Ultimate Software Posts 21 Percent Revenue Gain

May 9, 2012 – Ultimate Software/(NASDAQ:ULTI),a provider of HR, payroll, and talent management solutions, has posted fourth quarter revenues of revenues of $111.9 million, an increase of 21 percent, compared to $92.2 million, a year ago. GAAP net income was $9.8 million, or $0.34 per diluted share, versus GAAP net income of $6.3 million, or $0.22 per diluted share, the prior year. For 2013, total revenues increased 24 percent to $410.4 million, as compared with the prior year. Year-end net income was $25.5 million, or $0.88 per diluted share, compared with GAAP net income of $14.6 million, or $0.52 per diluted share, for 2012. “2013 was a good year for us with recurring revenue growth at 26 percent, total revenue growth at 24 percent, and customer retention greater than 96 percent. We now have more than 15 million people records in our surpass $400 million in revenues in 2013, and are well positioned to achieve our goal of $600 million in 2015.”

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