In this week's earnings webcast, CEO Mike Gianoni said, "Subscription revenues accounted for more than 50 percent of total revenue for this quarter for the first time in the company's history." He also noted the Charleston, S.C.-based nonprofit software company is pleased with the launch of its cloud products. It has sold 1,000 units of Raiser's Edge NXT and Financial Edge NXT since their launch this year. Meanwhile, Gianoni also pointed towards his company's ability to hit its target growth. For 2015, executives are looking for organic revenue growth of 6 percent to 10 percent at constant currencies. This year, non-GAAP revenue has increased by 6.4 percent over a year earlier, up 8.4 percent at constant currencies.
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EXPENSES DENT BLACKBAUD NET Featured
Blackbaud saw net income drop to slightly more than $7 million for the second quarter ended June 30, down 24.1 percent from $9.3 million in last year's corresponding period. The company this week reported revenue of $157.3 million for the most recently ended quarter, up 12.1 percent from $139.4 million a year ago. Cutting into the bottom line were operating expenses of $68.4 million, which represent an increase of $16.5 million, an increase of 24.1 percent year-to-year. Subscription income continued its upward trend.
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