The CRM product is high-end and Chardon and new CFO Tony Boor said that Blackbaud was spending on four installations, including a high-volume direct marketing company and a “highly federated” organizations, to develop the capabilities that customers of that size require. “We believe our decision to invest in these relationship is absolutely the right thing to do,” says Chardon, who said that the Blackbaud would be shaping the applications with the help of customers that would be testing them. Boor said his examination of prior financial results led to changes in revenue and net income, which the company did not consider material to results. These adjustments, along with the CRM charges, deducted about $4 million from revenue and $3.1 million for non-GAAP income for operations for the fourth quarter ended December 31. For that quarter, net income dropped to $6.4 million, down 12.3 percent from $7.2 million a year earlier. Fourth quarter revenue rose to just over $95 million, a 10.8-percent increase from $85.8 million. Net income for 2011 reached $33.2 million, an increase of 13.8 percent from 2010. Last year’s revenue of $370.868 was up 13.5 percent from $326.6 million the prior year. Boor also said his study would lead to changes in process, organization and go-to-market strategy. Associated expenses of $2 million for the program are expected to be offset by savings.