business can be broken primarily into four main channels today - the Insurance Company, Broker, Exchange and BPO Channels. The second quarter saw the exchange channel become 53% of our total revenues while the BPO channel accounted for 10% of our revenues. Broker systems business accounted for 19% and the carrier channel accounted for 16% of our worldwide revenues. All these four channels showed growth this quarter in terms of revenues. The legacy support business as predicted earlier continues to decline and accounted for 2% of our revenues in the second quarter of 2008."
Raina summarized, "We are pleased with the continued growth of all our four channels of business. We are focused on ensuring that we can keep our net margins high and towards that are selective in securing new contracts that help us meet those objectives."
Robert Kerris, the chief financial officer of Ebix, said, "During the second quarter the company's revenues grew $1.16 million or 7% and operating profit grew $762 thousand or 12% over the first quarter. Our year to date operating margin of 38% represents a significant improvement compared to the 24% operating margin experienced during the first six months of 2007. Furthermore, during the six months ended June 30, 2008 the company generated $10.66 million of cash flow from operating activities which represents a 180% increase as compared the $3.81 million for same period a year earlier. At June 30, 2008 our cash balances stood at $12.07 million. We believe that anticipated cash flows from our operating activities, together with current cash balances and access to our credit facilities and the capital markets will be sufficient to support our operations and planned business growth."
About Ebix
A CMMI 5 Company, Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in Singapore, Australia, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled its development unit in India to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model Integrated (CMMI). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit the Company's Web site at www.ebix.com.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Safe Harbor for Forward Looking Statements under the Private
Securities Litigation Reform Act of 1995 -
This press release contains various forward looking statements and
information that are based on management's beliefs, as well as
assumptions made by, and information currently available to management,
including statements regarding future economic performance and financial
condition, liquidity and capital resources, acceptance of the Company's
products by the market and management's plans and objectives. The
Company has tried to identify such forward looking statements by use of
words such as "expects," "intends," "anticipates," "plans," "believes,"
"will," "should," and similar expressions, but these words are not the
exclusive means of identifying such statements. Such statements are
subject to various risks, uncertainties and other factors which could
cause actual results to vary materially from those expressed in, or
implied by, the forward looking statements. Such risks, uncertainties
and other factors include the extent to which the Company's new products
and services can be successfully developed and marketed, the integration
and other risks associated with recent and future acquisitions, the
willingness of independent insurance agencies to outsource their
computer and other processing needs to third parties, the Company's
ability to continue to develop new products to effectively address
market needs in an industry characterized by rapid technological change,
the Company's dependence on the insurance industry (and in particular
independent agents), the highly competitive and rapidly changing
automation systems market, the Company's ability to effectively protect
its applications software and other proprietary information, the
Company's ability to attract and retain quality management, and
software, technical sales and other personnel, the potential negative
impact on the Company's outsourcing business in India from adverse
publicity and possible governmental regulation, the risks of disruption
of the Company's Internet connections or internal service problems, the
possibly adverse effects of a substantial increase in volume of traffic
on the Company's website, mainframe and other servers, possible security
breaches on the Company's website and the possible effects of insurance
regulation on the Company's business. Certain of these, as well as
other, risks, uncertainties and other factors, are described in more
detail in Ebix's periodic filings with the
Securities and Exchange Commission, including the company's
annual report on form 10-K for the year ended December 31, 2007,
included under "Item 1. Business-Risk
Factors." Except as expressly required by the federal securities laws,
the Company undertakes no obligation to update any such factors or to
publicly update any of the forward looking statements contained herein
to reflect future events or developments or changed circumstances or for
any other reason.
(Financial tables follow)
Ebix, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
-------------- ---------------
2008 2007 2008 2007
------- ------ ------- -------
Operating Revenue 17,803 9,816 34,442 18,834
Operating expenses:
Cost of services provided 3,225 1,718 6,161 3,284
Product development 2,162 2,198 4,240 4,048
Sales and marketing 818 1,078 1,665 2,030
General and administrative 3,856 1,899 7,672 3,686
Amortization and depreciation 837 625 1,656 1,250
------- ------ ------- -------
Total operating expenses 10,898 7,518 21,394 14,298
------- ------ ------- -------
Operating income 6,905 2,298 13,048 4,536
Interest income 140 136 262 207
Interest expense (394) (142) (736) (370)
Foreign exchange gain (loss) 100 122 159 127
------- ------ ------- -------
Income before income taxes 6,751 2,414 12,733 4,500
Income tax (expense)/benefit (415) 99 (727) (25)
------- ------ ------- -------
Net income $ 6,336 $2,513 $12,006 $ 4,475
======= ====== ======= =======
Basic earnings per common share $ 1.96 $ 0.85 $ 3.62 $ 1.54
Diluted earnings per common share $ 1.62 $ 0.75 $ 3.01 $ 1.36
Basic weighted average shares
outstanding 3,229 2,973 3,318 2,911
Diluted weighted average shares
outstanding 3,992 3,366 4,073 3,291
See accompanying notes to condensed consolidated financial
statements.
Ebix, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share amounts)
December 31,
June 30, 2008 2007
------------- -------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 12,074 $ 49,466
Accounts receivable, less allowance of
$352 and $146, respectively 13,396 8,809
Other current assets 1,113 1,130
------------- -------------
Total current assets 26,583 59,405
Property and equipment, net 3,427 3,356
Goodwill 84,731 36,408
Intangible assets, net 9,988 7,318
Other assets 2,067 2,023
------------- -------------
Total assets $ 126,796 $ 108,510
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses 3,627 2,231
Accrued payroll and related benefits 2,629 1,517
Short term debt 24,945 15,650
Current portion of long term debt and
capital lease obligations 502 510
Deferred revenue 6,042 5,645
Other current liabilities 207 149
------------- -------------
Total current liabilities 37,952 25,702
Convertible debt 20,000 20,000
Long term debt and capital lease
obligation, less current portion 4 486
Other liabilities 3,140 1,477
Deferred Rent 656 719
Total liabilities 61,752 48,384
Commitments and Contingencies, 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, 10,000,000
shares authorized, 3,182,261 issued and
3,173,371 outstanding at June 30, 2008
and 3,406,234 issued and 3,397,344
outstanding at December 31, 2007 317 337
Additional paid-in capital 104,147 114,771
Treasury stock (8,890 and 8,890 shares
repurchased as of June 30, 2008 and
December 31, 2007 respectively) (149) (149)
Accumulated deficit (45,507) (57,513)
Accumulated other comprehensive income 6,235 2,680
------------- -------------
Total stockholders' equity 65,044 60,126
------------- -------------
Total liabilities and stockholders'
equity $ 126,796 $ 108,510
============= =============
See accompanying notes to condensed consolidated financial
statements.
Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six Months Ended
June 30,
-------------------
2008 2007
-------- --------
Cash flows from operating activities:
Net income $ 12,006 $ 4,475
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 1,651 1,250
Stock-based compensation 64 114
Restricted stock compensation 255 58
Provision for doubtful accounts 179 30
Changes in assets and liabilities: -- --
Accounts receivable (2,936) (1761)
Other assets 44 (247)
Accounts payable and accrued expenses (1,085) (378)
Accrued payroll and related benefits 216 (599)
Deferred revenue (368) 766
Deferred taxes 653 --
Customer deposits
Deferred rent & Other Liabilities (20) 98
-------- --------
Net cash provided by operating activities 10,659 3,806
-------- --------
Cash flows from investing activities:
Investment in Telstra eBusiness Services, net of
cash acquired (42,968) --
Investment in Finetre, net of cash acquired -- (15)
Investment in Periculum, net of cash acquired (1,067) --
Deferred Rent -- (5)
Capital expenditures (382) (315)
-------- --------
Net cash used in investing activities (44,417) (335)
-------- --------
Cash flows from financing activities:
Proceeds from (payments on) line of credit 9,295 (10,000)
Proceeds from the issuance of common stock, net of
issuance costs 12,518 13,275
Increase current portion of long term debt -- 55
Proceeds from the exercise of the stock options 514 37
Repurchase of Common Stock (24,000) --
Payments on capital lease obligations (2) (2)
Principal payments of debt obligations (490) (478)
-------- --------
Net cash provided/(used) in financing activities (2,165) 2,887
-------- --------
Effect of foreign exchange rates on cash (1,469) 269
-------- --------
Net change in cash and cash equivalents (37,392) 6,627
Cash and cash equivalents at the beginning of
the period 49,466 5,013
-------- --------
Cash and cash equivalents at the end of the
period $ 12,074 $ 11,640
-------- --------
Supplemental disclosures of cash flow information:
Interest paid $ 459 $ 320
Income taxes paid $ 431 $ 431
Contact:Ebix, Inc.
Jesenia Jurado, 678-281-2036
jjurado@ebix.com |
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Ebix 2008 Second Quarter Earnings Conference Call on Friday, 1st August 2008 @ 11 am EDT
Thursday July 31, 1:59 pm ET
2008 Q2 Financial Results to be declared on Friday morning
ATLANTA--(BUSINESS WIRE)--Ebix, Inc. (NASDAQ:EBIX - News) announced today that it will release its 2nd quarter results on Friday morning, August 1st and will host a conference call to review the results the same day - 1st August 2008 @ 11 am EDT (details below). The call is open to the general public.
Telephone: US/Canada Dial-in #: 1(888)687-3295
Passcode: 58340272
Please call five minutes in advance.
Audio Replay: Will be available at http://www.ebix.com; click on Investor Home Page - after 1 pm EDT on Friday.
About Ebix
A CMMI 5 Company, Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in the United States, Australia, New Zealand, Singapore, UK and India, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled its development unit in India to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model Integrated (CMMI). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit the Company's Web site at www.ebix.com.
Contact:Ebix, Inc.
Jesenia Jurado, 678-281-2036
jjurado@ebix.com |
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Ebix Acquires Pittsburgh-Based Acclamation Systems, Inc.
Thursday July 31, 8:30 am ET
Acquisition Likely to Be Accretive to Ebix EPS
ATLANTA--(BUSINESS WIRE)--Ebix, Inc. (NASDAQ:EBIX - News), a leading international developer and supplier of software and e-commerce solutions to the insurance industry, today announced that it has signed a binding agreement to acquire Acclamation Systems, Inc. effective the 1st of August 2008. The closing of the transaction is slated to be completed on 1st August 2008.
Acclamation Systems, Inc. is a leading provider of SaaS-based healthcare benefits and claims management software in the United States. Since its inception in 1989, Acclamation has focused itself on providing benefits administration systems to some of the world's largest insurance carriers, third-party administrators and self-administered organizations. Today Acclamation is seen as a leading player in the health benefits software industry, providing benefit services to an estimated 7 million insured lives through its customer base of approximately 80 clients encompassing health insurance companies, third party administrators and self-administered organizations.
The deal will involve an upfront cash payment of $22 million to Acclamation shareholders plus a potential earn-out cash payment of up to $3 million paid over a period of 2 years from the date of acquisition provided that specific revenue targets of the Health Benefits division of Ebix are achieved. Ebix funded the acquisition through a mix of convertible debt and internal sources using its own cash reserves.
Acclamation's flagship product, LuminX, is an end-to-end, automated system designed for organizations entrusted with the responsibility of administering health and other employee benefits. To complement the LuminX system, Acclamation also offers a number of robust Web tools, including online eligibility and enrollment; comprehensive reporting; full accounting capabilities; integrated technologies; and BPO outsourcing services for its clients.
Robin Raina, chairman, president and CEO of Ebix, said, "The acquisition of Acclamation Systems is another step towards solidifying Ebix's position as a leading global powerhouse of insurance automation and expertise. It will also mark Ebix's entry into the fast-growing health benefits and claims processing sector of the insurance industry."
"Ebix is already a leading player in the life insurance exchange markets. Because the life and health markets go hand in hand with a large number of health carriers selling life insurance products and vice-versa, we believe that this acquisition will open cross- selling opportunities for us on many fronts. Also we intend to deploy benefits and claims services across international markets using our existing presence in 50-plus countries."
"We are pleased that the acquisition provides us with a cohesive management team under the leadership of Jim Senge and an employee base that has delivered consistently and brings specialized health and claims expertise to Ebix," added Raina. "On the economic front, we are excited about this acquisition on many accounts. Firstly it brings a revenue base to the company that is 60% recurring. Secondly it is a business that is likely to be accretive to Ebix earnings per share (EPS) in the near and long term future."
