Ultimate Software Group, Inc. (ULTI) reported first-quarter GAAP net income of $1.0 million or $0.04 per share, compared to $328 thousand or $0.01 per share in the same quarter last year.
Non-GAAP net income, which excludes items rose to $3.7 million or $0.13 per share from $2.8 million or $0.10 per share in the year-ago period. On average, fourteen analysts polled by Thomson Reuters expected the company to report earnings of $0.10 per share. Analysts' estimates typically exclude special items.
Total revenues for the first quarter were $78.28 million, compared with $64.51 million in the comparable quarter last year, while fourteen Wall Street analysts expected revenues of $76.01 million for the period.
Looking forward, to the second quarter, total revenues is estimated to be about $79.0 million, and operating margin, on a non-GAAP of about 10%. Analysts expect revenues of $78.32 million for the second quarter.
For fiscal 2012, the company expects operating margin, on a non-GAAP basis, of approximately 15% and total revenue to increase by about 23% over 2011.
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