Blackbaud’s first-quarter revenues were up more than 20 percent from the same period last year when it was in the midst of acquiring Texas rival Convio.
The Daniel Island-based software firm’s income from operations, net income and earnings per share were also all up from the first quarter of 2012, according to the company’s accounting, which excludes various costs related to the acquisition.
According to standard accounting, year-over-year quarterly income was down and earnings per share were flat.
CEO Marc Chardon said the report represented a “solid start” to 2013 and attributed the better-than-expected performance to the combination of the companies and 150 layoffs in January.
While Blackbaud’s nonprofit customers continue to face a “challenging environment,” sales opportunities for the combined company’s primary fund-raising software are improving, he said.
Blackbaud would be further linking its Raiser’s Edge and Convio’s Luminate products and developing more donor analytics tools this year, Chardon said.
“I remain optimistic about the overall market opportunity for the company,” he said.
Finance chief Tony Boor noted the cuts in January caused the company to hold off on some investments and hiring planned for the quarter. Boor said his ongoing transformation of the company’s back-office systems is progressing and will pay off in the long term.
“We believe we are well-positioned to deliver on our full-year financial targets,” he said.
According to standard accounting, Blackbaud’s quarterly revenues were $115.6 million, up 22 percent from the same period last year. Income from operations was $4.6 million compared with $5.3 million in the first quarter of 2012; net income was $2.7 million, down from $2.8 million during the same period last year.
According to Blackbaud’s accounting method, quarterly revenues were $116.2 million, exceeding the high-end of the company’s previous guidance. Quarterly income from operations was $20.9 million, up from $13.2 million in the same period last year and above the high-end of the company’s guidance. Net income was $11.8 million, up from $7.8 million in the same period last year. Quarterly earnings per share were 26 cents, up from 17 cents for the same period last year and above the high-end of the company’s guidance.
The company also announced that its board of directors has approved a quarterly dividend of 12 cents per share payable June 14 to stockholders of record on May 28, 2013.
Blackbaud, which makes software for nonprofits, employs about 2,600 people, including more than 1,000 at its Daniel Island headquarters.
The company announced in January that Chardon would be stepping down sometime this year. On Wednesday, Chardon said there has been interest but that the company is still figuring out who to interview and that he expected to preside over the August earnings call.
Reach Brendan Kearney at 937-5906 and follow him on Twitter at @kearney_brendan.
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