For the year, it lost $3.4 million, narrower than the 2011 loss of $5.1 million. Revenue for the last year was $340.5 million, a rise of 21.8 percent from $279.6 million. The year's story was largely one of the digestion of acquired companies, including Maconomy and Input. CEO Kevin Parker said that was behind the 11.2-percent drop in operating expenses in the fourth quarter to $50.6 million from $57 million. However, for the year, expenses reached $212.1 million, a 27-percent increase from $166.9 million the prior year. Parker said that Blackbaud's acquisition efforts are on hold as the company continues to work on decreasing expenses associated with its purchases. Product revenue was driven by subscription and term licenses sales which more than doubled in the fourth quarter and were seven times higher for the year. That category of income reached $39.2 million in the year just ended up from $5.3 million in 2011. Perpetual license revenue dropped for both the quarter and the year. The fourth-quarter top line was held down as consulting services and other revenue dropped to $17.8 million, a drop of 35.7 percent from $24.2 million a year earlier.