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Blackbaud posts earnings gain

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Blackbaud, a provider of nonprofit software and services based in Charleston, S.C., reported nearly $6.2 million in net income, or 14 cents in diluted earnings per share, for the fourth quarter ended Dec. 31, 2005, compared to a net loss of $4.3 million, or 10 cents a share, in the same period a year earlier.

Revenue for the quarter totaled $42.9 million, compared to $36 million a year earlier.

Blackboard also reported Feb. 16 that its board of directors had approved an increase in its annual dividend to 28 cents a share from 20 cents, and declared a first-quarter dividend of 7 cents a share payable on March 15, 2006, to stockholders of record on Feb. 28, 2006.

For the year ended Dec. 31, 2005, net income totaled $33.3 million, or 72 cents a share, compared to $12.6 million, or 27 cents a share, in 2004.

Revenue for the year totaled nearly $166.3 million, compared to $139.4 million in 2004.

In the fourth quarter, Blackbaud reported, its license revenue grew 17 percent to $7.9 million, services revenue grew 26 percent to $12.5 million, and maintenance and subscriptions revenue grew 16 percnet to $20.7 million, compared to the same period a year earlier.

Cash from operations totaled $12.8 million for the fourth quarter, up 26 percent for a year earlier, and $51.8 million for the year, up 19 percent.

Blackbaud said it had $22.7 million in cash and cash equivalents on Dec. 31, 2005, up $2 million from the end of the previous quarter.

Blackbaud stock closed Feb. 17, the day after it released its earnings report, at $18.82 a share, up 22 cents.

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