Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
| Three Months Ended | ||
| March 31, | ||
| 2011 | 2010 | |
| Operating revenue | $40,050 | $ 31,603 |
| Operating expenses: | ||
| Cost of services provided | 7,307 | 7,063 |
| Product development | 4,619 | 3,363 |
| Sales and marketing | 2,852 | 1,326 |
| General and administrative | 7,761 | 5,659 |
| Amortization and depreciation | 1,877 | 1,433 |
| Total operating expenses | 24,416 | 18,844 |
| Operating income | 15,634 | 12,759 |
| Interest income | 200 | 88 |
| Interest expense | (215) | (268) |
| Other non-operating income | (354 | 317 |
| Foreign currency exchange gain | 1,468 | 103 |
| Income before income taxes | ||
| 16,733 | 12,999 | |
| Income tax expense | (1,569) | (615) |
| Net income | $ 15,164 | $ 12,384 |
| Basic earnings per common share | $ 0.40 | $ 0.36 |
| Diluted earnings per common share | $ 0.37 | $ 0.32 |
| Basic weighted average shares outstanding | 38,151 | 34,747 |
| Diluted weighted average shares outstanding | 41,517 | 39,335 |
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