Charleston area software firm Blackbaud Inc. has heightened its financial expectations for the year, a decision that follows what company officials describe as a stronger-than-expected performance through the midyear point.
The Daniel Island-based company reported Thursday that its operations resulted in total revenue of $139.4 million for the quarter that ended June 30, an increase of 11.1 percent compared with the same three-month span in 2013. In addition, the company reported a net income of $9.3 million, up from $6.6 million in the second quarter of 2013.
"Our team delivered another solid performance in the second quarter of 2014," CEO Mike Gianoni said in a written statement.
Blackbaud officials also said they have higher expectations for the fiscal year.
"If you look at the guidance, we said we would grow at a rate and we are ahead of that in the first half of the year and we are confident about the next part of the year," Gianoni said.
The company is expecting to end the year with a revenue ranging from $545 million to $560 million, officials said.
The new outlook is the result of a stronger-than-expected second quarter and "modest incremental revenue" from the recent $35 million acquisition of WhippleHill Communications, a small Bedford, N.H., firm that caters exclusively to K-12 private schools.
Blackbaud is the world's largest seller of software and services tailored for nonprofit organizations, officials said.
Gianoni said the company believes the strong momentum will continue through the year.
"We are also pleased to now include the WhippleHill cloud-based solutions for our K-12 marketplace clients," Gianoni said. "This represents a market expansion opportunity for us to increase revenue and reach in this important sector of our business."
WhippleHill is the first acquisition under Gianoni, who's been CEO since January.
Gianoni said the company's marching orders for the second half of the year are to focus on organic growth, optimizing the "product portfolio," in addition to increasing revenue and operating efficiencies.
Blackbaud also announced that its Board of Directors approved a third-quarter dividend of 12 cents per share payable on Sept. 15, to stockholders of record on Aug. 28.
Notice about comments:
The Post and Courier is pleased to offer readers the enhanced ability to comment on stories. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We ask that you refrain from profanity, hate speech, personal comments and remarks that are off point.