Plato Learning, Inc. reported fiscal 2009 net income of $957,000, or $0.04 per share. This was a vast improvement over the $91.9 million, or $3.85 per share, loss it reported in fiscal 2008. Revenues came in at $65.2 million in fiscal 2009, down slightly from the prior year.
Plato Learning, Inc. ended the quarter with a cash balance of $28.2 million, double the amount the company had three months ago. Plato Learning, Inc also has no short or long term debt on its balance sheet.
Plato Learning, Inc. predicts strong growth in fiscal 2010, with subscription growth of 10-20% over the previous year. The company also issued guidance of fiscal 2010 free cash flow and backlog growth of 30-40% from fiscal 2009.
Vin Reira, the CEO of Plato Learning, Inc., said, “Fiscal 2009 was an important year for the Company and our shareholders. We began our transition to a software-as-a-service business model four years ago with a goal of transforming our business to deliver consistent profitability and strong cash flows to our shareholders. In 2009, we achieved this goal and enter fiscal 2010 optimistic about our ability to continue to deliver on it.”
Plato Learning, Inc. provides internet and computer based educational services for Kindergarten through 12th grade, and for the adult educational market as well.