Blackboard raises 2008 outlook, but sees 2Q below analysts

WASHINGTON—Educational software company Blackboard Inc. on Wednesday raised its full-year forecast, but predicted second-quarter profit below Wall street estimates.

The company also raised its full-year outlook, saying it now expects adjusted earnings of 61 cents to 69 cents per share on $310.5 million to $316.5 million in revenue.

In February, Blackboard had predicted adjusted earnings of 58 cents to 68 cents per share on $306 million to $314 million in revenue for the year.

Analysts polled by Thomson Financial expect a profit of 63 cents per share on $310.3 million in revenue.

Blackboard expects adjusted earnings of 10 cents to 13 cents per share in the second-quarter quarter, compared with 23 cents per share in the year-ago quarter.

Blackboard also forecast revenue of $74.8 million to $76.8 million in the period.

Analysts expect a profit of 14 cents per share on $75.8 million in revenue.

Blackboard shares fell 37 cents to close at $35.47.