Ellie Mae (AMEX:ELLI) hosts the Ellie Mae Network?, an integral component of Encompass that allows mortgage professionals to conduct electronic business transactions with the lenders and settlement service providers they work with to process and fund loans. Ellie Mae also provides automation solutions for the mortgage industry. The offerings from Ellie Mae include the Encompass® and Encompass360® mortgage management software solutions. Ellie Mae was founded in 1997 and is based in Pleasanton, California.
Ellie Mae yesterday reported results for the third quarter and nine months ended September 30, 2011. Total revenue for the third quarter of 2011 increased 23% to $14.7 million, compared to $11.9 million in the third quarter of 2010. Software Solutions revenue increased 30% to $11.8 million, compared to $9.1 million in the third quarter of 2010. Network revenue was $2.8 million, compared to $2.8 million in the third quarter of 2010. Net income for the third quarter of 2011 was $1.0 million, or $0.05 per diluted share, compared to net income of $1.8 million, or $0.10 per diluted share, in the third quarter of 2010. Included in the results for the third quarter of 2011 was $0.4 million of one-time expenses related to the acquisition of Del Mar Datatrac.
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