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Blackbaud posts higher revenue, lower earnings

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PJ staff report

Blackbaud, a provider of software and related services for nonprofits, reported net income of $8.5 million for the third quarter ended Sept. 30, or diluted earnings per share of 20 cents, down from $9.8 million, or 22 cents a share, in the same period a year ago.

Total revenue for the three-month period grew to $83.2 million from $79.2 million in the same period last year.

The company, which is based in Charleston, S.C., and says 24,000 organizations use one or more of its products and services, ended the third quarter with $26.3 million in cash, up from $13.3 million a year ago.

“While the pace of the economic recovery remains uncertain, overall customer interest levels remain high,” Blackbaud CEO Marc Chardon says in a statement.

Timothy V. Williams, chief financial officer, says Blackbaud saw a “continuation in customers’ growing preference for subscription-based solutions,” and that the “natural leverage” associated with that business will be a “key factor enabling the company to return to its long-term operating model over the next several years.”

Blackbaud’s board of directors declared a fourth-quarter dividend of 11 cents per share payable on Dec. 15, 2010, to stockholders of record on Nov. 26, 2010.

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