Blackbaud Turns 1st Quarter Profit

Charleston-based software developer Blackbaud Inc. said its first-quarter profit increased 46 percent to $6 million, even as the bulk of the nonprofit groups it serves faces more economic challenges.

Sales at the Daniel Island technology company edged up 2 percent to $76.2 million compared to the first three months of 2009.

The results came in the upper end of the company's previously announced guidance.

Blackbaud provides specialty software and services that enable nonprofit organizations to raise money more effectively. The company is considered the largest player in its industry, with 22,000 customers worldwide.

"We are encouraged by a few initial signs of stabilization in the small and mid-sized organization segments of our market, although, the macro environment facing nonprofit organizations remains challenging," said Marc Chardon, chief executive officer, in a written statement. "We continue to focus on our key growth initiatives, including online fundraising where Blackbaud is strengthening its already leading position in the market."

The company released its earnings after U.S. stock markets closed on Tuesday.

Also, Blackbaud's board of directors approved a second quarter dividend of 11 cents a share payable June 15 to stockholders of record on May 28.