Sunday, March 9, 2008

The Misanthrope


Virginia Developer is USA’s Loudest Neo-Nazi
By Brentin Mock and Mark Potok

Roanoke, Va. — Last Sept. 20, the eyes of America turned to Jena, La., where more than 20,000 people had gathered to protest what they saw as racism in the disparate criminal treatment accorded black and white students at a local high school. For many, it was an uplifting moment, signaling what they hoped would grow into a renewed striving for racial justice, a reborn civil rights movement for a generation that didn't remember the first one. For one real estate developer in this city in the Blue Ridge Mountains, however, it was an occasion to vent feelings about six black teens in Jena facing harsh criminal penalties for a schoolyard fight.

"Lynch the Jena 6!" Bill White wrote in a screaming headline on his website even before the demonstrators had left tiny Jena. Then he got down to business.

"If these niggers are released or acquitted, we will find out where they live and make sure that white activists and white citizens in Louisiana know it, we'll mail directions to their homes to every white man in Louisiana if we have to in order to find someone willing to deliver justice," White wrote. Next, after some research, he appended home addresses and phone numbers for five of the teenagers.

Within hours, White's amazing statements were all over the Internet and the news. Officials expressed shock such comments could be legal, and Louisiana Gov. Kathleen Blanco ordered police protection at some of the boys' homes. Called by a reporter, the FBI said it was investigating White's threats for criminal content.

It was a classic Bill White moment.

William Alexander White may be the loudest and most obnoxious neo-Nazi leader in America. Currently the chief of the American National Socialist Workers Party, White is a former left-wing anarchist who is best known for his name-calling, threats and incessant gossip — not to mention embarrassing pleas of love for women who then publicly spurn him. He is a man who often seems incapable of separating truth from fiction, but also a skilled computer programmer who has built some of the radical right's more important websites. By his own account, White has a juvenile record that includes 22 arrests as a teenager, but he is also a businessman who in the last four years has bought 24 inner-city properties valued at $1,063,000 — most of them apartments he acquired as part of his "ghetto beautification project." Above all, White, now 30, is an angry, resentful and narcissistic loner — a misanthrope.

A Bully is Born
Bill White describes himself as a bright child who got interested in politics in junior high school, where he became what he called a "utopian anarchist" and began reading Freud and Marx at 13. The next year, he put out his first issue of the Utopian Anarchist Party newsletter. In it, he railed against juvenile psychiatrists, among other things, who had diagnosed him as particularly paranoid and aggressive.
That was reflected in his high school career, which included bouncing between three high schools due to an extensive record of disruptive and threatening behavior toward students, teachers and a principal, according to a psychological evaluation administered by the Montgomery County, Md., public schools.

That same evaluation may be the most sympathetic rendering of White, then 16, known. "Let us not forget that the world needs William White," it said. "And William White needs the world." But, in language that describes well White's career over the coming years, the report added this: "What he hasn't learned is tolerance, patience, foresight, wisdom, cooperation, respect and compassion. He has learned how to be rude, to challenge authority, to denigrate and despise others."

White has written that he was arrested 22 times between the ages of 15 and 19 on charges of "assault, weapons, explosives, property destruction, graffiti and use of false identification." He says he served a short sentence for attacking police at the age of 19. Although some of these arrests were noted in newspapers, they could not be independently verified because they are part of a sealed juvenile record.

Friday, March 7, 2008

Ebix 2007 Net Income Rises 112% to a Record $12.7 Million, or $ 3.61 Per Diluted Share, on a 46% Revenue Increase


Conference call:
Friday, March 7, 2008 at 11:00 A.M. EST

Webcast / Replay URL:
http://www.ebix.com, Click on Investor Home Page

Dial-in numbers:
1-888-687-3295 Dial pass code 38568430


Ebix, Inc. (NASDAQ:EBIX), a leading international provider of software services and IT solutions for the insurance industry, today reported its financial results for the fourth quarter (Q4 '07) and year ended December 31, 2007.

Ebix's 2007 fourth quarter revenue rose 31% to $12.20 million, compared to $9.28 million during the fourth quarter of 2006. Q4 ‘07 net income rose 169% to $4.50 million, or $1.20 per diluted share, versus Q4 ’06 net income of $1.67 million, or $0.53 per diluted share. Results for Q4 2007 and Q4 2006 were based on 3.8 and 3.2 million weighted average diluted shares outstanding respectively.

Ebix’s total revenue rose 46% to $42.84 million in 2007, compared to $29.25 million in 2006. Ebix's operating income rose 91% to $12.80 million in fiscal 2007, compared to operating income of $6.71 million in 2006. In 2007, the Company's net income rose 112% to $12.67 million, or $3.61 per diluted share, compared to net income of $5.97 million, or $1.90 per diluted share, in 2006.

In 2007, the Company's basic earnings per common share rose to $4.08 as compared to basic earning per common share of $2.15 in 2006. Results for 2007 and 2006 were based on 3.1 million and 2.8 million weighted average basic shares outstanding respectively.

Ebix President and Chief Executive Officer Robin Raina commented, “We are pleased with these results and see them as another step forward in our vision plan to be the largest insurance services player in the world-wide insurance markets. While there is reason to feel encouraged with our continued and consistent success, we realize that we are still far from the destination of being the most dominant player globally.”

