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Ebix Responds to Seeking Alpha Blog

8 comments  |  Fri February 22, 2013 7:30 AM  | about: EBIX
   
NEWS PROVIDED BY:
GlobeNewswire

ATLANTA, Feb. 22, 2013 (GLOBE NEWSWIRE) -- Ebix, Inc. (Nasdaq:EBIX) today issued a response to the Report appearing in the Seeking Alpha blog yesterday. In a statement, the Company said

The Company has reviewed the unsubstantiated report released on February 21, 2013. Management believes that to the best of its knowledge Ebix's (EBIX) financial reporting, including, among other things, the Company's accounting for and reporting of intercompany loans, is appropriate and complies with all SEC reporting requirements.

About Ebix, Inc.

A leading international supplier of On-Demand software and E-commerce services to the insurance industry, Ebix, Inc., (Nasdaq:EBIX) provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and BPO services to custom software development for all entities involved in the insurance industry.

With 30+ offices across Brazil, Singapore, Australia, the US, New Zealand, India and Canada, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance while conducting in excess of $100 billion in insurance premiums on its platforms. Through its various SaaS-based software platforms, Ebix employs hundreds of insurance and technology professionals to provide products, support and consultancy to thousands of customers on six continents. Ebix's focus on quality has enabled it to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model (CMM). With a recent ISO 27001-security certification, the Company also has an ISO 9001:27001 certification for both its development and BPO units in India. For more information, visit the Company's website at www.ebix.com

The Ebix, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12133 

CONTACT: Steven N. Barlow - Investor Relations
         678-281-2043 or steve.barlow@ebix.com
         Or
         Aaron Tikkoo,
         678-281-2027 or atikkoo@ebix.com

http://media.globenewswire.com/cache/8639/small/13026.jpg

Source: Ebix, Inc. 2013 GlobeNewswire, Inc.
Comments (8)
Track comments on this article
  •  
    Memo to EBIX:

    "To the best of its knowledge" means if you get caught lying you have a legal basis for saying you didn't perjure yourselves. That's a wimpy response to serious allegations.

    Warmest regards,

    Sam Antar
  •  
    I agree. That type of response leaves too much wiggle room.
  •  
    That really is a weak response.
  •  
    This is the best way to respond to the trolls out there, shorting the stock and making hay.

    The whole report of not disclosing the loans itself is unsubstantiated and created to cause mayhem for the stock. Bears succeeded so far. We have to see how EBIX will deal with them and make the stock go up by $15 or so in the next couple of weeks, to kill all these bears
  •  
    I was expecting to read a rebuttal on every point made by Gotham. I'm glad I got out when I did.
  •  
    This response was written by the companies GC not their CFO. Assuming that the SEC is in the midst of an active investigation, there is no way that they are going to say much more. Of course these investigations can last three years and the results can range from no response to criminal indictments. So at the least, EBIX will be trading under a cloud for some time.
  •  
    I don't hold a position in EBIX but the concern that I have with this company - a concern that is as grave or graver than the issues raised in the Gotham Piece - is the balance sheet. Of total assets of $515.8 million, $419.5 million is made up of goodwill and a variety of intangibles. Added to that is its increasing debt load. In coming quarters, prepare to see this goodwill and these intangibles written down.
  •  
    IF I were EBIX I would have nothing to say to SA about anything.