"Ebix is an acknowledged leader in the insurance automation space and will provide Acclamation with access to the resources and relationships in the health benefits sector that are needed to take the next great leap forward," said Jim Senge, Acclamation senior vice president and division head. "They provide a natural home for Acclamation, and we're excited that our current and future clients will benefit from all that Ebix brings to the table."
No financial advisors were involved in the transaction from the Ebix side. Software Equity Group, LLC served as financial advisors to Acclamation for this transaction.
About Acclamation Systems
Acclamation Systems, Inc. delivers integrated, flexible technology solutions for employee benefits management. Since its inception in 1989, ASI continues to provide some of the world's largest insurance carriers, third party administrators and self-administered organizations with the most comprehensive, powerful benefits administration system on the market today. ASI's flagship product, LuminX, is an end-to-end, automated system designed for organizations entrusted with the responsibility of administering health and other employee benefits. To complement the LuminX system, ASI offers robust Web tools, including online eligibility and enrollment, and comprehensive reporting; full accounting capabilities; integrated technologies; and outsourcing services to enhance their clients' productivity and profitability. For more information on the company, visit www.acclamation.com or contact Alison Frederick at 412-276-4050, ext. 325.
About Ebix
Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in Singapore, Australia, UK, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled it be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model (CMM). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit the Company's website at www.ebix.com
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Safe Harbor for Forward Looking Statements under the Private Securities
Litigation Reform Act of 1995 — This press
release contains various forward looking statements and information that
are based on management's beliefs, as well as assumptions made by, and
information currently available to management, including statements
regarding future economic performance and financial condition, liquidity
and capital resources, acceptance of the Company's products by the
market and management's plans and objectives. The Company has tried to
identify such forward looking statements by use of words such as
"expects," "intends," "anticipates," "plans," "believes," "will,"
"should," and similar expressions, but these words are not the exclusive
means of identifying such statements. Such statements are subject to
various risks, uncertainties and other factors which could cause actual
results to vary materially from those expressed in, or implied by, the
forward looking statements. Such risks, uncertainties and other factors
include the extent to which the Company's new products and services can
be successfully developed and marketed, the integration and other risks
associated with recent and future acquisitions, the willingness of
independent insurance agencies to outsource their computer and other
processing needs to third parties, the Company's ability to continue to
develop new products to effectively address market needs in an industry
characterized by rapid technological change, the Company's dependence on
the insurance industry (and in particular independent agents), the
highly competitive and rapidly changing automation systems market, the
Company's ability to effectively protect its applications software and
other proprietary information, the Company's ability to attract and
retain quality management, and software, technical sales and other
personnel, the potential negative impact on the Company's outsourcing
business in India from adverse publicity and possible governmental
regulation, the risks of disruption of the Company's Internet
connections or internal service problems, the possibly adverse effects
of a substantial increase in volume of traffic on the Company's website,
mainframe and other servers, possible security breaches on the Company's
website and the possible effects of insurance regulation on the
Company's business. Certain of these, as well as other, risks,
uncertainties and other factors, are described in more detail in Ebix's
periodic filings with the Securities and Exchange Commission, including
the company's annual report on form 10-K for
the year ended December 31, 2007, included under "Item 1. Business-Risk
Factors." Except as expressly required by the federal securities laws,
the Company undertakes no obligation to update any such factors or to
publicly update any of the forward looking statements contained herein
to reflect future events or developments or changed circumstances or for
any other reason.
Contact:Ebix, Inc.
Jesenia Jurado, 678-281-2036
jjurado@ebix.com |
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Ebix NZ Ranked Amongst the Top Five Most Exciting Companies by New Zealand's Largest Business Newspaper
Monday July 28, 10:44 am ET
ATLANTA--(BUSINESS WIRE)--Ebix, Inc. (NASDAQ:EBIX - News) announced today that its New Zealand subsidiary has been ranked 4th on the list of the most exciting companies to watch for in New Zealand in the field of insurance by the local newspaper National Business Review (NBR). NBR is the largest business newspaper in New Zealand.
The ranking is provided by the prestigious newspaper based on surveys conducted by the New Zealand based strategic business consultancy firm New River. Ebix NZ was the only software company who made it to the top five list. Ebix NZ was ranked 4th behind three insurance companies, namely - ING Life, NZI & AMI.
Two large insurance brokers AON NZ and Crombie Lockwood were rated 5th and 6th respectively. Two large insurance companies Vero and Sovereign were ranked a joint 7th.
About Ebix
A CMMI 5 Company, Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With sixteen offices spread across the United States, United Kingdom, Singapore, Australia, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled its development unit in India to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model Integrated (CMMI). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit the Company's Web site at www.ebix.com.
Contact:Ebix, Inc.
Jesenia Jurado, 678-281-2036
jjurado@ebix.com |
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Ebix Reaffirms Repurchase Plan
Friday June 27, 12:38 pm ET
ATLANTA--(BUSINESS WIRE)--Ebix, Inc. (NASDAQ:EBIX - News), a leading international provider of software services and IT solutions for the insurance industry, today reaffirmed that it has a $5 million repurchase plan in place.
The company spokesman also confirmed that it is not aware of any news or events that could be reasons for the recent drop in stock price. The company announced the repurchase plan in response to a number of investor queries regarding the reasons for the recent price drop.
The company also announced that it is considering expanding its share repurchase plan to $10 million. This action would allow any block holders desiring to sell their shares to directly sell their shares back to the company.
About Ebix
A CMMI 5 Company, Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in the United States, Australia, New Zealand, Singapore, UK and India, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled its development unit in India to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model Integrated (CMMI). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit the Company's Web site at www.ebix.com.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Safe Harbor for Forward-Looking Statements under the Private
Securities Litigation Reform Act of 1995 -
This press release contains various forward-looking statements and
information that are based on Ebix management's beliefs, as well as
assumptions made by and information currently available to management.
