Blackbaud Announces Q1-2014 Earnings Results

Blackbaud (BLKB), a global provider of software and services for nonprofits, announced last week its financial results for first quarter of 2014, ended March 31, 2014.

Among the first quarter 2014 highlights are:

• Non-GAAP organic revenue growth of 6.9% (gross presentation of payments solutions for both comparable periods)
• Total revenue growth of 10.4% to $127.6 million
• Recurring revenue represented 73.6% of total revenue
• Net income increased by 43% to $3.8 million
• Diluted earnings per share increased by 33%
• Cash flow from operations of $13.3 million

"The company performed well in the first quarter, delivering on our strategy to accelerate revenue growth by achieving non-GAAP organic revenue growth of near 7 percent," Mike Gianoni, president and CEO, said in a statement. "This growth was driven by higher than expected growth in several business areas, including analytics, international and payments as well as growth from other recurring revenue sources. We are continuing to focus on our four primary priorities for 2014: accelerating organic growth, optimizing our product portfolio, increasing recurring revenue and increasing our operating efficiencies in order to drive sustainable, high-quality growth in revenue, operating profit and cash flow over the long-term."

Gianoni also noted that the first quarter results "reflect solid execution on our priorities and positions us to achieve our 2014 financial and operational goals to drive increasing shareholder value."

Blackbaud also announced that its board of directors had approved a second quarter 2014 dividend of $0.12 per share payable on June 13, 2014, to stockholders of record on May 28, 2014.

Blackbaud has more than 30,000 customers in more than 60 countries that support higher education, healthcare, human services, arts and culture, faith, the environment, independent K-12 education, animal welfare and other charitable causes.