Blackbaud posts higher net income

October 29, 2009

Blackbaud, a provider of software and services for nonprofits, reported net income of $9.8 million for the three months ended Sept. 30, up from $7.3 million for the same period last year.

Revenue for the company, based in Charleston, S.C., fell to $79.2 million for the third quarter from $80.1 million for the same period a year earlier.

Diluted earnings grew to 22 cents a share from 17 cents a share.

"We continue to see the largest nonprofit organizations moving forward with technology investments to maximize their fundraising activities in the current economic environment," Marc  Chardon, Blackbaud's CEO, says in a statement.

"While the market environment remains challenging, Blackbaud is making steady progress in strengthening its market position," he says.

Blackbaud ended the quarter with $22.2 million in cash, up from $18.5 million at the end of the previous quarter.

Blackbaud's board of directors declared a fourth-quarter dividend of 10 cents a share payable on Dec. 15 to stockholders of record on Nov. 27.

The company says roughly 22,000 organizations use one or more of its products or services.

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