Improvement in sales is some distance off. In a prepared statement, CEO Mike Gianoni, said, "Our customers continue to navigate the challenges caused by the pandemic which will put pressure on our ability to drive near-term revenue growth in 2020 and 2021, Blackbaud turned to cost cutting, as many companies have, to keep the bottom line up. Net income for the most recently ended period was $4.88 million, an increase of 6.8 percent from $4.57 million. Helping the bottom line was a 4.7-percent cut in operating expenses, which fell to $106.2 million from $111.4 million in last year’s corresponding period. Also helping was a sharp decrease in ncome expense which fell to slight less than $4 million, a drop of 21.8 percent from $5.1 million a year earlier. Two elements that did not help were a sharp drop in other income and a more than four-times increase in taxes. Other income fell to $542,000 from $2.2 million while the provision for income taxes rose to $1.8 million from $364,000.
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BLACKBAUD REVS OFF 2.8 PERCENT Featured
Nonprofit software vendor Blackbaud reported revenue of $215 million for the third quarter ended September 30, down 2.8 percent from $221.1 million a year earlier. Worse for the company this week in the eyes of financial analysts was Blackbaud missed consensus revenue estimates by $6.3 million.
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