Leading provider of e-Education systems posts fourth consecutive quarter of positive EBITDA and cash flow; Flagship Blackboard Learning System ranked #1 in U.S. higher education market adoption for second year in a row
WASHINGTON--(BUSINESS WIRE via COLLEGIATE PRESSWIRE)--Aug 11, 2003--Blackboard Inc., a leading enterprise software company for e-Education, announced revenue for the second quarter ended June 30, 2003. As education institutions harness the power of the Internet to achieve their strategic objectives, Blackboard`s technologies enhance the education experience of millions of students around the world. Blackboard Inc. is a privately held company.
In the second quarter ended June 30, 2003, Blackboard`s total revenues were $22.6 million, representing 38% growth from second quarter 2002 revenues of $16.4 million. Of the Company`s $22.6 million in revenues, product revenue accounted for approximately $20.4 million or 90% of total revenues, while services revenue was $2.2 million, or 10% of total revenues.
During the second quarter of 2003, Blackboard had positive EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) of $1.5 million and had positive cash flow from operations for the fourth consecutive quarter. Blackboard ended the second quarter of 2003 with $19.3 million in cash and cash equivalents.
For the second year in a row, Blackboard`s flagship Blackboard Learning System(TM) ranked as the most popular e-Learning platform in U.S. higher education with 46% of the market compared to 35% for WebCT, the number two provider according to Dun and Bradstreet/Market Data Retrieval.
''We are very pleased with our second quarter performance and the strong demand being generated by continued client success with our suite of products and services,'' said Michael Chasen, Chief Executive Officer of Blackboard. ''As we head into the fall semester, we look forward to the launch of several new product releases to enhance the education experience. Blackboard`s ongoing success provides the Company a unique opportunity to translate financial performance into future R&D; that will further enhance our clients` e-Education
programs.''
Key Highlights from the Second Quarter
-- Key client relationships established:
-- U.S. Higher Education Market: California State University System, Central Piedmont Community College, Drew University, Florida Community College at Jacksonville, Louisiana State University at Baton Rouge, High Point University, Our Lady of the Lake College, and University of Texas - Telecampus.
-- International Markets: Templeton College, University of Oxford, UNI-C, The Danish IT Centre for Education and Research, Helsinki Business Polytechnic, Flemish Organization for Catholic Secondary Education, Grenoble Ecole de Management, and Universidad de Navarra.
-- K-12 Market: Bishop Hall Charter School, Charlotte-Mecklenburg School District, Duluth Independent School District 709, Jefferson Parish Public Schools, Natchitoches Parish School Board, and St. Joseph`s Preparatory School.
-- Blackboard formed a prestigious K-12 e-Learning Advisory Board. The new board has 10 members from prestigious institutions in the Eastern, Central, and Western regions of the United States; urban, suburban, and rural areas; large public school districts to independent schools; education service centers; and virtual schools.
-- The Building Blocks architecture of Blackboard received a major boost with nine leading library software vendors all joining the Blackboard Developer Network. These vendors are working with Blackboard to achieve rich interoperability between key library resources and the Blackboard e-Education Suite(TM).
-- Blackboard announced a new partnership with Distinction Systems, a leading UK software developer of education information systems to deliver an integrated solution that provides a unified online campus environment for clients. The new integration achieved through this partnership will be available to more than 200 colleges and universities in the U.K. and Ireland interested in integrating their Blackboard and Distinction software systems.
About Blackboard Inc.
Blackboard Inc. was founded with a vision to transform the Internet into a powerful environment for the education experience. Blackboard is a leading provider of e-Education solutions serving the global needs of primary and secondary schools, higher education, corporations and government agencies. Blackboard is headquartered in Washington, D.C., with offices and staff across North America, South America, Europe and Asia.
A privately-held company, Blackboard Inc. has raised more than $100 million in capital from top-tier strategic, venture capital, and private equity investors. Blackboard maintains close partnerships with its investors to fully leverage their industry relationships, financial expertise, and strategic guidance. Blackboard`s strategic investors include AOL-Time Warner (NYSE: AOL), Dell Computer Corporation (NASDAQ: DELL), Kaplan Ventures, Microsoft Corporation (NASDAQ: MSFT), and Pearson Education. Blackboard`s financial investors include The Aurora Funds, The Carlyle Group, Dain Rauscher, Edelson Technology Partners, Internet Capital Group (NASDAQ: ICGE), Merrill Lynch (NYSE: ML), Morgan Keegan, Novak Biddle Venture Partners and Oak Hill Capital Partners.
Some of the statements in this news release may constitute ''forward-looking statements'' that do not directly or exclusively relate to historical facts. These forward-looking statements reflect our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside of our control. Important factors that could cause actual results to differ materially from the
expectations expressed or implied in the forward-looking statements include known and unknown risks. Because actual results could differ materially from our intentions, plans, expectations, assumptions and beliefs about the future, you are urged to view all forward-looking statements contained in this news release with caution. Blackboard Inc. does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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