Blackbaud net jumps 22 pct but rev falls short
Blackbaud Inc.'s quarterly profit jumped 22 percent as lower expenses helped offset a revenue shortfall. Shares fell in extended trading.
The company, which makes fundraising and other financial software for nonprofits and schools, said it earned $8.0 million, or 18 cents per share, in the last three months of 2009. That compares with $6.5 million, or 15 cents per share, in the year-ago period.
It earned 27 cents per share, excluding items, which matched the average estimate of analysts polled by Thomson Reuters, on that same basis.
Revenue dropped 2 percent to $79.0 million, lower than the $85.2 million in revenue that analysts were expecting.
For all of 2009, the company earned $28.4 million, a 5 percent decline, on $309.3 million in revenue, a 2 percent increase over last year.
Blackbaud shares fell 50 cents, or 2.2 percent, to $21.78 in extended trading, after the earnings report. They had fallen 63 cents, or 2.8 percent, to close at $22.28 in the regular trading session.