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BLACKBAUD HAPPY WITH 3Q RESULTS
Blackbaud said the company expects to exceed its 2009 target for non-GAAP operating margins as it turned in results for its third quarter ended September 30. In the company’s conference call this week, CEO Marc Chardon called this “a significant accomplishment”.
However, while the higher-education and enterprise segments of the company’s business did better than average, Chardon continued that the arts and cultural area remained “quite challenging” and the low and midmarket areas had even more problems. Revenue was virtually unchanged at $79.2 million for the period just reported, down from $80.1 million a year ago. Net income rose to $9.8 million, up 34 percent from $7.3 million in the third quarter of 2008. The company contributed to bottom-line growth through expense cutting that annualize to about $30 million, according to Chardon.
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