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SUBS BOOST BLACKBUD REVS
License fees barely budged, but subscription revenue once again pushed Blackbaud’s revenue higher as the company closed its fourth quarter on December 31. Net income for the nonprofit software vendor rose to $8.5 million, an increase of 7.3 percent from just under $8 million in last year’s corresponding quarter.
Overall revenue rose to just under $87 million, up 10.1 percent from just under $79 million a year ago. License revenue hardly changed for the quarter rising to $6.5 million, compared to $6.3 million. But subscription revenue moved up to $21.7 million, an increase of 13 percent from $19.2 million. The story was the same for the year with net income for the most recently ended year hitting $29.8 million, a rise of 4.7 percent from $28.4 million for 2009. Revenue for 2010 was $327.1 million, up 5.7 percent from $309.3 million. License revenue dropped to $23.7 million for 2010, down from $25.4 million the prior year. However, 2010 subscription revenue reached $82.5 million, moving up 13.2 percent from $72.9 million in the last quarter of 2009.
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