Ultimate Software Posts 25 Percent Revenue Gain

May 2, 2013 – Ultimate Software/(NASDAQ:ULTI), a provider of HR, payroll, and talent management solutions, has posted first quarter revenues of revenues of $97.9 million, an increase of 25 percent, compared to $78.3 million, a year ago. GAAP net income for the quarter were $4.5 million, or $0.16 per diluted share, versus GAAP net income of $1.0 million, or $0.04 per diluted share, for the first quarter of 2012. “The first quarter was a great start to achieving our 2013 goals. Our recurring revenues and operating margin both exceeded our expectations,” said Scott Scherr, founder, president and CEO of Ultimate. “A high percentage of our new customers continued to add talent and time management products to their core UltiPro HR and payroll solution purchases in the quarter.”