Blackbaud reports income, revenue growth

Both revenue and income were up during the first quarter of the year for software provider Blackbaud, and the company announced a dividend payment for the second quarter.

Total revenue for the quarter, which ended March 31, stood at $69.4 million, up 26 percent from the first quarter of 2007.

During the same period, net income grew to $7.0 million, or $0.16 per diluted share, up from $5.8 million, or $0.13 per diluted share.

“During the first quarter, the company delivered revenue growth and operating profitability that were in the upper half of our expectations, and cash from operations was also strong,” Marc Chardon, Blackbaud’s CEO, says in a statement.

“We were pleased with this growth and overall financial performance considering the more challenging macro-economic environment in which we are currently operating,” he says.

Comparing the first quarter of 2008 to the same period in 2007, Blackbaud’s license revenue grew 19 percent to $9.6 million, revenue from services was up 29 percent to $23.6 million, subscription revenue jumped 83 percent to $8.8 million, and maintenance revenue grew 13 percent to $25.4 million.

The company says it will pay a dividend of $0.10 per share on June 16 to people who held stock as of May 28, 2008.

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