Despite a stormy economic environment that nipped at Blackbaud’s fourth-quarter earnings, the provider of software for nonprofit organizations logged solid revenue growth for 2008.
Blackbaud (Nasdaq: BLKB) finished the year with a total of $302.5 million in revenue, an increase of 18 percent over 2007.
But according to generally accepted accounting principles, the company’s net income dipped to $29.9 million last year from $31.7 million in 2007.
Earnings per share followed suit, falling to 68 cents from 71 cents.
However, when taking into account Blackbaud’s purchase of former rival Kintera, net income for the year rose slightly to $41.7 million for the year from $37.8 million in 2007.
Adjusted earnings per share rose to 95 cents from 84 cents.
Given the state of the economy in general, Blackbaud CEO Marc Chardon says he is pleased with the company’s performance.
"During 2008, the company made progress against multiple growth initiatives during what proved to be one of the most challenging periods nonprofits have ever faced," he says in a statement.
That growth came from several sources, he says, including the acquisition of Kintera, growth of the company’s international business and strong subscription revenue.
For the quarter ended Dec. 31, the company posted revenue of $80.4 million.
Net income, as calculated according to generally accepted accounting practices, fell to $6.5 million, down from $9 million in the fourth quarter of 2007.
Earnings per share for the same time period fell to 15 cents from 20 cents.
Adjusted revenue grew 17 percent to reach $81.9 for the quarter, while net adjusted net income was $10.4 million, a slight dip from $10.5 million posted for the same period in 2007.