Ebix has tried to identify such forward looking statements by use of
such words as "will," "expects," "intends," "anticipates," "plans,"
"believes" and similar expressions, but these words are not the
exclusive means of identifying such statements. Such statements are
subject to various risks, uncertainties and other factors which could
cause actual results to vary materially from those expressed in, or
implied by, the forward looking statements. Such risks, uncertainties
and other factors include the extent to which the Ebix.com website and
other new products and services can be successfully developed and
marketed, the risks associated with any future acquisitions, and
integrating recently completed acquisitions, the willingness of
independent insurance agencies to outsource their computer and other
processing needs to third parties, possible governmental regulation
and/or other adverse consequences resulting from negative perception of
the outsourcing of business processes to foreign countries, Ebix's
ability to continue to develop new products to effectively address
market needs in an industry characterized by rapid technological change,
Ebix's ability to raise additional capital to finance future
acquisitions and meet other funding needs, , Ebix's dependence on the
insurance industry, the highly competitive and rapidly changing
automation systems market, Ebix's ability to effectively protect its
applications software and other proprietary information, Ebix's ability
to attract and retain quality management, software developers, technical
sales and other critical personnel, the risks of disruption of Ebix's
Internet connections or internal service problems, the possible adverse
effects of a substantial increase in volume of traffic on Ebix's
website, mainframe and other servers, possible security breaches on the
Ebix website, the possible effects of insurance regulation on Ebix, the
possible effects of the Securities and Exchange Commission's
investigation of Ebix's financial reporting, and possible future
terrorist attacks or acts of war. Certain of these, as well as other
risks, uncertainties and other factors, are described in more detail in
Ebix's periodic filings with the Securities and Exchange Commission,
including Ebix's annual report on Form 10-K for the year ended December
31, 2007. Except as expressly required by the federal securities laws,
Ebix undertakes no obligation to update any such factors or any of the
forward-looking statements contained herein to reflect changed
circumstances or future events or developments or for any other reason.
Contact:Ebix, Inc.
Jesenia Jurado, 678-281-2036
jjurado@ebix.com |
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FORTUNE Small Business Magazine Ranks Ebix at the Top amongst Fastest Growing Public Companies in Georgia
Wednesday June 18, 9:42 am ET
ATLANTA--(BUSINESS WIRE)--FORTUNE Small Business announced today that Ebix, Inc. (NASDAQ:EBIX - News) has been ranked 23rd on the annual FSB 100 list of the fastest growing small public companies in America. The list, which is comprised of public companies, will appear in the July/August 2008 issue of FORTUNE Small Business Magazine.
For the fourth consecutive year, FORTUNE Small Business Magazine has ranked Ebix amongst the Hundred Fastest Growing Public Companies in America. FSB also ranked Ebix No. 1 fastest growing public company in the state of Georgia. Ebix was also ranked No. 6 nationally in the Technology sector by the magazine.
To compile the sixth annual list, FORTUNE Small Business asked financial research firm Zacks to rank public companies with revenues less than $200 million and a stock price of more than $1, based on their percentage growth in earnings, revenue, and stock performance over the past three years.
About Ebix
Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in Singapore, Australia, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled it be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model Integration (CMMI). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit http://www.ebix.com.
Contact:Ebix, Inc.
Jesenia Jurado, 678-281-2036
jjurado@ebix.com |
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Ebix Set to Join Russell 2000 Index
Tuesday June 17, 1:28 pm ET
ATLANTA--(BUSINESS WIRE)--Ebix, Inc. (NASDAQ:EBIX - News), a leading international developer and supplier of software and e-commerce solutions to the insurance industry, today announced that it is set to join the broad-market Russell 2000 and Russell 3000 Indexes when Russell Investments reconstitutes its comprehensive set of U.S. and global equity indexes on June 27, according to a preliminary list of additions posted Friday on www.russell.com.
Annual reconstitution of Russell's U.S. indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. Membership in the Russell 3000, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes. The Russell 3000 also serves as the U.S. component to the Russell Global Index, which Russell launched last year.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $4.4 trillion in assets currently are benchmarked to them. These investment tools originated from Russell's multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers.
Real-time market analysis on the Russell 3000 and other Russell Indexes is available at www.russell.com/Indexes/performance/real_time_market_analysis.asp.
About Russell
Russell Investments aims to improve financial security for people by providing strategic advice, world-class implementation, state-of-the-art performance benchmarks, and a range of institutional-quality investment products. With more than $213 billion in assets under management, Russell serves individual, institutional and advisor clients in more than 40 countries. Russell provides access to some of the world's best money managers. It helps investors put this access to work in corporate defined benefit and defined contribution plans, and in the life savings of individual investors. Headquartered in Tacoma, Wash., Russell has principal offices in Amsterdam, Auckland, Johannesburg, London, Melbourne, New York, Paris, San Francisco, Seoul, Singapore, Sydney, Tokyo and Toronto. For more information on Russell indexes, go to www.russell.com.
About Ebix
Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in Singapore, Australia, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled it be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model Integration (CMMI). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit http://www.ebix.com.
Contact:Ebix, Inc.
Jesenia Jurado, 678-281-2036
jjurado@ebix.com |
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EbixExchange Provides New Approach for Annuity Sales Suitability
Monday June 2, 11:12 am ET
Alternative method reduces suitability development costs while extending increased control of annuity sales compliance to distributors
HERNDON, Va.--(BUSINESS WIRE)--EbixExchange - division of Ebix, Inc. (NASDAQ:EBIX - News) today announced new automated compliance support for annuities transacted on the firm's AnnuityNet Platform. The new support, provided by the May 2008 release of AnnuityNet, is intended to reduce the complexity and cost associated with ensuring that an annuity sale is conducted in accordance with FINRA 2821 and other criteria governing the sale of annuities.
"The new suitability features on AnnuityNet were provided to give all of our clients increased flexibility in how they ensure compliance with regulations and business rules required for compliant annuity sales transactions," said Dan Delity, senior vice president of EbixExchange. "Compliance support for FINRA 2821 has been provided by AnnuityNet since 2005. The new features contained in the May 2008 release are an example of our continued pursuit of expanding support in all directions to benefit all of our distributor partners."
The AnnuityNet Platform enables brokerage firms to fully automate processing of annuities by providing compliance workflow management and oversight, suitability adjudication, and reporting. The platform also increases back-office efficiency by providing and correctly filling out all forms, curtailing errors and virtually eliminating "Not in Good Order" (NIGO) business.
