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Ellie Mae 2Q Profits Climb on Higher Sales

JUL 31, 2014 6:16pm ET
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Ellie Mae in Pleasanton, Calif., reported a rise in second-quarter profits compared to last year, boosted by sales of its mortgage origination software.

The $249 million-asset mortgage technology company reported net income of $4.4 million, up 18% from the same time last year. Earnings were 15 cents per diluted share.

The number of active users of Encompass, its loan origination system, rose 12% from last year, to 98,996.

Higher sales volume drove the profit increase, as revenue climbed 17%, to $40 million.

"Our business momentum continued to be driven by onboarding more users to our SaaS Encompass platform," said Sig Anderman, the company's chief executive, in a July 31 press release.

Income growth offset an uptick in operating expenses, which jumped 12%, to $22 million.

Comments (2)
"$249 billion-asset" or $249 million-asset company?
Posted by JIM P | Friday, August 01 2014 at 5:12PM ET
@Jim: Yes, you're correct. The story should have originally said $249 million and has been corrected.
Posted by Austin K | Friday, August 01 2014 at 5:16PM ET
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