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Blackbaud, Inc. Announces Third Quarter 2012 Results

Stocks in this article: BLKB

Blackbaud, Inc. (Nasdaq: BLKB), the leading provider of software and related services designed specifically for nonprofit organizations, today announced financial results for its third quarter ended September 30, 2012.

“Blackbaud delivered third quarter non-GAAP profitability that exceeded the high-end of our guidance, despite facing continued macroeconomic headwinds and transition-related factors in our enterprise business unit,” stated Marc Chardon, Chief Executive Officer of Blackbaud.

“Our integration of Convio progressed well during the third quarter. We finalized the integrated product roadmap and communicated our “go forward” online fundraising and CRM offerings to our global sales organization and customer base. We are moving forward as a single organization with the best-of-both-worlds online and offline solutions for nonprofit organizations of all sizes and across verticals,” added Marc Chardon.

Tony Boor, Chief Financial Officer of Blackbaud, said “We made excellent progress identifying and executing against synergies while bringing together Blackbaud and Convio during the third quarter. As a result we are tracking ahead of our original target of realizing $9-10 million in annualized cost savings by the end of 2012. As we navigate through the present economic uncertainty, we will continue to focus on protecting our bottom line and cash flow.”

Third Quarter 2012 GAAP Financial Results

Blackbaud reported total revenue of $122.5 million for the third quarter of 2012, an increase of 28% compared to $95.4 million for the third quarter of 2011. Income from operations and net income were $6.2 million and $2.8 million, respectively, compared with $16.0 million and $10.2 million, respectively, for the third quarter of 2011. Diluted earnings per share were $0.06 for the third quarter of 2012, compared with $0.23 in the same period last year.

Third Quarter 2012 Non-GAAP Financial Results

Blackbaud reported total non-GAAP revenue of $123.8 million, which includes $1.3 million of the deferred revenue write down associated with the Convio acquisition. Non-GAAP income from operations, which also excludes stock-based compensation expense, amortization of intangibles arising from business combinations, and acquisition and integration related expenses, was $20.7 million for the third quarter of 2012, compared to $21.5 million in the same period last year. Non-GAAP net income was $11.7 million, or $0.26 per diluted share for the third quarter of 2012, compared to $13.0 million, or $0.30 per diluted share in the same period last year.

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