6/4/2003 , Washington, DC - Blackboard Inc., a leading enterprise software company for e-Education, announced record revenue for the first quarter ended March 31, 2003. Blackboard Inc. is a privately held company.
In the first quarter ended March 31, 2003, Blackboard’s total revenues were a record $20.0 million, representing 36% growth from first quarter 2002 revenues of $14.7 million. Of the company’s $20.0 million in revenue, product revenue accounted for approximately $18.6 million or 93% of total revenue, while services revenue was $1.4 million, or 7% of total revenue.
“We are pleased with our financial results in the first quarter of 2003. More important, we are excited about our 3,000-strong network of global clients as they continue to enhance teaching and learning every day through online education,” said Michael Chasen, Chief Executive Officer of Blackboard Inc. “We are proud of our clients’ achievements and we look forward to continued investment in research and development and client support services next quarter.”
During the first quarter of 2003 Blackboard was EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) positive reflecting three consecutive quarters of EBITDA profitability and cash flow positive operations. Additionally, Blackboard ended the first quarter of 2003 with $17.3 million in cash and cash equivalents.
Key Highlights from the First Quarter
• Key client wins across Blackboard’s markets:
o U.S. Higher Education Market: In the U.S. higher education market, new Blackboard clients included California State University – Long Beach, Fayetteville State University, Florida Community College at Jacksonville, Gonzaga University, State university of West Georgia, and University of Missouri at Kansas City
o International Markets: New clients included Central Queensland University (Australia), CESMA (Spain), Stockholm University School of Business (Sweden), and Veneto Innovazione (Italy)
o K-12 Market: In the K-12 market, new Blackboard clients included Alaska Online, Chesapeake Public Schools, Lubbock Independent School District, and Quaker Valley School District
• Blackboard announced the launch of Bb One™, a transaction-based outsourcing solution that enables the acceptance of the university ID card as a form of payment off-campus. Bb One provides students with a cashless, safe, and secure way to transact on and around campus while offering parents the assurance that their funds will be spent within a university-approved network.
• Blackboard announced the successful completion of integration tests of the Internet2 Middleware initiative, Shibboleth, with the Blackboard Learning System™ (Release 6). Demonstrating Blackboard’s ongoing commitment to meeting the unique needs of e-Education users worldwide, the company accomplished this out-of-the box integration on top of the Blackboard Learning System’s existing open architecture framework.
• Blackboard appointed Mary MacPherson to Vice President of Marketing. In her role, Mary leads and manages Blackboard’s marketing efforts including all corporate, product and event marketing programs.
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