Ultimate Software Posts 24 Percent Revenue Jump

August 3, 2012 – Ultimate Software/(NASDAQ:ULTI), a provider of HR, payroll, and talent management solutions, has posted second quarter revenues of $79.2 million, a 24 percent gain from revenues of $64.2 million a year ago. Non-GAAP net income, which excludes stock-based compensation and amortization of acquired intangible assets, was $5.9 million, or $0.21 per diluted share, for the quarter compared with non-GAAP net income of $3.8 million, or $0.14 per diluted share, for the second quarter of 2011. “Our customer retention rate remained consistent at greater than 96 percent, and our operating margin was on the positive side of our 10.0 percent target at 13.0 percent,” said Scott Scherr, CEO, president, and founder of Ultimate. “Our new Enterprise and Workplace customers continued to attach talent management products to their core purchases, and we continued our penetration into the Canadian market, signing our largest Canada-based customer to date.”

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