Blackboard Inc. (BBBB), an enterprise application software provider to the education industry, Wednesday reported a wider loss for the second quarter, as revenues declined 22% from the last year. Updating its forecast, Blackboard raised its earnings and revenue outlook for the full year, while providing its outlook for the third quarter.
Blackboard recorded a net loss for the second quarter of $4.1 million or $0.13 per share, compared to a loss of $134 thousand or a breakeven per share in the year-ago quarter.
Excluding charges adjusted net income was $8.7 million or $0.27 per share, compared to $9.2 million or $0.29 per share for the same period last year.
On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.24 per share for the quarter. Analysts' estimates typically excludes special items.
Total revenues for the quarter increased 22% to $92.1 million from $75.5 million in the prior-year quarter. Analysts expected revenues of $89.39 million for the quarter.
Blackboard completed its acquisition of Angel Learning, Inc., a developer of e-learning software to the U.S. education industry, for approximately $95 million, net of cash acquired and excluding transaction costs.
Blackboard's net loss for the six months ended June 30, 2009 was $4.11 million or $0.13 per share, compared to $4.57 or $0.15 loss per share.
Total revenue for the six months ended June 30, 2009 was $178.5 million, compared to $144.0 in the previous year.
Looking forward for the third quarter, the company expects net income including charges of $1.2 million - $3.3 million or $0.04 - $0.10 per share. Excluding charges, adjusted net income is expected to be in the range of $10.7 million - $12.8 million or $0.33 - $0.39 per share. Revenue for the third quarter is projected to be between $95.0 million and $98.0 million.
Analysts currently expect earnings of $0.35 per share for the quarter, on revenues of $95.51 million .
For the fiscal year 2009, the company expects 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 $41.0 million to $45.1 million or $1.26 to $1.38 per share, on revenues of $369.0 million to $375.0 million.
Analysts currently expect earnings of $1.27 per share on revenues of $370.38 million for fiscal 2009.
Earlier, the company expected fiscal year 2009 including charges, net income to be in the range of $3.9 to $9.4 million and net income per share in the range of $0.12 to $0.29. Excluding charges, adjusted net income was estimated to be in the range of $39.6 to $45.1 million with adjusted net income per share forecast in the range of $1.21 to $1.38. Revenue was projected in the range of $365.5 to $374.5 million.
BBBB closed Wednesday's regular trading $33.33, down $1.04 or 3.03%, on a volume of 0.43 million shares on the Nasdaq.
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