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BLACKBAUD TURNS IN MODEST QUARTER
Nonprofit software vendor Blackbaud had a 13-percent decline in earnings on a 5-percent increase in revenue for the September quarter. But still, that revenue growth was the second consecutive quarter of improvement over the prior year, compared to flat to down results in earlier quarters. That translated into net income of $8.5 million for the recently ended quarter, down from $9.8 million a year earlier. Revenue rose to $83.2 million from $79.2 million.
CEO Marc Chardon to continue to be cautiously optimistic, although he said customer buying is not back to pre-recessionary levels. The important story continued to be subscription revenue, which reached $21.2 million for the quarter, up 10 percent from $19.2 million a year earlier. That category is now 26 percent of overall revenue, four times license revenue, Chardon said. He added that while bookings for license revenue were flat, bookings for subscription-based products rose by 50 percent.
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