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Blackbaud posts lower earnings


Blackbaud, which provides software and related services for nonprofits, says its net income for the three months ended Sept. 30 fell to

$7.3 million, or 17 cents a share, from $8.8 million, or 20 cents a share, for the same period a year earlier.

Total revenue for the third quarter grew to $80.1 million from $67.8 million a year earlier.

Blackbaud earlier this year purchased Kintera, the financially-struggling software firm based in San Diego, in a $46 million cash deal.

Blackbaud CEO Marc Chardon says in a statement the company’s financial results “were in line with our expectations, which we believe is a solid performance considering the difficult economic environment that deteriorated considerably over the course of the quarter.”

The board of directors of Blackbaud, based in Charleston, S.C., declared a fourth-quarter dividend of 10 cents a share payable on Dec. 15 to stockholders of record on Nov. 28.

The company also says it has roughly $34 million remaining under a $40 million common-stock share repurchase program authorized in May.

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