Ellie Mae 2Q Profits Climb on Higher Sales

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.

Next in Technology ►
More in Technology See All »
Comments (2)
@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
"$249 billion-asset" or $249 million-asset company?
Posted by James P | Friday, August 01 2014 at 5:12PM ET
Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.