One number that shot up was the cost of subscription products which hit $167.3 million in the most recently ended year, a rise of 25.6 percent from $133.2 million in 2014. The Charleston, S.C.-based company noted for the first time results included a full year of revenue from both WhippleHill and MicroEdge, which were purchased in 2014 and also incremental revenue from October's acquisition of Smart Tuition. Net income was dented by increased amortization of finite-lived intangible assets arising from acquisitions, as well as increased stock-based compensation.
BLACKBAUD REVS UP; NET OFF Featured
Blackbaud reported that net income dipped to $25.6 million for the year ended December 31, down 9.4 percent from $28.3 million in 2014. The nonprofit software company reported revenue of $637.9 million for the most recently ended year, an increase of 12.8 percent from $564.4 million the prior year. CEO Mike Gianoni said in a prepared statement the company was pleased with results in the fourth quarter, especially considering the fact that it was a transition year as the company began marketing its Raisers Edge NXT and Financial Edge NXT cloud products.
