Staff Report
Published Feb. 8, 2010

Daniel Island-based Blackbaud, which provides software and services for nonprofits, released fourth-quarter results showing a slight decrease in revenue compared with the same time last year.

Revenue for the fourth quarter, which ended Dec. 31, decreased 2% to $79 million compared to the fourth quarter of 2008. For the same time period, income from operations increased from $10.1 million to $13.3 million and net income increased from $6.5 million to $8 million.

Diluted earnings per share were 18 cents in the fourth quarter, compared with 15 cents in the same quarter of 2008.

For all of 2009, total revenue increased 2.3% from 2008 to $309.3 million. Income from operations and net income decreased slightly to $45.8 million and $28.4 million. Diluted earnings per share were 65 cents for the year, down from 68 cents for 2008.

“In addition to strong profitability, Blackbaud generated $86.8 million in cash from operations during 2009,” CFO Timothy Williams said in a news release. “We used our cash flow to pay down debt by approximately $59 million and returned the company to a positive net cash position.”

Blackbaud’s board also declared a first-quarter dividend of 11 cents per share to stockholders of record on Feb. 26. It will be payable March 15.