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Ebix Inc., which makes software for insurance companies, on Monday said its fourth-quarter profit rose 32 percent as sales improved.

The Atlanta-based company earned net income of $15.9 million, or 42 cents per share, in the three months ended in December. That's up from $12.1 million, or 31 cents per share, a year earlier. Results in the latest quarter include a tax benefit of $2.3 million.

Revenue climbed 12 percent to $35.1 million.

Ebix shares fell $1.77, or 6.3 percent, to $26.36 in morning trading. The stock is still close to the 17-year high of $29.61 set March 4.

For the full year, Ebix earned $59 million, or $1.51 per share, on $132.2 million in revenue. That was up from 2009 net income of $38.8 million, or $1.03 per share, on $97.7 million in revenue.

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