Ultimate Software Posts 27 Percent Revenue Rise

February 13, 2013 – Ultimate Software/(NASDAQ:ULTI), a provider of HR, payroll, and talent management solutions, has posted fourth quarter revenues of revenues of $92.2 million, an increase of 27 percent, compared to last year’s revenues. GAAP net income for the quarter was $6.3 million, or $0.22 per diluted share, versus GAAP net income of $2.0 million, or $0.07 per diluted share, for the fourth quarter of 2011. For 2012, total revenues increased 23 percent to $332.3 million, both as compared with the prior year. Year-end net income was $14.6 million or $0.52 per diluted share, compared with GAAP net income of $4.3 million, or $0.15 per diluted share, for 2011. “Our fourth quarter and 2012 financial performance were in line with our expectations and our business plan. Our 2012 execution puts us in position to reach our 2013 goal of achieving more than $400 million in revenues, and it gives us a solid foundation for taking advantage of many future opportunities,” said Scott Scherr, CEO, president and founder of Ultimate.