Financial Statement
Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
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Three Months Ended | Nine Months Ended | ||
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September 30, | September 30, | ||
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2012 | 2011 | 2012 | 2011 |
| Operating revenue | $ 53,804 | $ 42,602 | $ 145,347 | $ 124,919 |
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| Operating expenses: |
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| Cost of services provided | 9,500 | 8,710 | 27,686 | 24,931 |
| Product development | 7,102 | 4,964 | 17,188 | 14,385 |
| Sales and marketing | 4,346 | 3,440 | 12,454 | 9,553 |
| General and administrative | 9,679 | 5,785 | 24,700 | 18,240 |
| Amortization and depreciation | 2,469 | 1,749 | 6,571 | 5,617 |
| Total operating expenses | 33,096 | 24,648 | 88,599 | 72,726 |
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| Operating income | 20,708 | 17,954 | 56,748 | 52,193 |
| Interest income | 88 | 100 | 365 | 429 |
| Interest expense | (440) | (218) | (1,005) | (592) |
| Other non-operating income (loss) | 414 | 33 | 676 | (785) |
| Foreign currency exchange gain (loss) | (536) | (230) | 1,759 | 2,635 |
| Income before income taxes | 20,234 | 17,639 | 58,543 | 53,880 |
| Income tax benefit (expense) | (2,162) | (1,103) | (6,719) | 168 |
| Net income | $ 18,072 | $ 16,536 | $ 51,824 | $ 54,048 |
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| Basic earnings per common share | $ 0.49 | $ 0.44 | $ 1.41 | $ 1.41 |
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| Diluted earnings per common share | $ 0.46 | $ 0.41 | $ 1.32 | $ 1.31 |
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| Basic weighted average shares outstanding | 37,214 | 37,345 | 36,859 | 38,215 |
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| Diluted weighted average shares outstanding | 39,120 | 40,449 | 39,158 | 41,400 |
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