Ebix Posts Higher Year-End Profit

Ebix Posts Higher Year-End Profit

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

Ebix said its 2003 income was the largest in its 28-year history. The company attributed its net-income growth largely to its focus on the higher-margin development services area of its business.

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

The company said the revenue improvement can be attributed to its success in two key areas: its development and business process outsourcing services, as well as sales of its agency-systems products and services both in the U.S. and international markets.

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