Blackbaud Releases Third-Quarter Earnings

Blackbaud Inc., a major provider of software and services designed specifically for nonprofit organizations, reported higher sales and lower profits for the third quarter.

The results came in at the higher end of the Daniel Island company's expectations, Blackbaud said Tuesday.

Sales for the three-month period ended Sept. 30 increased 5 percent to $83.2 million compared to the same quarter a year ago. Net income fell 13 percent to $8.5 million, or 20 cents a share.

For the first nine months of the year, sales are up more than 4 percent to $240.1 million and profits are running 3.8 percent ahead of a year ago at $21.3 million.

"While the pace of economic recovery remains uncertain, overall customer interest levels remain high and we are encouraged that our North American business units delivered another solid performance," said March Chardon, Blackbaud's chief executive officer.

Chardon added that the company is "well-positioned to continue growing in the current economic environment, and to thrive" as nonprofits boost up their spending on information technology services.

Also, Blackbaud declared a fourth quarter dividend of 11 cents a share. It is payable Dec. 15 to stockholders of record as of Nov. 26, 2010.