Ebix Announces Resolution of IRS Audit
January 06 2015 - 7:30AM
Ebix, Inc. (Nasdaq:EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
financial and healthcare industries, today announced that it has
reached a resolution with the Internal Revenue Service with respect
to the previously disclosed audit of Ebix's income tax returns for
the taxable years 2008 through 2012. The assessment relates solely
to non-recurring issues associated with certain acquisitions
occurring during the audit period. No adverse assessments or
deficiencies were asserted with respect to any recurring operating
transactions. The audit was extended to 2012, which is now part of
the resolution.
The company expects that the assessment will result in an
approximately ($1.4) million impact on net income for the fourth
quarter of 2014 after taking into account the company's previously
established and disclosed provisions for uncertain tax positions.
The audit has no effect on any positions that the Company has taken
in any future years. This resolution includes all issues for the
taxable years 2008 through 2012.
SAFE HARBOR REGARDING FORWARD-LOOKING STATEMENTS
The information contained in this Press Release contains
forward-looking statements and information within the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. These statements include estimates
regarding the impact on the Company's financial condition and
results of operations as a result of the settlement of the
Company's previously announced income tax audits. In addition,
certain statements included in this press release, which are not
statements of historical fact, are forward-looking statements.
Words such as "may," "could," "should," "would," "believe,"
"expect," "anticipate," "estimate," "intend," "seeks," "plan,"
"project," "continue," "predict," "will," "should," and other words
or expressions of similar meaning are intended by the Company to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
statements are based on our current expectations about future
events or results and information that is currently available to
us, involve assumptions, risks, and uncertainties, and speak only
as of the date on which such statements are made.
Our actual results may differ materially from those expressed or
implied in these forward-looking statements. Factors that may cause
such a difference, include, but are not limited to those discussed
in our Annual Report on Form 10-K and subsequent reports filed with
the SEC under the heading "Risk Factors", including the risk factor
captioned "We may have exposure to greater than anticipated tax
liabilities."
Except as expressly required by the federal securities laws, the
Company undertakes no obligation to update any forward-looking
statements contained herein.
About Ebix, Inc.
A leading international supplier of On-Demand software and
E-commerce services to the insurance, financial and healthcare
industries, Ebix, Inc., (Nasdaq:EBIX) provides end-to-end solutions
ranging from infrastructure exchanges, carrier systems, agency
systems and risk compliance solutions to custom software
development for all entities involved in the insurance
industry.
With 40+ offices across Australia, Brazil, Canada, India, New
Zealand, Singapore, the US and the UK, 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. For
more information, visit the Company's website at www.ebix.com.
CONTACT: Jacqueline Tuell, Edelman - 212-277-3787
or Jacqueline.Tuell@edelman.com
Aaron Tikkoo - 678-281-2027
or atikkoo@ebix.com
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