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Blackbaud posts profit

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Blackbaud, a Charleston, S.C., provider of software and other services for nonprofits, reported net income of $7.6 million in its third quarter ended Sept. 30, compared to a loss of $100,000 a year earlier, revenue growing 19 percent to $36.2 million from the comparable period.

Revenue from licenses grew 19 percent to $6.2 million, while revenue for services grew 27 percent to $12.1 million, and revenue for maintenance and from subscriptions grew 15 percent to $17 million, Blackbaud says.

Cash from operations for Blackbaud, which raised $64.8 million in an initial public offering of stock in July, totaled $17 million for the three-month period and $33.3 million for the first nine months of the year, up 23 percent from the same period a year earlier.

Earnings per share, on a GAAP diluted basis, totaled 16 cents, compared to zero a year earlier.

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