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Blackbaud shares climb following 3rd-qtr report

November 2, 2011

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SAN FRANCISCO—Blackbaud Inc. shares climbed Wednesday after the maker of software for nonprofit groups and the educational market said its quarterly net income rose 15 percent, helped by growth in subscription and services revenue.

Blackbaud said late Tuesday that third-quarter net income totaled $9.8 million, or 22 cents per share, compared with $8.5 million, or 20 cents per share, in the same quarter a year earlier.

Excluding one-time items, the company earned 29 cents per share. That matched analysts' expectations, according to FactSet.

Revenue rose 15 percent year-over-year to $95.5 million from $83.2 million in Sept. 2010. Analysts expected $96.3 million in revenue.

Blackbaud, based in Charleston, S.C., said its revenue could grow in the "mid-teens" for the year. In 2010 Blackbaud reported $327 million in revenue.

Analysts were expecting $376 million in revenue for the full year, which would represent growth of 15 percent.

Blackbaud also named Anthony Boor, formerly an executive at cellphone distributor Brightpoint Inc., to replace Timothy Williams as its CFO. Williams previously announced that he would retire.

The company announced a fourth-quarter dividend of 12 cents per share. It will be payable Dec. 15 to shareholders of record as of Nov. 28.

Blackbaud shares rose $1.67, or 6.4 percent, to $27.85 in afternoon trading.