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Blackbaud reports earnings growth

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Blackbaud, a provider of software and services for nonprofits, says its net income grew to $5.9 million, or 13 cents a share, for the first quarter ended March 31 on revenue of $55.3 million, up from net income of 5.7 million, or 13 cents a share, on revenue of $43.7 million, in the same period a year earlier.

The company, based in Charleston, S.C., said it spent $58.7 million during the quarter on the acquisition of Target Software and Target Analysis Group, sister firms in Cambridge, Mass., that provide direct-response marketing services to nonprofits.

“We are still in the early stages of integrating the recently acquired Target companies, but we are making solid progress and our experience to date has reinforced the strategic reasons behind these acquisitions,” Marc Chardon, Blackbaud’s CEO, says in a statement.

Blackbaud also says its board has declared a second-quarter dividend of 8.5 cents a share payable on June 15, 2007, to stockholders of record on May 28, 2007.

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