Ebix Posts Higher Year-End Profit

NU Online News Service, March 31, 2:45 p.m.EST? Ebix Inc., an international supplier of software ande-commerce solutions to the insurance industry, reported athreefold increase in its full-year net profit, posting $1.669million income for 2003, compared with $502,000 during the previousyear.[@@]

Ebix said its 2003 income was the largest in its 28-yearhistory. The company attributed its net-income growth largely toits focus on the higher-margin development services area of itsbusiness.

The total revenues at Ebix were $14.433 million for 2003,representing a 14.1 percent jump from revenues of $12.651 millionreported for 2002.

The company said the revenue improvement can be attributed toits success in two key areas: its development and business processoutsourcing services, as well as sales of its agency-systemsproducts and services both in the U.S. and internationalmarkets.

The company also noted its cash situation remains healthy, ataround $6 million. This is especially encouraging, Ebix said, sincethe company recently paid cash in excess of $5 million to purchaseLifeLink Corp., a life insurance sales-software maker, to enter thelife segment of the insurance market.