Ultimate Software 3Q loss shrinks to $469K

Ultimate Software 3Q loss shrinks to $469,000 as revenue grows 9.8 percent

• On 7:36 pm EDT, Tuesday October 27, 2009

WESTON, Fla. (AP) -- Human resources and payroll software provider Ultimate Software Group Inc. said on Tuesday that its third-quarter loss shrank to $469,000 as revenue grew.

The company said its loss for the quarter that ended Sept. 30 worked out to 2 cents per share. That was an improvement from a year-ago loss of almost $3.1 million, or 12 cents per share.

Revenue grew 9.8 percent to $48.2 million from $43.9 million a year ago.

The company said it would have earned $1.6 million, or 6 cents per share, if not for stock-based compensation and an accounting charge. Analysts surveyed by Thomson Reuters were expecting a profit of 6 cents per share on revenue of $49.7 million.

The company said its recurring revenues, such as maintenance revenue and software subscription revenue, grew 28 percent to $34.2 million for the quarter.

Ultimate Software shares fell 21 cents to $29.14 in after-hours trading. Before the results were released they had fallen $1.07, or 3.5 percent, to close at $29.35.