(RTTNews) The Pleasanton, California-based software company Ellie Mae Inc. (ELLI) reported a narrower loss for the first quarter, reflecting higher revenues. The company also issued upbeat financial forecast for the full year 2011.
Net loss for the first quarter of 2011 was $0.8 million or $0.22 per share, compared to a loss of $1.6 million or $0.48 per share in the year-ago period.
On a non-GAAP basis, adjusted net loss narrowed to $0.3 million or $0.09 per share from $0.9 million or $0.28 per share incurred in the same quarter of last year.
Quarterly total revenue grew 19% to $10.6 million from the prior year's revenue of $8.9 million.
Software and Services revenue rose 18% to $8.4 million from $7.1 million last year, while Network revenue increased 24% to $2.2 million from $1.8 million in the year ago period.
The number of lenders actively using Ellie Mae's Encompass enterprise solution increased 18% year over year to 41,351, and average revenue per active lender user rose 16% to $216.
The company noted that the number of active lenders using its SaaS success-based pricing or SBP version of Encompass climbed 306% year over year to 11,119, resulting in an overall increase of active lender SaaS Encompass users of 130% year over year to 15,670.
Lender Encompass revenue for the latest first quarter increased 37% to $8.8 million from last year.
Looking ahead, the company projects full year 2011 net income in the range of $2.1 million - $3.1 million or $0.10 - $0.15 per share, and adjusted income in the range of $4.4 million - $5.4 million or $0.21 - $0.26 per share. Annual revenues are expected to range between $50 million and $52 million.
Sources: RTTNews
Net loss for the first quarter of 2011 was $0.8 million or $0.22 per share, compared to a loss of $1.6 million or $0.48 per share in the year-ago period.
On a non-GAAP basis, adjusted net loss narrowed to $0.3 million or $0.09 per share from $0.9 million or $0.28 per share incurred in the same quarter of last year.
Quarterly total revenue grew 19% to $10.6 million from the prior year's revenue of $8.9 million.
Software and Services revenue rose 18% to $8.4 million from $7.1 million last year, while Network revenue increased 24% to $2.2 million from $1.8 million in the year ago period.
The number of lenders actively using Ellie Mae's Encompass enterprise solution increased 18% year over year to 41,351, and average revenue per active lender user rose 16% to $216.
The company noted that the number of active lenders using its SaaS success-based pricing or SBP version of Encompass climbed 306% year over year to 11,119, resulting in an overall increase of active lender SaaS Encompass users of 130% year over year to 15,670.
Lender Encompass revenue for the latest first quarter increased 37% to $8.8 million from last year.
Looking ahead, the company projects full year 2011 net income in the range of $2.1 million - $3.1 million or $0.10 - $0.15 per share, and adjusted income in the range of $4.4 million - $5.4 million or $0.21 - $0.26 per share. Annual revenues are expected to range between $50 million and $52 million.
Sources: RTTNews
