ebix.com Inc., an international supplier of software and e-commerce solutions to the property/casualty insurance industry, announced results for the second quarter ended June 30, 2001.
ebix.com reported second quarter net income of $175,000 or $0.01 per share compared to a net loss of $3.362 million or $0.30 per share for the second quarter of 2000. Total revenues were $3.359 million for the quarter ended June 30, 2001, compared to revenues of $2.993 million for the second quarter of 2000.
Net income for the six months ended June 30, 2001 was $315,000 or $0.03 per share compared to a net loss of $6.317 million or $0.56 per share for the same period in 2000. Total revenues were $6.504 million for the six-month period compared to revenues of $5.848 in 2000.
Robin Raina, president and CEO of ebix.com, stated that the company had made significant strides in many areas in the second quarter, both in terms of revenue growth from the company’s new e-commerce products and also in terms of imparting financial stability to the company. Rainan added that the company’s customer base grew by 7,000 agents and nine carriers with the asset purchase of Ins-Site Insurance Solutions, which also provided ebix.com with intellectual property rights over e-commerce claims and billing inquiry systems.
Raina further commented that full compliance with Nasdaq listing requirements had been achieved during the quarter and as a result, the Nasdaq stopped all delisting procedures.
Richard Baum, senior vice president and CFO of ebix.com, added that operating expenses had decreased in all categories in the second quarter of 200, compared to the comparable quarter last year. He attributed the decreases primarily to a reduction in headcount and overhead expenses reflecting control over the company’s cost model. Baum also noted that the company’s balance sheet is currently stronger, with significantly less liabilities, and its cash balance is higher as a result of the completion of the previously announced BriT Holdings investment agreement.
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