EBIX reported first quarter earnings on Wednesday. EPX, net income, and revenue were the best the company had ever seen in the 33 year history of the company. As a result of this good news, the stock is down over 10% today. Why?
It may be tied to comments the CEO made regarding the forward outlook: "new capital expense decisions are either being delayed or just being put into cold storage. To add to that, the US $ has strengthened by approximately 30 percent in the first quarter of 2009 as compared to the first quarter of 2008, having an obvious adverse effect on our revenues and net income numbers.”
This could be a good opportunity to get into this stock. As of March 18, the stock was still a MF Rule Breakers selection.