Ultimate Software Posts 17 Percent Revenue Gain

August 17, 2011 – Ultimate Software/(NASDAQ:ULTI), a provider of HR, payroll, and talent management solutions, has posted second quarter revenues of $64.2 million, a 17 percent gain from revenues of $54.7 million a year ago. GAAP net income from continuing operations for the second quarter of 2011 was $0.9 million, or $0.03 per diluted share, versus GAAP net income from continuing operations of $0.3 million, or $0.01 per diluted share, for the second quarter of 2010. “We executed as forecasted in the second quarter and are especially pleased that the three most important indicators of our business success – recurring revenue growth, operating margin growth, and customer retention – were where we expected them to be. Our recurring revenues grew 26 percent, our operating margin was slightly above our target at 10.3 percent, and our customer retention was strong at over 96 percent,” said Scott Scherr, CEO, president, and founder.