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Blackboard announces fourth quarter and year end 2009 results and CFO change
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Blackboard Inc. has announced financial results for the fourth quarter and year ended December 31, 2009 and guidance for the first quarter and full year 2010.
Blackboard's fourth quarter revenue was $100 million, 18 percent higher than in the same period in 2008. Product revenue was $90.8 million, increasing 17 percent over the $77.4 million of the fourth quarter of last year. Professional services revenue was $9.3 million, increasing 22 percent over the same period in 2008. Net income for Q4 of 2009 was $7.7 million as compared to a net income of $1.8 million in the same quarter last year. GAAP net income per diluted share was $0.23, against $0.06 in the same period last year. Total cash flow from operations was $20.0 million for the fourth quarter.
Total revenue for the year ended December 31, 2009 was $377 million, an increase of 21 percent over 2008. GAAP net income was $7.9 million for the year as compared to a net loss of $1.9 million in the same period last year. Net income per diluted share for the year was $0.24 compared to a net loss per diluted share of $0.06 for 2008. Total cash flow from operations was $109.9 million for the full year of 2009. Cash and cash equivalents were $167.4 million as of December 31, 2009.Current deferred revenues increased 12 percent year-over-year to $186.7 million as of December 31, 2009.
Michael Chasen, president and CEO of Blackboard termed 2009 as a “very good year” for Blackboard. He said over the year, the company made strategic investments in its business that allowed expansion of the addressable market.
Highlights from the Fourth Quarter of 2009
Issuing guidance for the First Quarter of 2010, Blackboard expects revenue of $98.6 to $102.6 million, and amortization of acquired intangibles of approximately $8.9 million. It anticipates stock-based compensation expense of approximately $5.1 million, a net income of $3.2 to $5.7 million resulting in net income per diluted share of $0.09 to $0.16, based on an estimated 34.8 million diluted shares and an estimated effective tax rate of approximately 36 percent.
For the Full Year 2010, Blackboard's guidance included estimated revenue of $424.0 to $440.0 million, amortization of acquired intangibles of approximately $32 million, and stock-based compensation expense of approximately $20.2 million. Net income is estimated between $23.1 to $33.3 million, resulting in net income per diluted share of $0.65 to $0.94, based on an estimated 35.5 million diluted shares and an effective tax rate of approximately 36 percent. The company expects cash flow from operations of $100.0 to $110.0 million and capital expenditures of approximately 4 to 5 percent of total revenue.
Blackboard also announced that John Kinzer would succeed Mike Beach as Chief Financial Officer effective March 1, 2010. Mike Beach has spent eight years at Blackboard. Kinzer is currently Senior Vice President of Finance and has been with Blackboard since 2001. |
