Ebix (EBIX) Tops Q3 EPS by 11c; AffirmsTermination of Patriot National (PN) Talks
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Ebix (NASDAQ: EBIX) reported Q3 EPS of $0.74, $0.11 better than the analyst estimate of $0.63. Revenue for the quarter came in at $74.6 million versus the consensus estimate of $73 million.
Ebix announced that, on Sunday, November 6th, it communicated to Patriot National, Inc. its decision to terminate all discussions regarding a potential acquisition of Patriot National, Inc. by Ebix, and that Ebix intended to disclose the termination of those discussions on Wednesday, November 9th. Ebix is unable to comment on the Patriot National press release and the reasons for this development, given the terms of its Non Disclosure Agreement with Patriot National.
(More on that here.)
Ebix Chairman, President and CEO Robin Raina said, "Ebix achieved its highest-ever quarterly revenue in Q3, with operating cash flow of $22.1 million and an operating margin of 33%. Given this performance, we feel we have momentum to grow the Company both organically and inorganically, while at the same maintaining operating discipline and operating margins."
"With worldwide cash and cash equivalents of approximately $111 million, growing operating cash flows and the solid backing of our banking syndicate led by Regions Bank, we feel that we are well positioned today to fund all our growth plans, in addition to continuing our investor friendly initiatives like share repurchases and dividend payments," Robin added. "Besides our efforts to organically grow the high margin areas of our business, we have a strong pipeline of acquisition opportunities at various stages of engagement. We will report on that front once we successfully close any of those opportunities."
For earnings history and earnings-related data on Ebix (EBIX) click here.
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