Ellie Mae Q1 2014 revenue up

Ellie Mae (NYSE: ELLI) said its first quarter 2014 revenue was USD32.2m compared to USD30.9m in the first quarter of 2013.

“Our first quarter results were a strong start to the year with better than expected revenue and profits,” said Sig Anderman, CEO of Ellie Mae. “Our performance continues to be driven by lenders embracing our comprehensive on-demand solutions to meet the ever increasing needs for regulatory compliance and operational efficiency.”

Net income for the first quarter of 2014 was USD0.8m, or USD0.03 per diluted share, compared to net income of USD3.9m, or USD0.14 per diluted share, in the first quarter of 2013. The company´s announced strategy of continuing to invest in the resources necessary to enhance our software and services offerings and to further extend our market share led to reduced gross profit and increased operating expenses.

Ellie Mae is a provider of innovative on-demand software solutions and services for the residential mortgage industry. Ellie Mae´s end-to-end Encompass mortgage management solution provides one system of record that allows banks, credit unions and mortgage lenders to originate and fund mortgages and improve compliance, loan quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.

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