The insurance industry software supplier explained that it was negatively affected by $1.6 million because of the "strengthening of the U.S. dollar," as well as a $1.3 million drop in revenue from PlanetSoft, which the company acquired in 2012.
Margins and cash showed no signs of improvement, either. Ebix's operating margin dropped 1.5% compared to the same time last year, due to "certain legal and extraordinary operational costs," which totaled $3.7 million. Net income, meanwhile, sank 27%, to $18.1 million.
Despite the setbacks, Ebix President, Chairman, and CEO Robin Raina said in a statement that he was pleased with the company's quarterly performance. "On a constant currency basis," he said, "the Company revenues grew sequentially from $51.5 million in Q2 of 2013 to $51.9 million in Q3 of 2013." Additionally, the company "continued to strengthen our recurring business, by signing new clients while at the same time retaining our existing client base."
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