Ultimate Software Posts 23 Percent Revenue Rise

November 4, 2012 – Ultimate Software/(NASDAQ:ULTI), a provider of HR, payroll, and talent management solutions, has posted third quarter revenues of revenues of $82.6 million, an increase of 23 percent, compared to $67.8 million, a year ago. GAAP net income for the quarter was $4.7 million, or $0.16 per diluted share, compared to $1.1 million, or $0.04 per diluted share during the third quarter of 2011. “Our third quarter results were consistent with expectations in our three most important goal areas: growth in recurring revenues, customer retention, and growth in our operating margin,” said Scott Scherr, CEO, president, and founder of Ultimate. “Our new customers continued to attach talent, time, and tax management products to their core purchases, and market demand metrics for our solutions continued to be strong in the third quarter.”