Charleston-based software-provider Blackbaud Inc. reported healthy earnings Wednesday for its second quarter that ended June 30.
“Blackbaud generated strong second quarter results, with both revenue and profitability above the high-end of our guidance range,” said Marc Chardon, chief executive officer of Blackbaud. “We saw strong performance across each of our business units, and we are seeing positive signs that our integrated product strategy is resonating with customers and having a positive impact on our pipeline of opportunities.”
Blackbaud reported total revenue of $125.5 million for the second quarter of 2013, an increase of 14 percent compared to $110.2 million for the second quarter of 2012. Income from operations and net income were $14.3 million and $6.6 million, respectively, compared to a loss of $1.9 million and $2.3 million, respectively, for the second quarter of 2012. Diluted earnings per share were 15 cents for the second quarter of 2013, compared to a loss of 5 cents in the same period last year.
“Blackbaud generated profitability that was ahead of our expectations as the cost rationalization efforts we have made in recent quarters are positively impacting our financial performance,” said Tony Boor, chief financial officer of Blackbaud. “The plans we have put in place to improve operational efficiency are yielding positive results which is allowing us to invest in our business.”
The company ended the second quarter with $7.3 million in cash, compared to $8.4 million for the first quarter of this year. The company generated $24.5 million in cash flow from operations during the second quarter, returned $5.5 million to stockholders by way of dividend, invested $4.7 million in capital expenditures and capitalized software and reduced its debt balance by $15.5 million.
Blackbaud also announced its board of directors approved a third quarter 2013 dividend of 12 cents per share payable on Sept. 13 to stockholders of record on Aug. 28.