Raina said, “The Q4 2007 results are in line with our expectations and include only two months of revenues from our acquisition of IDS in November 2007. Our Q4 2007 performance is a record result for the company in terms of net income and diluted EPS both. The 37% operating margins for Q4 of 2007 is a result that we are especially pleased with.”

“During 2007, we experienced top line growth in every division of the company both domestically and internationally. We made many strategic decisions like combining our life and annuity exchanges under the EbixExchange name or making a solid entry into the Insurance BPO markets by our November 2007 acquisition of Jenquest, Inc. (“IDS”) – one of the largest insurance certificates tracking players in the United States.” Raina added, “While 2007 has established a new benchmark as a record year both in terms of income and earnings we believe our best is yet to come.”

Raina concluded, “We are encouraged by our recent acquisition of Telstra EBusiness in Australia for A$50 Million. The impact of that acquisition is likely to show in 2008 since that acquisition was completed on January 2nd, 2008.”

Ebix Chief Financial Officer Robert Kerris commented, “The 4th quarter net income of $4.50 million is a 22% improvement over the 3rd quarter and represents the eighth consecutive quarter of significant net income growth. Our operating margins continue to improve, increasing to 30% for 2007 from 23% in 2006. This positive trend in net income and operating margins are good measures of our continuous efforts to improve the profitability of our business. In addition, the Company generated $14.4 million in net cash from operating activities representing an increase of $10.2 million or 242% from the $4.2 million of operating cash flows from just a year earlier. We will continue to invest the cash generated from our operations into the strengthening of our balance sheet and the expansion of our business, both organically and through accretive acquisitions.”

About Ebix

A CMMI 5 Company, Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial industries.

Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.

With bases in the United States, Australia, New Zealand, Singapore, UK and India, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix’s focus on quality has enabled its development unit in India to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute’s Capability Maturity Model Integrated (CMMI). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit the Company’s Web site at www.ebix.com.

Safe Harbor for Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 — This press release contains various forward-looking statements and information that are based on Ebix management's beliefs, as well as assumptions made by and information currently available to management. Ebix has tried to identify such forward looking statements by use of such words as "will," "expects," "intends," "anticipates," "plans," "believes" and similar expressions, but these words are not the exclusive means of identifying such statements. Such statements are subject to various risks, uncertainties and other factors which could cause actual results to vary materially from those expressed in, or implied by, the forward looking statements. Such risks, uncertainties and other factors include the extent to which the Ebix.com website and other new products and services can be successfully developed and marketed, the risks associated with any future acquisitions, and integrating recently completed acquisitions, the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties, possible governmental regulation and/or other adverse consequences resulting from negative perception of the outsourcing of business processes to foreign countries, Ebix's ability to continue to develop new products to effectively address market needs in an industry characterized by rapid technological change, Ebix's ability to raise additional capital to finance future acquisitions and meet other funding needs, , Ebix's dependence on the insurance industry, the highly competitive and rapidly changing automation systems market, Ebix's ability to effectively protect its applications software and other proprietary information, Ebix's ability to attract and retain quality management, software developers, technical sales and other critical personnel, the risks of disruption of Ebix's Internet connections or internal service problems, the possible adverse effects of a substantial increase in volume of traffic on Ebix's website, mainframe and other servers, possible security breaches on the Ebix website, the possible effects of insurance regulation on Ebix, the possible effects of the Securities and Exchange Commission's investigation of Ebix's financial reporting, and possible future terrorist attacks or acts of war. Certain of these, as well as other risks, uncertainties and other factors, are described in more detail in Ebix's periodic filings with the Securities and Exchange Commission, including Ebix's annual report on Form 10-K for the year ended December 31, 2007. Except as expressly required by the federal securities laws, Ebix undertakes no obligation to update any such factors or any of the forward-looking statements contained herein to reflect changed circumstances or future events or developments or for any other reason.

Wednesday, March 5, 2008

TechFest: Microsoft Unveils Prototype OS, Singularity


Microsoft is circulating a prototype operating system for computer science researchers. But executives making the rounds at the software giant's annual TechFest conference have stressed that the offering, dubbed Singularity, is not a next-generation Windows.

"Singularity is not the next Windows," said Rick Rashid, senior vice president of Microsoft Research. "Think of it like a concept car. It is a prototype operating system designed from the ground up to test-drive a new paradigm for how operating systems and applications interact with one another. We are making it available to the community in the hope that it will enable researchers to try out new ideas quickly."

Singularity is now available as a download from CodePlex, Microsoft's open source project hosting Web site. It's intended to improve software dependability and foster inventive research for systems, programming language and tools, according to Microsoft.



"Our goal was to make Singularity small enough, simple enough, and well-designed enough that you can try out radical new ideas quickly," according to Galen Hunt, one of the original researchers on Singularity. "Our thinking is that a researcher with a great new idea for improving operating systems could get from idea to published paper in under a year using Singularity."

Hunt and other researchers have been working on Singularity since 2003. Specifically, they were looking to build an operating system that was not based on Multics, a system that originated in the mid-1960s, but is still the basis for current OSes such as Windows, MacOS X, Linux, and Unix.

Singularity differs from other OSes because it is based almost entirely on a C# extension, which makes it more secure by preventing buffer overruns, and eliminating a vulnerability typically exploited by worms and viruses, according to Microsoft.