The firm attributed the growth in revenues to the growth in professional management revenue, which rose by 38% to $32.9m for the current quarter period versus $23.9m during the same quarter of 2011.
For the quarter ended on 31 March 2012, its costs and expenses were $36m, up by 26% from $28.5m during the corresponding quarter a year ago, mainly backed by increase in fees paid to plan providers for connectivity to plan and plan participant data.
Income from operations stood at $5.7m for the first quarter of current fiscal against $3.8m during the year ago quarter.
As per the financial data released by the company, its net income rose to $3.5m, or $0.07 per diluted share, for the first quarter of 2012, against a net income of $2.6m, or $0.05 per diluted share, during the same period last year.
On a non-GAAP basis, adjusted net income stood at $5m and adjusted earnings per share were $0.10 for the latest quarter period against adjusted net income of $3.4m and adjusted earnings per share of $0.07 for the first quarter of 2011.
As of 31 March 2012, the company’s AUC was $517bn, up by 25% from $412bn during the same period last year, mainly due to new employers making our services available, contributions, and market performance.