Annuity products - and in particular variable annuities - can be highly-complex retirement vehicles and require sales validation that ensures the sale is suitable to the unique circumstances of the consumer. State oversight of annuity sales criteria and regulations such as FINRA 2821 have increased the complexity faced by distributor firms striving to ensure that their annuity sales were being conducted properly.
In addition to supporting a large number of client-specific work requests related to FINRA 2821, a principal aspect of the May 2008 release of AnnuityNet provides distributors an alternative means for ensuring proper sales adjudication that also minimizes the need for custom coding and thus reduces implementation time and cost. Previously, AnnuityNet offered distributors a range of approaches from which they could choose to provide custom-tailored sales suitability features within their platform implementation. The custom approach inherently included costs associated with developing solutions that met distributor's unique needs. EbixExchange sought to increase value to its distributor customers by reducing the complexity and cost behind suitability compliance. After undertaking a detailed review and analysis of the requirements behind over one hundred suitability and compliance questions, EbixExchange produced a new tool-based solution that offers extensive flexibility within AnnuityNet's Suitability Engine. The new support allows distributors to move away from prior approaches while providing increased distributor control and ability to create real-time suitability questions at both payment and transaction levels for applications and subsequent premium payments for both fixed and variable annuities.
The May 2008 release of AnnuityNet entered live production status on May 5th for all of EbixExchange's annuity client base, including major US wirehouse broker/dealers, clearing firms, and insurance carriers.
In addition to AnnuityNet, EbixExchange also provides automation for research, quoting, compliant illustrations and life insurance application order-entry via its VitalSales Suite, WinFlex, and LifeSpeed platforms.
About EbixExchange
EbixExchange is the division of Ebix, Inc. that focuses on research, illustration, transaction processing, and compliance automation for the life insurance and annuity industry. Combining the expertise of pre-merger industry pioneers EbixLife and Finetre Corporation, EbixExchange is a leading developer of electronic Straight Through Processing and currently supports a broad range of insurance agencies, brokerage and clearing firms, and operations centers at over 60 of the leading insurance carriers and their affiliates. EbixExchange's parent company, Ebix, Inc., is a publicly-held corporation (NASDAQ: EBIX - News). For more information, please visit http://www.ebixexchange.com.
About Ebix
Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in Singapore, Australia, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled it be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model Integration (CMMI). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit http://www.ebix.com.
Contact:EbixExchange
Jim Bolton, 703-234-0162 |
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Atlanta Journal-Constitution Ranks Ebix 2nd Amongst the Top 100 Public Companies in Georgia
Tuesday May 27, 10:22 am ET
ATLANTA--(BUSINESS WIRE)--Ebix (NASDAQ:EBIX - News) announced today that it has been ranked 2nd amongst the Top 100 public companies in Georgia by Atlanta Journal-Constitution in that publication's annual performance score board for 2007. The list, which is comprised of public companies, appeared in the May 25th 2007 issue of Atlanta Journal-Constitution (AJC) and is available at www.AJC.com.
The top five companies were announced on 21st May 2008 at the Georgia 100 breakfast organized by the AJC at the Cobb Galleria, Atlanta and representatives of the companies were invited to share their experiences with other top public companies in Georgia. Ex-Hewlett Packard CEO Carly Fiorina was the guest speaker at the breakfast. Ebix was represented at the function by Ebix General Manager – HR & Finance, Darren Joseph.
The performance scoreboard and rankings were compiled for the AJC by PricewaterhouseCoopers LLP. Companies were ranked by PricewaterhouseCoopers LLP based on five weighted variables: annual revenue, year-over-year revenue change, return on equity, annual change in profit margin in fiscal 2007 and total return on investment (share price change plus reinvested dividends) for calendar 2007. Each company was ranked in each category and the total calculated to determine the final score.
Ebix President and CEO Robin Raina said, "We are honored to be recognized among the elite public companies in Georgia. We are rather humbled to be rated 2nd in the list ahead of multi-billion dollar public companies from Georgia. This ranking is rather meaningful to us as it compares public companies on all around performance rather than on any one variable."
About Ebix
A CMMI 5 Company, Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With sixteen offices spread across the United States, United Kingdom, Singapore, Australia, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled its development unit in India to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model Integrated (CMMI). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit the Company's Web site at www.ebix.com.
Contact:Jesenia Jurado
Ebix, Inc.
678-281-2036
jjurado@ebix.com |
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EbixExchange Launches New Era in Life Insurance Sales Processing
Monday May 19, 12:00 pm ET
Success Confirmed for Seamless Electronic Application Processing by Firm's New LifeSpeed Platform
HERNDON, Va.--(BUSINESS WIRE)--EbixExchange - a division of Ebix, Inc. (NASDAQ:EBIX - News) announced today that successful end-to-end electronic processing of life insurance applications had been achieved by the firm's new LifeSpeed Platform. The firm views the event as a revolutionary advancement for the life insurance industry.
"We are tremendously excited to be the first commercial provider to bring straight through processing to the life insurance industry," said Dan Delity, EbixExchange's senior vice president. "Also, I want to express our deepest thanks to the first companies to implement the new Platform, World Financial Group, Inc. and its affiliated companies and Western Reserve Life Assurance Co. of Ohio, for these firms had the vision to implement our technology and development methodologies to provide first market entry into a new way for promoting life insurance sales."
LifeSpeed is EbixExchange's online exchange platform that connects life insurance sales producers, BGAs, IMOs, broker/dealers, captive agents, and other distribution channels with life insurance products available from carriers. EbixExchange also provides automation for research, quoting, compliant illustrations and other application order-entry service via its VitalSales Suite, WinFlex, and AnnuityNet platforms.
The initial pilot implementation of LifeSpeed entered into a live production status for WFG on April 28. The initial product offered to pilot WFG producers is an indexed universal life insurance policy available from Western Reserve Life. In the weeks since the pilot launch, EbixExchange, WFG, and Western Reserve Life have confirmed application transactions for the Western Reserve Life product being successfully fulfilled across the LifeSpeed Platform.
In addition to automated data collection and data prefill of application forms and delivery of the application to the carrier for underwriting, the WFG implementation of LifeSpeed also includes an eSignature solution by which insurance consumers use a biometric signature pad to sign policy applications - thus providing a new, seamless experience for processing life insurance applications without the use of paper. The increased speed gained by electronic delivery and transaction checks made by the platform to insure applications are fully error-free prior to delivery to the carrier are viewed by implementation companies as a dramatic advantage over traditional paper-based processes. WFG, which has more than 15,000 licensed life insurance agents, plans subsequent rollouts of LifeSpeed to its distributor sales force in the future.
