Blackbaud posts revenue growth

Tony Boor
Tony Boor

Blackbaud, a provider of software and services for nonprofits, posted higher revenue for the final three months of 2011 and for the full year, and reported lower net income for the quarter and higher net income for the year, compared to the same periods last year.

Net income for the company, based in Charleston, S.C., fell to $6.4 million for the quarter, or 14 cents a share, from $7.2 million, or 17 cents a share, a year earlier, while revenue grew to $95 million from $85.8 million.

For the year, net income grew to $33.2 million, or 75 cents a share, from $29.2 million, or 75 cents a share, a year earlier, while revenue grew to $370.9 million from $326.6 million.

Tony Boor, Blackbaud’s chief financial officer, says in a statement the company has “identified several areas for improvement” and planned to make “some targeted investments in our back-office operations.”

He also says the company is planning for “double-digit to low-teens revenue growth for 2012.”

The company also says it recently closed on $325 million in credit for its pending deal to acquire Austin, Tex.-based Convio in a deal it estimates is worth $275 million.

Blackbaud recently extended the expiration of its cash tender officer for Convio to give the U.S. Department of Justice more time to review information about the deal.

The company’s board of directors also approved a first-quarter 2012 dividend of 12 cents a share payable on March 15 to stockholders of record on March 5.

Blackbaud also said it had identified “certain prior period errors” in its financial reporting that resulted in a decrease in net income of $600,000, $900,000, $1.6 million and $2.1 million for the years ended Dec. 31, 2010, 2009, 2008, 2007 and 2006, respectively, and an increase in net income of $600,000 for the nine months ended Sept. 30, 2011.

Blackbaud says it works with over 26,000 customers in over 60 countries that raise over $100 billion a year using its technology.

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