Blackbaud, Inc. (NASDAQ: BLKB), a leading global provider of software and services for nonprofits, today announced financial results for its fourth quarter and full year-ended December 31, 2013.
“In the fourth quarter, the Blackbaud team delivered a solid finish to a very strong overall year in 2013. Each of our business units performed well, with double-digit growth of recurring revenue in both our enterprise and general markets business units. We continue to see our customers shifting toward subscription and cloud-based products and services. Our continued product optimization and innovation efforts are designed to seize opportunities presented by this trend while we support our leading product and service offering to the non-profit organization marketplace,” stated Tony Boor, Senior Vice President and Chief Financial Officer of Blackbaud.
Mike Gianoni, President and CEO, commented, “While I have been with Blackbaud for only one month, I am very pleased to have a strong team and significant opportunities for us to generate innovation and improvements in our product suite, continue to refine our industry-leading services, and consistently, efficiently and profitably grow our business over the long-term.”
“Our financial goals for 2014 reflect a heightened level of operating investments in areas that we expect will fuel accelerated growth, strengthen our competitive advantages, and enable greater efficiencies throughout our global operations. Many of these investments will provide significant leverage in our business model, which we expect will increase growth and profitability in 2015, and beyond,” concluded, Mr. Gianoni.
Fourth Quarter 2013 GAAP Financial Results
Blackbaud reported total revenue of $134.9 million for the fourth quarter of 2013, an increase of 12.3% compared to $120.1 million for the fourth quarter of 2012. Income from operations and net income were $14.6 million and $11.8 million, respectively, compared to $9.9 million and $3.3 million, respectively, for the fourth quarter of 2012. Diluted earnings per share were $0.26 for the fourth quarter of 2013, compared to $0.07 in the same period last year.