Shares of Ebix Inc. (EBIX) surged nine percent after the business software provider reported an increase in fourth-quarter profit, driven mainly by double-digit revenue growth at its exchange segment.
Atlanta, Georgia-based Ebix' fourth-quarter profit rose to $18.74 million or $0.48 per share from $17.33 million or $0.44 per share last year.
Commenting on the results, Chief Executive Robin Raina said, "The Company's 2012 results reflect the strength of Ebix's core businesses that helped us deliver outstanding results in one of the most challenging years for the insurance industry in a decade."
Ebix, which provides software and E-commerce services to the insurance industry, said revenues for the quarter grew 23 percent to $54.02 million up from $44.05 million last year.
Revenues from exchanges segment, which generates about 80 percent of total revenues, grew 26 percent to $43.26 million. Other smaller segments-- broker systems, BPO, carrier systems-- also posted revenue growth for the quarter.
EBIX is currently trading at $17.07, up $1.53 or 9.85%, on a volume of 1.36 million shares on the Nasdaq.
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