Net income rose to $8.9 million for the most recently ended quarter, up 12.9 percent from $7.9 million a year earlier. Revenue was $183.1 million, an increase of 15.3 percent from $158.8 million in last year's corresponding period. Gianoni and CFO Tony Boor did not single out any products as being especially responsible or the results and Gianoni concentrated discussing accomplishments regarding five announced strategies. He said one of them, streamlining operations, has been essentially completed with the company reducing the number of software platforms in use by 75 percent. "The efficiencies gained are significant, and we are now prepared for scale in the integration of future acquisitions," he said. Gianoni also emphasized the company's efforts to go deeper into niche markets. "It is really about doubling down on some verticals where we think we can do well expanding our TAM [total addressable market] and providing wider solutions that near adjacencies to what we do today," he said. The CEO pointed to the recent hirings of presidents for the software company's Higher Education Solutions group and Healthcare Solutions group as part of that effort.Last modified on Friday, 04 November 2016
BLACKBAUD REPORTS "SOLID QUARTER" Featured
Blackbaud has reported double-digit increases for both net income and revenue for the third quarter on September 30. CEO Mike Gianoni said during this week's earnings webcast it was a "solid third quarter, positioning us well to finish the year and achieve our 2016 financial guidance, which we updated to increase the cash flow component."