Ultimate Software profit weighed by compensation

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WESTON, Fla. -Ultimate Software Inc., which makes human resources software, said Tuesday its profit was nearly wiped out in the fourth quarter as stock-based compensation offset higher revenue.

The company said it made $70,000, or break-even on a per-share basis, during the three months ended Dec. 31. That's compared with a profit of $615,000, or 2 cents per share, in the same period last year.

Non-cash stock-based compensation totaled 3.3 million during the quarter, a decline from 3.5 million last year.

Excluding items, such as stock-based compensation and an income tax effect, the company made 10 cents per share. Sales rose 5 percent to $52.3 million.

Analysts surveyed by Thomson Reuters, whose results typically exclude one-time items, expected 10 cents per share on $52.1 million in sales.

For the full year, the company said it lost $1.1 million, or 5 cents per share. In 2008, it lost $2.9 million, or 12 cents per share.

Excluding items, the company earned 29 cents per share. Sales rose 25 percent to $133.4 million.

Analysts expected 30 cents per share on $196.4 million in sales.

2010-02-09 18:03:51