Ultimate Software Q1 Profit Rises - Quick Facts

(RTTNews) - Ultimate Software (ULTI) reported first-quarter net income of $6.9 million, or $0.23 per share, compared to $4.5 million, or $0.16 per share, previous year. Non-GAAP net income was $13.8 million, or $0.47 per share, for the first quarter of 2014.

On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.40 for the quarter. Analysts' estimates typically exclude special items.

Total revenues increased to $121.08 million from $97.92 million. Analysts expected revenue of $118.75 million for the quarter. Ultimate reported recurring revenues of $97.4 million, a 25% increase year-over-year.

For the second quarter of 2014: the company expects its recurring revenues of approximately $100 million, and total revenues of approximately $120 million. Analysts expect the company to report second-quarter revenue of $120.39 million.

For the year 2014: the company expects recurring revenues to increase by approximately 25% over 2013, and total revenues to increase by approximately 23% over 2013.