Blackbaud issues first earnings report since layoffs
In its first earnings release since announcing a raft of layoffs and the pending departure of its chief executive officer, Blackbaud reported net income of $6.58 million on revenues of $447.4 million for 2012.
The Daniel Island-based software company’s net income for the last three months of the year was $3.27 million on revenues of $120 million.
Blackbaud’s net income in 2011 was $33.2 million on $370.9 million in revenue. Diluted earnings per share were $0.15 for the full year 2012, compared with $0.75 for 2011.
The company’s board of directors approved a first-quarter dividend of 12 cents per share payable March 15 to stockholders of record on Feb. 28.
The earnings announcement comes three weeks after Blackbaud announced CEO Marc Chardon will be leaving the company sometime this year and a month after the company announced 150 layoffs. The company, which makes software for nonprofits, said the layoffs are in part due to last year’s acquisition of Texas rival Convio but denied Chardon’s exit stems from the Convio deal, which took longer than expected to close and has not yet yielded the hoped-for results.
“During 2012, the acquisition of Convio significantly increased our scale, recurring revenue and presence in the fastest growing segment of the nonprofit market,” Chardon said in a statement that accompanied the Wednesday morning earnings report. “We also made solid progress on our combined company go-to-market strategies, from which we expect to benefit over the course of 2013 and beyond. We are confident that our unique, best-of-breed offerings in online fundraising and CRM for nonprofits of all sizes and across verticals position us well to gain share in our underpenetrated, multi-billion dollar market opportunity.”
Chardon and Chief Financial Officer Tony Boor will present the earnings and answer analysts’ questions during an 8 a.m. conference call that can be heard here.
The full earnings report can be seen here.