WFG focuses on providing financial services products to middle-income individuals and families to help them get on track to a more solid financial future. WFG has selling agreements with more than 25 separate insurance companies. WFG began exploring the provision of LifeSpeed to its distributor sales force as part of its efforts to advance sales and service through state-of-the-art automated life product transaction processing.
Western Reserve Life is the first insurance carrier to upload life products to the platform using the newly-developed Product Profile for Life protocol, a new industry standard which EbixExchange was instrumental in developing with other industry leaders. EbixExchange plans to continue to work with Western Reserve Life to expand product availability on LifeSpeed for term and universal life insurance products.
About EbixExchange
EbixExchange is the division of Ebix, Inc. that focuses on research, illustration, transaction processing, and compliance automation for the life insurance and annuity industry. Combining the expertise of pre-merger industry pioneers EbixLife and Finetre Corporation, EbixExchange is a leading developer of electronic Straight Through Processing and currently supports a broad range of insurance agencies, brokerage and clearing firms, and operations centers at over 60 of the leading insurance carriers and their affiliates. EbixExchange's parent company, Ebix, Inc., is a publicly-held corporation (NASDAQ: EBIX - News). For more information, please visit http://www.ebixexchange.com.
About Ebix
Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in Singapore, Australia, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled it be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model Integration (CMMI). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit http://www.ebix.com.
About World Financial Group
World Financial Group, Inc. (WFG) is a financial services marketing company whose affiliates offer life insurance and a broad array of financial products and services. Driven by its mission to create financially independent families positioned to realize their dreams, WFG's independent associates strive to help individuals and families who are often overlooked by the financial services industry to plan for their financial futures and work toward their goals. With agreements with several of the financial and insurance industries' leading companies, World Financial Group advocates the power of choice for its clients. Securities are offered through World Group Securities, Inc. (WGS), Member FINRA/SIPC. Insurance products are offered through World Financial Group Insurance Agency, Inc. (WFGIA) or its subsidiaries. WFG, WGS, WFGIA are affiliated companies
As AEGON companies, World Financial Group (WFG), World Group Securities (WGS) and World Financial Group Insurance Agency, Inc. (WFGIA) are part of one of the world's leading life insurance and pension organizations, and a provider of investment products.
For more information, visit www.worldfinancialgroup.com.
About Western Reserve Life
For over 50 years, Western Reserve Life has been helping Americans achieve their dreams of financial security. A member of the Insurance Marketplace Standards Association and rated A+ by A.M. Best Company (2nd of 16, May 30, 2007) for financial strength and operating performance, Western Reserve Life currently has over $117 billion life insurance policies in force. For more information, visit www.westernreserve.com.
Contact:EbixExchange
Jim Bolton, 703-234-0162
or
World Financial Group, Inc.
Lisa Karp, 770-248-3232 |
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Robin Raina Awarded the South Asian Personality of the Year Award
Monday May 19, 9:49 am ET
ATLANTA--(BUSINESS WIRE)--Ebix, Inc. (NASDAQ:EBIX - News), today announced that its President & Chief Executive Officer Robin Raina was recently awarded the coveted South Asian Personality of the Year award at the Waldorf Astoria Hotel in New York. The event hosted by Sony Entertainment Television Asia, was made possible with the support of grand sponsors Wal-Mart and Sam's Club.
Over 400 guests, who included the crème de la crème of the South Asian community, attended the two-and-a-half hour black tie event. The glitzy event was also telecast to Sony's worldwide audience in the U.S., UK, Europe, Africa, India, the Middle East, Pakistan and Australia.
The grand ballroom of the Waldorf-Astoria Hotel reverberated with thunderous applause as Robin Raina walked down the aisle to receive the honor. Robin received the award from the Former Prime Minister of Pakistan Shaukat Aziz and the U.S. Wal-Mart stores CFO Michael Fung.
A philanthropist, Robin Raina has emerged as the voice of the have-nots worldwide with his single minded dedication to providing hope to the under privileged sections of the society. Today, his foundation has adopted in excess of 3500 children across the Indian sub continent in addition to presently carrying out the largest private charity initiative in the Indian sub-continent, in terms of building 6000 homes free of cost for the underprivileged.
Robin was awarded the South Asian Personality of the Year award for excellence both in the area of social service and business achievements over the past few years. The citation for the award announced at the event recognized Robin's leadership in transforming Ebix, Inc. into a highly profitable sustained business from a $19 million loss in 1999. The citation also recognized Robin for his untiring work towards helping the cause of the unprivileged around the world.
Robin Raina, in his brief speech upon receiving the award, said, "I dedicate this award to the hundreds of millions of underprivileged people in the world who struggle to provide their family a single meal every day. Poverty knows no boundaries of race, religion, color or geographies. Poverty has become the single largest religion in the world today transcending all these boundaries. The developed world and each one of us who are fortunate in terms of wealth, need to make strong efforts to eradicate poverty from the world map."
Robin added, "I appeal to the million of viewers watching this ceremony around the world to sponsor an underprivileged child's education or to sponsor the building of a home for an underprivileged family in some part of the world."
Speaking on the occasion at the post awards interview, former Prime Minister Aziz said, "I am inspired by Robin's work in helping the cause of the under-privileged in the Indian sub-continent. The biggest assets of the South Asian countries are our people. They have achieved a lot for the community wherever they have gone, and the community must now work for peace, prosperity and progress of South Asia."
About Ebix
Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in Singapore, Australia, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled it be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model Integration (CMMI). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit http://www.ebix.com.
