Blackbaud revenue up, earnings down

May 1, 2009

Marc Chardon

Blackbaud, a provider of software and services for nonprofits, reported its revenue grew 8 percent to $74.7 million in the three months ended March 31, while its net income fell 42 percent to $4.1 million, or nine cents per diluted share.

The company, based in Charleston, S.C., also said it had acquired RLC CCTG, a privately-held firm in The Netherlands that provides software and services to Dutch nonprofits and says its constituent-relationship-management products are used by over 80 percent of the largest nonprofits in The Netherlands.

Marc Chardon, Blackbaud's CEO, says in a statement that the company's first-quarter results were better than expected but that "the market environment remains challenging as the difficult and ucnertrain economic conditions continue to put pressure on the spending of many organizations in the nonprofit industry."

Blackbaud "will continue to manage our expenses carefully," he says, "but, we will also  continue to invest in the strategic growth initiatives that are contributing to our short-term business and, more importantly, position the company for enhanced long-term growth."
The Blackbaud board also declared a second-quarter dividend of 10 cents a share, payable on June 15 to shareholders of record on May 28.

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