Blackboard Inc., a District online learning company, said yesterday that it posted a small profit in its first quarter as a publicly traded company.
The company, which sells software to help educators put course material on the Web, swung to a profit of $1.1 million (37 cents a share) for the three months ended June 30 from a $1.4 million loss in the same period the previous year. The company's revenue for the quarter rose 16 percent, to $26.4 million, from $22.7 million in the year-earlier period. Sales of software were $23.3 million of the quarterly revenue.
The company held an initial public offering in June, selling 6.3 million shares for $14 each. Its reception from Wall Street was a warm one -- on the first day of trading, its stock rose 43 percent. Blackboard said yesterday that the company's proceeds from the offering, which also included stock offered by executives and investors, totaled $50.9 million.
The company has said it plans to use funds from the IPO to expand its offerings and deepen its reach in new markets, including international universities and K-12 schools. Clients added in the quarter include Clemson University, the University of Cambridge and the New York City Department of Education.
"In all, I'm pleased with the progress we made in adding new clients in each of our growth markets," Michael L. Chasen, chief executive, said in a conference call yesterday.
The company closed the quarter with about $71.7 million in cash and cash equivalents. Blackboard said it expects to post a profit of $5.6 million to $6.1 million for fiscal year 2004, with revenue for the year of $109.2 million to $110.2 million.
The company reported earnings after the market close. Shares of Blackboard rose 36 cents yesterday to close at $16.11.