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Blackbaud, Inc. Announces Second Quarter 2012 Results

Stocks in this article: BLKB

Blackbaud, Inc. (Nasdaq: BLKB), the leading global provider of software and services for nonprofits, today announced financial results for its second quarter ended June 30, 2012.

“Blackbaud delivered second quarter financial results that were consistent with our guidance for standalone Blackbaud and made significant progress on integrating the Convio acquisition, despite increased macroeconomic headwinds,” stated Marc Chardon, Chief Executive Officer for Blackbaud.

Chardon added, “Over the last few months, we have made significant progress integrating Convio’s employees and operations into Blackbaud. Market reception to our combination has been favorable, and we are excited to be in a unique position of delivering the industry’s leading CRM and online fundraising solutions from a single vendor. We believe that Blackbaud will increasingly be recognized as the vendor of choice to serve the multi-channel supporter engagement needs of nonprofit organizations.”

Second Quarter 2012 GAAP Financial Results: Consolidated

Blackbaud reported total revenue of $110.2 million for the second quarter of 2012, an increase of 17% compared to $93.8 million for the second quarter of 2011. GAAP loss from operations and net loss were $(1.9) million and $(2.3) million, respectively, compared with GAAP income from operations of $14.5 million and net income of $9.4 million, respectively, for the second quarter of 2011. Diluted loss per share was $(0.05) for the second quarter of 2012, compared with diluted earnings per share of $0.21 in the same period last year.

Second Quarter 2012 Non-GAAP Financial Results: Consolidated

Blackbaud reported total non-GAAP revenue of $113.7 million for the second quarter of 2012. Non-GAAP income from operations, which excludes write-down of Convio deferred revenue, stock-based compensation expense, amortization of intangibles arising from business combinations, acquisition and integration related expenses, impairment of cost method investment, write-off of prepaid proprietary software licenses and gain on sale of assets, was $19.3 million for the second quarter of 2012, compared to $19.9 million in the same period last year. Non-GAAP net income was $10.8 million for the second quarter of 2012, compared to $12.3 million in the same period last year. Non-GAAP diluted earnings per share were $0.24 for the second quarter of 2012, compared to $0.28 in the same period last year.

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