Fourth-quarter net income fell to $3.3 million, down 48.5 percent from $6.4 million a year earlier. Revenue for the final three months of 2012 was $120.1 million, up 26.3 percent from just over $95 million the prior year. Net income in 2012 was $6.6 million, off 80 percent from $33.2 million for 2011. Revenue for the most recently ended year was $447.6 million, an increase of 20.6 percent from $370.9 million. CEO Marc Chardon, who is leaving the company as soon as a replacement is found, noted the company had been engaged in cost cutting to absorb Convio and that included the elimination of 150 positions in January. At the end of 2011, Blackbaud had 2,256 employees before it purchased Convio. In an earnings webcast, Blackbaud executives said the jobs are not being lost in just one area and that the company is continuing to hire. Chardon noted the company is "focused on selling back to the installed base of our Raiser’s Edge customer." Blackbaud will also be added functionality for Raiser's Edge power users and cloud features "for less technical users," he said. In terms of revenue sources, license revenue for the fourth quarter was $4.4 million, down from just under $4.9 million a year ago. Subscription revenue, by contrast, rose to just over $120 million from $95 million.