In its first earnings report since going public in April, Oklahoma City-based Paycom Software Inc. reported a profit of $1.1 million for the first quarter, or 2 cents per share, down from $2.6 million or 5 cents per share, for the same period a year ago.
However, Paycom saw gross revenue grow to $37 million in the first quarter — a 34.1 percent increase from $27.6 million in the same period last year. Recurring revenue increased 34 percent from the same period a year ago.
In a conference call with investors after the market’s close, Paycom CEO Chad Richison said the company opened five new regional offices in the first quarter — two more than it had initially planned to open. Paycom specializes in cloud-based payroll and human resources products for midsize businesses.
“What we are finding is that the demand for our products is exceeding our expectations,” Richison said.
During the next year, the company plans to continue to hire new research and development and sales and marketing staff at a rapid pace to keep up with growth, as well as expand into new markets, Richison said.