July 14, 2006

Blackbaud announces leadership changes, 2Q expectations

Daily Journal Staff  /  The Charleston Regional Business Journal

Blackbaud Inc., a provider of software and related services designed specifically for nonprofit organizations, Thursday announced restructuring of its executive leadership team and preliminary expectations for its second quarter 2006 financial results.

Germaine Ward, vice president of products, and Tony Powell, vice president of professional services and enterprise sales, "will pursue opportunities outside the company," the company said in a written statement. Calls to Blackbaud for clarification were not returned by press time.

Lou Attanasi, vice president of strategic technologies, will take over Ward's responsibilities. Attanasi is a 20-year veteran at Blackbaud, during which time he has also served as vice president of product development, managed research and development efforts and been responsible for software design.

Powell's responsibilities for consulting services will be assumed by Charles Cumbaa, vice president of products and services and a five-year veteran of the company, while his responsibilities within enterprise sales will be consolidated under Christopher Todd, vice president of sales and a six-year veteran of the company.

The company also announced that it expects to report license and total revenue results for the second quarter that are near the high-end of previously issued guidance, and non-GAAP income from operations,excluding stock-based compensation and amortization of intangibles,that is slightly better than the high-end of previously issued guidance.

On May 8, Blackbaud provided guidance for the second quarter for total revenue of $47.0-$48.5 million, license revenue of $8.9-$9.3 million and non-GAAP operating income of $13.2-$13.6 million.

"We are still early in the close process, but we are pleased with the company's execution in the second quarter and expect that our financial results will be in-line to slightly better than our previously issued guidance," said Marc Chardon, chief executive officer of Blackbaud. "Nonprofit organizations continue to recognize the potential benefits to their organizations from increasing their investment in information technology solutions, and Blackbaud is uniquely positioned to capitalize on this trend due to our industry leading domain expertise and breadth and depth of our offerings."

After the markets close on Aug. 7, the company will issue full second quarter 2006 results.