Blackbaud returns to 2nd-qtr profit

Blackbaud reports 2nd-quarter profit on higher revenue, results beat expectations

Associated Press

CHARLESTON, S.C. (AP) -- Blackbaud Inc. returned to a profit in the second quarter as revenue across most of its business units rose, and adjusted results beat expectations.

Shares of Blackbaud rose $1.71, or 5.1 percent, to $35.46 in midday trading, closer to the high end of the stock's 52-week range of $20.99 to $36.73.

The Charleston, S.C.-based company, which provides software and services to the nonprofit sector, said Wednesday that its net income for the three months ended June 30 totaled $6.6 million, or 15 cents per share. That compares with a loss of $2.3 million, or 5 cents per share a year ago.

Excluding a write-down related to an acquisition, net income totaled 33 cents per share. Analysts expected 28 cents, according to FactSet.

"We see nonprofits across all sectors looking for ways to improve and increase their fundraising, and they are looking for powerful, easy-to-use technology that can help them meet their needs," said CEO Marc Chardon.

Revenue rose 14 percent to $125.5 million from $111.2 million, as higher subscription and maintenance revenue helped offset slightly lower services revenue. Analysts expected revenue of $122 million.

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