About the Robin Raina Foundation
A 501(c) charity, Raina foundation has been setup to raise funds for work to be carried out to empower under-privileged children and their parents, who need help around the world. The foundation's focus is to make a difference in the lives of children - who are handicapped, blind, mentally challenged, sick or in need of urgent medical help and underprivileged kids who need education. For more information, log into www.rainafoundation.com
Contact:Ebix Contact: Jesenia Jurado, 678-281-2036
jjurado@ebix.com
or
RRF Contact: Sanjay Supehia, 678-517-8688
ssupehia@rainafoundation.com |
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EbixExchange Receives Two Awards From ACORD
Tuesday May 13, 4:00 pm ET
Awards recognize provider's efforts to advance annuity sales service via industry standards collaboration and technology development
LAS VEGAS--(BUSINESS WIRE)--EbixExchange - a division of Ebix, Inc. (NASDAQ:EBIX - News) received two awards from insurance industry standards forum ACORD today at an invitation-only ACORD Awards Luncheon held at the Mandalay Bay Resort. The awards were presented to EbixExchange's Director of Carrier Product Development, Sandy Hampel, in recognition of EbixExchange's leadership in ACORD standards adoption.
EbixExchange is a leading developer of Web-based life insurance and annuity sales service applications. The firm provides automation for research, quoting, compliant illustrations and application order-entry via its VitalSales Suite, WinFlex, LifeSpeed and AnnuityNet platforms.
ACORD (the Association for Cooperative Operations Research and Development) is a global, nonprofit insurance association that promotes the development and use of standards for the insurance, reinsurance, and related financial services industries.
Once a year ACORD recognizes member partners who have provided exemplary effort in enhancing, implementing, and advocating ACORD data standards. Through this year's program, ACORD presented two awards to EbixExchange: the Innovative Implementation Award, and the Shared Service and/or Infrastructure Platform, Middleware Award. The awards represent ACORD's appreciation of EbixExchange's efforts in collaborating with ACORD industry forums and promoting ACORD standards within the EbixExchange technology offerings.
The awards also commemorate ACORD certification that new features developed for LifeSpeed and AnnuityNet were fully compliant with ACORD standards. The Innovative Implementation Award was principally based upon EbixExchange's use of ACORD standards in the newly-launched LifeSpeed Platform which automates the life application process. ACORD standards are supported within the platform's protocols by which carriers upload business rules associated with their products to the platform and by which a series of checks and data updates are provided to distributors accessing the carriers' products - ultimately producing a new business transaction to automate the complete process. The shared services award was provided in recognition of ACORD certification of the ACORD standards used within a range of transaction and messaging protocols for LifeSpeed and also AnnuityNet's implementation of ACORD's 1201 Product Profile for Annuities standard.
"We greatly appreciate the special recognition provided us by ACORD in the form of these awards," said Ms. Hampel. "We are very proud to share in the ongoing effort to standardize and streamline the processes by which the sale of life insurance and annuities can be simplified and increased through electronic processing. We've enjoyed working with ACORD and other industry partners, and it is highly rewarding to view the related implementation within our life and annuity exchange platforms as key contributions to the end goal pursued by the industry. I want to recognize and thank here all of the developers and software engineers at EbixExchange, for their efforts helped ensure that we gained this ACORD industry recognition."
About EbixExchange
EbixExchange is the division of Ebix, Inc. that focuses on research, illustration, transaction processing, and compliance automation for the life insurance and annuity industry. Combining the expertise of pre-merger industry pioneers EbixLife and Finetre Corporation, EbixExchange is a leading developer of electronic Straight Through Processing and currently supports a broad range of insurance agencies, brokerage and clearing firms, and operations centers at over 60 of the leading insurance carriers and their affiliates. EbixExchange's parent company, Ebix, Inc., is a publicly-held corporation (NASDAQ: EBIX - News). For more information, please visit http://www.ebixexchange.com.
About Ebix
Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in Singapore, Australia, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled it be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model Integration (CMMI). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit http://www.ebix.com.
Contact:Jim Bolton
EbixExchange
703-234-0162
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Ebix Net Income Grows 189% in First Quarter of 2008
Monday May 5, 8:30 am ET
Diluted Earnings per Share Rises 130% to $1.40
ATLANTA--(BUSINESS WIRE)--Ebix, Inc. (NASDAQ:EBIX - News):
Conference call: Monday May 5, 2008 at 11:00 A.M. EDT
Webcast/Replay URL: http://www.ebix.com, Click on Investor Home Page
Dial-in numbers: 1-888-687-3295 Dial pass code 46305707
Ebix, Inc. (NASDAQ:EBIX - News), a leading international developer and supplier of software and e-commerce solutions to the insurance industry, today reported financial results for the first quarter of 2008.
Ebix reported total revenue of $16.64 million for the quarter, compared to $9.02 million for the first quarter of 2007, marking an eighty five (85) percent increase in revenues. The company's operating income for the quarter rose one hundred seventy four percent (174) percent to $6.14 million, as compared to $2.24 million in the first quarter of 2007.
Net income after taxes for the quarter rose one hundred eighty nine (189) percent to $5.67 million, or $1.40 per diluted share, up from $1.96 million, or $0.61 per diluted share, in the first quarter of 2007, resulting in earnings per share growth of one hundred thirty (130) percent. Results for the first quarter of 2008 were based on 4.15 million weighted average diluted shares outstanding, as compared to 3.21 million in the first quarter of 2007. Basic earnings per share in the first quarter of 2008 rose one hundred forty one (141) percent to $1.66 as compared to $0.69 in the first quarter of 2007.
The company's operating expenses for the quarter grew by fifty five (55) percent to $10.50 million as compared to $6.78 million for the first quarter of 2007. The company attributed the increase primarily to the acquisition of IDS and Telstra eBusiness in November 2007 and January 2008 respectively.
Robin Raina, the president and CEO of Ebix, said, "We are pleased with these results as they are in line with our expectations. These are record results as this marks the highest EPS reported by the company in any quarter in its 32-year history. We are especially pleased that the net margins grew to 34% in the first quarter of 2008, as compared to 22% in the first quarter of 2007."
Raina added, "Our recent acquisition Telstra eBusiness was a good contributor to our increased revenue, income, and EPS for the quarter. We expect that this recent acquisition will continue to contribute strongly to our top line and bottom line in 2008."
Robert Kerris, the chief financial officer of Ebix, said, "The company achieved sequential quarterly revenue growth of $4.44 million in the first quarter of 2008 compared to the fourth quarter of 2007, generating an additional $1.59 million of operating income resulting in an attractive 35.8% incremental operating margin. Furthermore, in the first quarter the company used $43.0 million of cash to complete the acquisition of Telstra eBusiness Services. As of March 31, 2008, the company had $13.6 million of cash on hand. We believe that our present cash position in combination with our proven ability to sustain significant operating cash flows places Ebix in a strong position to continue to grow our business both organically as well as through accretive acquisitions."
