Washington, D.C. – March 5, 2003 – Blackboard Inc., a leading enterprise
software company for e-Education, announced its highest revenue to date for the fourth quarter and year-ended December 31, 2002. Blackboard Inc. is a privately held company.<br /><br />For the year ending December 31, 2002, Blackboard’s revenues were $69.2 million, a 49% increase over year 2001 revenues of $46.5 million. Of the Company’s $69.2 million in 2002 revenue, product revenue accounted for $61.4 million or 89%, while services revenue was $7.8 million or 11% of total revenue.<br /><br />“The year 2002, marking Blackboard’s five year anniversary, was an important one for the industry and Blackboard,” said Michael L. Chasen, CEO of Blackboard. “Our clients used Blackboard solutions every day to achieve measurable improvements in teaching and learning, and to broaden the student experience. At the same time, Blackboard as a business achieved EBITDA profitability in the second half of 2002, solidifying our own position as a long term research and development leader in what is still a nascent and dynamic market.”<br /><br />
In the fourth quarter ended December 31, 2002, Blackboard’s total revenues
were $19.1 million, representing a 36% increase year-over-year. Product
revenue accounted for $17.6 million or 92% of total revenue, while
services revenue was $1.5 million, or 8% of total revenue.
Blackboard’s fourth quarter 2002 EBITDA (Earnings Before Interest, Taxes,
Depreciation and Amortization) was positive $0.8 million compared to
negative EBITDA of $4.2 million for the same period last year.
Additionally, Blackboard ended the fourth quarter of 2002 with $20.4
million in cash and cash equivalents. As of December 31, 2002,
Blackboard’s deferred revenue balance was $40.5 million.
“Blackboard continues to focus on business fundamentals and is executing
well in a challenging environment,” said Peter Q. Repetti, CFO of
Blackboard Inc. “Operating a cash flow positive business enables
Blackboard to plan and execute a long-term vision for our clients which
few of our competitors can do today.”