EBIX ANNOUNCES FOURTH QUARTER AND FULL YEAR 2013 RESULTS
Full Fiscal Year Diluted EPS of $1.53
ATLANTA, GA - March 14, 2014 - Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today reported results for the fiscal fourth quarter and full year ended December 31, 2013.
Ebix delivered the following results for the fourth quarter and full year of 2013:
Revenue: Total Q4 2013 revenue was $50.8 million, a decrease of 6% on a year-over-year basis, as compared to Q4 2012 revenue of $54.0 million and an increase of $0.55 million over Q3 2013 revenue of $50.3 million. On a constant currency basis, Ebix revenue increased sequentially to $52.2 million in Q4 of 2013 as compared to $51.9 million in Q3 of 2013.
On a year-over-year basis, Ebix’s Q4 2013 revenue was affected negatively by approximately $1.4 million due to the strengthening of the US dollar as against the currencies in certain of the foreign jurisdictions in which we conduct operations.
For the full fiscal year of 2013, the company reported revenue of $204.7 million, an increase of 2.7% from the prior year revenue of $199.4 million.
Earnings per Share: Q4 2013 diluted earnings per share decreased 17% year-over-year to $0.40, as compared to $0.48 in the fourth quarter of 2012. For purposes of the Q4 2013 EPS calculation, there was an average of 38.5 million diluted shares outstanding during the quarter compared to 38.9 million during the same period in 2012. Sequentially the diluted EPS grew from 34 cents in Q3 of 2013 to 40 cents in Q4 of 2013.
For the full year of 2013, diluted earnings per share fell 15% year-over-year to $1.53 from $1.80 in 2012. For purposes of the EPS calculation, there was an average of approximately 38.6 million diluted shares outstanding during the year 2013 as compared to an average of 39.1 million diluted shares outstanding in 2012.
Operating Cash: Cash generated from operations for the fiscal fourth quarter was $19.3 million, up 5% year-over-year. For the full year, operating cash flow totaled $57.1 million in 2013, down 21% year-over-year as compared to $72.3 million in 2012.
Operating Margins: Operating margins for Q4 2013 were 35% as compared to 37% for Q4 2012. The operating margins for fiscal year 2013 were 37% as compared to 39% for fiscal year 2012.
General and Administrative (“G&A”) expenses increased by $2.9 million in 2013. Legal expenses in 2013 were approximately $6.4 million compared to an average of $1 million in 2012 and 2011. The Company expects legal costs in future quarters to be lower than Q4 of 2013, although these costs are expected to continue affecting margins for some additional period of time. Reported G&A expenses for full year of 2013
The following information was filed by Ebix Inc (EBIX) on Monday, March 17, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.