Blackboard Inc. (NASDAQ: BBBB) today announced financial results for the fourth quarter and year ended December 31, 2010 and updated guidance for the first quarter and full year 2011.
We had a great fourth quarter which capped a very good year for Blackboard, said Michael Chasen, chief executive officer and president of Blackboard. During 2010, we made a number of strategic investments, further expanding our products and services, in order to offer our customers a more comprehensive integrated suite of technology that provides an improved educational experience in a more cost effective way. We see momentum accelerating for a number of key industry trends which we are well positioned to capitalize on for 2011 and beyond including access to solutions through mobile devices and the adoption of cloud-based architectures.
Blackboards fourth quarter revenue was $117.7 million, an increase of 18 percent over the same period in 2009. Product revenue in the fourth quarter was $109.1 million, an increase of 20 percent over the $90.8 million of product revenue in the fourth quarter of last year. Professional services revenue for the fourth quarter was $8.6 million, which represents a decrease of 7 percent over the same period in 2009.
GAAP net income was $1.5 million for the fourth quarter of 2010 compared to GAAP net income of $7.7 million in the same period last year. GAAP net income per diluted share was $0.04 compared to GAAP net income per diluted share of $0.23 in the same period last year. Non-GAAP adjusted net income for the fourth quarter of 2010, which excludes the amortization of acquisition-related intangible assets, stock-based compensation expense, and non-cash interest expense, all net of taxes, was $11.8 million, resulting in non-GAAP adjusted net income per diluted share of $0.34 compared to non-GAAP adjusted net income of $16.7 million and non-GAAP adjusted net income per diluted share of $0.49 for the fourth quarter of 2009.
Total revenue for the year ended December 31, 2010 was $447.3 million, an increase of 19 percent over the prior year. GAAP net income was $16.6 million for the year ended December 31, 2010 compared to GAAP net income of $7.9 million in the same period last year. For the year ended December 31, 2010, GAAP net income per diluted share was $0.48 compared to GAAP net income
The following information was filed by Blackboard Inc (BBBB) on Thursday, February 3, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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