About Ebix
Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in Singapore, Australia, UK, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled it be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model (CMM). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit the Company's website at www.ebix.com.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Safe Harbor for Forward Looking Statements under the Private Securities
Litigation Reform Act of 1995 - This press
release contains various forward looking statements and information that
are based on management's beliefs, as well as assumptions made by, and
information currently available to management, including statements
regarding future economic performance and financial condition, liquidity
and capital resources, acceptance of the Company's products by the
market and management's plans and objectives. The Company has tried to
identify such forward looking statements by use of words such as
"expects," "intends," "anticipates," "plans," "believes," "will,"
"should," and similar expressions, but these words are not the exclusive
means of identifying such statements. Such statements are subject to
various risks, uncertainties and other factors which could cause actual
results to vary materially from those expressed in, or implied by, the
forward looking statements. Such risks, uncertainties and other factors
include the extent to which the Company's new products and services can
be successfully developed and marketed, the integration and other risks
associated with recent and future acquisitions, the willingness of
independent insurance agencies to outsource their computer and other
processing needs to third parties, the Company's ability to continue to
develop new products to effectively address market needs in an industry
characterized by rapid technological change, the Company's dependence on
the insurance industry (and in particular independent agents), the
highly competitive and rapidly changing automation systems market, the
Company's ability to effectively protect its applications software and
other proprietary information, the Company's ability to attract and
retain quality management, and software, technical sales and other
personnel, the potential negative impact on the Company's outsourcing
business in India from adverse publicity and possible governmental
regulation, the risks of disruption of the Company's Internet
connections or internal service problems, the possibly adverse effects
of a substantial increase in volume of traffic on the Company's website,
mainframe and other servers, possible security breaches on the Company's
website and the possible effects of insurance regulation on the
Company's business. Certain of these, as well as other, risks,
uncertainties and other factors, are described in more detail in Ebix's
periodic filings with the Securities and Exchange Commission, including
the company's annual report on form 10-K for
the year ended December 31, 2007, included under "Item 1. Business<-Risk
Factors." Except as expressly required by the federal securities laws,
the Company undertakes no obligation to update any such factors or to
publicly update any of the forward looking statements contained herein
to reflect future events or developments or changed circumstances or for
any other reason.
(Financial tables follow)
Ebix, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
Three Months Ended March 31,
----------------------------
2008 2007
------------- -------------
Operating Revenue: $ 16,639 $ 9,018
Operating expenses:
Costs of services provided 2,843 1,566
Product development 2,171 1,850
Sales and marketing 847 952
General and administrative 3,816 1,787
Amortization and depreciation 819 625
------------- -------------
Total operating expenses 10,496 6,780
------------- -------------
Operating income 6,143 2,238
Interest income 122 71
Interest expense (342) (228)
Foreign exchange gain 59 5
------------- -------------
Income before income taxes 5,982 2,086
Income tax provision (312) (124)
------------- -------------
Net income $ 5,670 $ 1,962
============= =============
Basic earnings per common share $ 1.66 $ 0.69
Diluted earnings per common share $ 1.40 $ 0.61
Basic weighted average shares outstanding 3,406 2,848
Diluted weighted average shares
outstanding 4,154 3,216
Ebix, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share amounts)
March 31, December 31,
2008 2007
------------- -------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 13,565 $ 49,466
Accounts receivable, less allowance of
$176 and $146, respectively 15,043 8,809
Other current assets 1,220 1,130
------------- -------------
Total current assets 29,828 59,405
Property and equipment, net 3,470 3,356
Goodwill 81,312 36,408
Intangible assets, net 10,263 7,318
Other assets 2,022 2,023
------------- -------------
Total assets $ 126,895 $ 108,510
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses 5,234 2,231
Accrued payroll and related benefits 2,982 1,517
Short term debt 19,945 15,650
Current portion of long term debt and
capital lease obligations 498 510
Deferred revenue 6,802 5,645
Other current liabilities 165 149
------------- -------------
Total current liabilities 35,626 25,702
Convertible debt 20,000 20,000
Long term debt and capital lease
obligation, less current portion 5 486
Other liabilities 2,531 1,477
Deferred Rent 688 719
Total liabilities 58,850 48,384
Stockholders' equity:
Convertible Series D Preferred stock,
$.10 par value, 500,000 shares
authorized, no shares issued and
outstanding -- --
Common stock, $.10 par value, 10,000,000
shares authorized, 3,428,913 issued and
3,420,023 outstanding at March 31, 2008
and 3,406,234 issued and 3,397,344
outstanding at December 31, 2007 334 337
Additional paid-in capital 115,147 114,771
Treasury stock (8,890 shares repurchased
as of March 31, 2008 and December 31,
2007) (149) (149)
Accumulated deficit (51,843) (57,513)
Accumulated other comprehensive income 4,556 2,680
------------- -------------
Total stockholders' equity 68,045 60,126
------------- -------------
Total liabilities and stockholders'
equity $ 126,895 $ 108,510
============= =============
Ebix, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended March 31,
----------------------------
2008 2007
------------- -------------
Cash flows from operating activities:
Net income $ 5,670 $ 1,962
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization 819 627
Stock-based compensation 13 62
Restricted stock compensation 87 22
Provision for doubtful accounts 30 --
Changes in assets and liabilities:
Accounts receivable (4,559) (718)
Other assets (64) 152
Accounts payable and accrued expenses 583 (32)
Accrued payroll and related benefits 572 (496)
Deferred revenue 494 447
------------- -------------
Net cash provided by operating
activities 3,645 2,026
------------- -------------
Cash flows from investing activities:
Investment in Telstra eBusiness Services,
net of cash acquired (42,956) --
Investment in Finetre, net of cash
acquired -- (15)
Deferred rent (29) --
Capital expenditures (181) (148)
------------- -------------
Net cash used in investing activities (43,166) (163)
------------- -------------
Cash flows from financing activities:
Proceeds from line of credit 4,295 --
Proceeds from the exercise of the stock
options 271 --
Payments for capital lease obligations (2) --
Principal payments of debt obligations (493) (477)
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