Blackbaud sees revenues grow, income slightly decline in first quarter

Staff report
Published May 1, 2013

Blackbaud Inc. boosted its revenues by 22% during the first quarter of 2013, but the Daniel Island-based software company saw a slight decline in net income, the company reported today.

Blackbaud’s revenues were $115.6 million during the first quarter compared to $94.7 million during the same period last year. Its net earnings came in at $2.7 million this year compared with $2.8 million for the first quarter last year. Blackbaud, which is based in Charleston, provides fundraising software and services for nonprofits.

“Our first quarter results were a solid start to 2013 as our revenue and profitability were above the high end of our guidance ranges,” CEO Marc Chardon said in a news release. “There is growing awareness among nonprofit organizations that they need to invest in new or upgraded fundraising software and related solutions in order to achieve their missions. We are still in the early stages of benefiting from our integrated product strategy following the acquisition of Convio, and we are encouraged by customer feedback that continues to be very positive on the direction of our company and solutions.”

Blackbaud finished the first quarter with $8.4 million in cash compared to $13.5 million at the end of 2012. It also generated $12.9 million in cash flow from its operations during the first quarter and returned $5.5 million to stockholders through a dividend.

Earnings per share and dividends per share were both flat year-over-year at 6 cents and 12 cents, respectively.

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