(Nasdaq: BBBB) is a global leader in enterprise technology andinnovative solutions that improve the experience of millions of students andlearners around the world every day. Blackboard's solutions allow thousands ofhigher education, K-12, professional, corporate, and government organizationsto extend teaching and learning online, facilitate campus commerce andsecurity, and communicate more effectively with their communities. Founded in1997, Blackboard is headquartered in Washington, D.C., with offices in NorthAmerica, Europe, Asia and Australia.BlackboardEducate Innovate. Everywhere.(TM)Any statements in this press release about future expectations, plans andprospects for Blackboard and other statements containing the words "believes,""anticipates," "plans," "expects," "will," and similar expressions, constituteforward-looking statements within the meaning of The Private SecuritiesLitigation Reform Act of 1995. These forward looking statements includestatements about our expected financial results for the first quarter of 2009and the full year 2009 and other statements about our future financialperformance.Actual results may differ materially from those indicated bysuch forward-looking statements as a result of various important factors,including the factors discussed in the "Risk Factors" section of our Form 10-Kfiled on February 26, 2009 with the SEC. In addition, the forward-lookingstatements included in this press release represent the Company's views as ofMay 6, 2009.
The Company anticipates that subsequent events and developmentswill cause the Company's views to change. However, while the Company may electto update these forward-looking statements at some point in the future, theCompany specifically disclaims any obligation to do so. These forward-lookingstatements should not be relied upon as representing the Company's views as ofany date subsequent to May 6, 2009.Use of Non-GAAP Financial MeasuresThis release includes information about the Company's non-GAAP adjusted netincome and non-GAAP adjusted net income per share, which are non-GAAPfinancial measures. Management believes that both measures, which exclude theamortization of acquisition-related intangible assets, stock-basedcompensation, and non-cash interest expense, provide additional usefulinformation to investors regarding the Company's ongoing financial conditionand results of operations and aspects of current operating performance thatcan be effectively managed.
Because the Company has historically reportedthese non-GAAP results to the investment community, management also believesthe inclusion of these non-GAAP financial measures provides enhancedcomparability in its financial reporting and facilitates investors'understanding of the Company's historic operating trends by providing anadditional basis for comparisons to prior periods. In addition, the Company'sinternal reporting, including information provided to the Company's AuditCommittee and Board of Directors, contains non-GAAP measures. The Company hasalso adopted internal compensation metrics that are determined on a basis thatexcludes amortization of acquired intangibles and the associated tax impact,and in 2009 also excludes stock-based compensation expense and non-cashinterest expense.A material limitation associated with the use of the above non-GAAP financialmeasures is that they have no standardized measurement prescribed by GAAP andmay not be comparable with similar non-GAAP financial measures used by othercompanies. The Company compensates for these limitations by providing fulldisclosure of each non-GAAP financial measure and reconciliation to the mostdirectly comparable GAAP financial measure which investors can use toappropriately consider each financial measure determined under GAAP as well ason the adjusted non-GAAP basis. However, the non-GAAP financial measuresshould not be considered in isolation from, or as a substitute for, financialinformation prepared in accordance with GAAP. In addition to the informationcontained in this release, investors should also review information containedin the Company's Form 10-K dated February 26, 2009, as well as other filingswith the Securities and Exchange Commission when assessing the Company'sfinancial condition and results of operations.SOURCEBlackboard Inc.For Financial Media and Investors, Michael J.
Stanton, Senior Vice President,Investor Relations, +1-202-463-4860 ext. 2305, or For Education & GeneralMedia, Matthew Maurer, Director, Public Relations, +1-202-463-4860 ext. 2637,, both of Blackboard Inc.. dollar contributed to $4.0 million ($0.055 per basic unit)of the AFFO improvement. Distributions declared in the 2009 first quarterof $15.3 million, or $0.07 per unit per month, represented 63.2% ofadjusted funds from continuing operations."We are encouraged by the improvement in the first quarter as a result ofthe implementation of our back-to-basics operating plan," said TimLukenda, President and CEO of Extendicare REIT. "While there may bechallenges on the horizon, we are confident that we are positioned to besuccessful in an evolving health care environment.