Blackbaud posts growth

Blackbaud, the Charleston, S.C., provider of software and services for nonprofits, reported net income of $5.3 million in the second quarter ended June 30, compared to a loss of $200,000 in the same period last year.

The firm, which raised $64.8 million in an initial public offering of stock in July, says total revenue in the three-month period grew 19 percent to $35.5 million from the same period a year earlier.

License revenue and services revenue each grew 29 percent to $7.3 million and $11.1 million, respectively, while maintenance revenue and subscriptions grew 12 percent to $16.2 million, the company says.

Earnings per share, on a fully diluted basis, totaled 12 cents in the second quarter, compared with a loss of 1 cent in the same period last year.

Cash from operations totaled $11.3 million, up from $8.6 million.

Blackbaud sold 8.1 million shares at $8 a share in its IPO, with 3.8 million shares changing hands the first day of public trading July 22 at prices ranging from $8.25 to $8.67 a share

Blackbaud’s underwriters had set the IPO at 9.1 million shares at a price of $10 to $12 a share.

Blackbaud stock closed Aug. 5 at $8.65 share, down 90 cents.

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