Ebix, Inc., a leading international supplier of insurance-related on-demand software and e-commerce services, recently announced that the company anticipates strong fourth quarter financial results for 2009. Ebix will release fourth quarter and full-year 2009 financials on or near March 8, 2010.
After paying roughly $34.6 million in cash for two acquisitions (Peak and EZ Data) and the purchase of a new building in India during the fourth quarter of last year, the company’s year-end cash balance totaled approximately $19.1 million. In addition, management intends to resume its share buyback program under the previously Board-approved share repurchase program.
“In recent times, I have been asked about the decline in stock price and the rather high shorting numbers on our stock,” commented Robin Raina, president and chief executive officer of Ebix, Inc. “I continue to believe in Ebix and the opportunity to make Ebix the largest insurance player globally. The company continues to do well on all fronts and we expect Q4 results to be in line with our expectations.. We have always believed in letting our numbers speak for themselves and towards that extent we will continue our efforts to create new benchmarks in terms of revenues, cash growth, earnings and net margins for Ebix.”