Blackboard Inc. (BBBB) posted third quarter GAAP net income of $4.3 million or $0.13 per share, compared to $0.88 million or $0.03 per share in the prior year period. Non-GAAP adjusted net income for the quarter was $13.3 million or $0.40 per share, compared to $10.2 million or $0.32 per share in the year-ago period.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share. Analysts' estimates typically exclude special items.
Total revenue for the quarter was $98.4 million, compared to $83.0 million in the preceding year quarter. The increase in revenue was driven by strong growth in Blackboard's professional services and managed hosting offerings.
Eleven Wall Street analysts expected revenues of $96.63 million for the quarter.
Looking forward, for the fourth quarter, the company said it expects GAAP net income in the range of $4.2 million to $6.4 million and net income per share in the range of $0.12 to $0.19. Non-GAAP adjusted net income is forecast in the range of $13.3 to $15.5 million and earnings per share in the range of $0.40 to $0.46. Revenue is estimated to range from $96.7 million to $99.7 million.
Street analysts expect earnings of $0.41 per share on revenues of $98.17 million.
Further, for the fiscal year 2009, the company now expects GAAP net income in the range of $4.4 to $6.5 million and earnings per share in the range of $0.13 to $0.20. Non-GAAP adjusted net income is now forecast in the range of $44.1 to $46.3 million and earnings per share in the range of $1.34 to $1.41. Revenue is now projected in the range of $373.6 million to $376.6 million.
The company previously expected net income including charges of $0.70 million - $4.7 million or $0.02 to $0.15 per share. Excluding charges, adjusted net income was forecast in the $41.0 million to $45.1 million or $1.26 to $1.38 per share range, on revenues in the range of $369.0 million to $375.0 million.
Street analysts expect earnings of $1.33 per share on revenues of $373.36 million.
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