Ebix, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine months Ended
Sept. 30, Sept. 30,
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2007 2006 2007 2006
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Revenue:
Professional and Support Services
and other (Including revenues
from related parties of $383,
$1,062, $1,366, and $2,477,
respectively) $ 9,466 $ 6,970 $27,602 $18,424
Software licensing 2,340 326 3,038 1,551
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Total revenue 11,806 7,296 30,640 19,975
Operating expenses:
Cost of services provided 1,840 1,480 5,124 4,170
Product development 2,074 1,297 6,122 3,265
Sales and marketing 1,099 730 3,129 1,969
General and administrative 2,449 1,530 6,135 4,892
Amortization and depreciation 632 435 1,882 1,166
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Total operating expenses 8,094 5,472 22,392 15,462
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Operating income 3,712 1,823 8,248 4,513
Interest income, net of interest
expense 174 31 11 81
Foreign exchange gain (loss) 175 (73) 302 16
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Income before income taxes 4,061 1,783 8,561 4,610
Income tax expense (368) (123) (393) (318)
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Net income $ 3,693 $ 1,659 $ 8,168 $ 4,292
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Basic earnings per common share $ 1.13 $ 0.60 $ 2.69 $ 1.56
Diluted earnings per common share $ 1.00 $ 0.53 $ 2.39 $ 1.37
Basic weighted average shares
outstanding 3,272 2,763 3,033 2,757
Diluted weighted average shares
outstanding 3,680 3,119 3,422 3,131
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