Ellie Mae ($24.49 0.49%) reported net income in the first quarter of $3.6 million, or 16 cents a share, reversing its $800,000 loss, or loss of 22 cents a share, the company experienced a year earlier.
The firm beat analysts' esimates of 14 cents a share, according to Zack's Investment Research.
First-quarter revenue for the Pleasanton, Calif.-based mortgage technology company rocketed 97% to $20.9 million from $10.6 million in the year ago period. The addition of 18,000 new and converted SaaS Encompass users in 2011 and the steady increase in revenue per user drove the massive growth.
The firm’s Encompass software, which handles business and management functions for mortgage originators, allows it to control about 20% of the national volume of loans.
"Our results also demonstrate the leverage in our business model when mortgage volumes increase as we saw this quarter, when actual volumes increased over expectations,” said Ellie Mae Chief Executive Sig Anderman.
In the second quarter, Ellie Mae expects net income to arrive in the $1.5 million to $1.9 million, or 7 to 8 cents a share, range. It expects revenue to total between $19.5 million to $20 million.
For the full year, net income will total between $5.8 million and $6.3 million, or 26 to 28 cents a share, Ellie Mae predicts. And revenue is expected to be in the $78 million to $79.0 million range for the full year.
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