Blackbaud Reports Q1 Earnings

Spurred by double-digit spikes in service and subscription revenues, nonprofit software vendor Blackbaud Inc. posted first-quarter profits of $10.9 million for the period ended March 31, versus net income of $4 million for the year-ago quarter.

The company, headquartered here, said that first-period revenues rose 19 percent, to $37.3 million, versus the same period for fiscal 2004.

License revenue rose 27 percent, to $6.5 million, while revenue from services and subscriptions rose 20 percent, to $11.4 million, and 17 percent, to $18.4 million, respectively.

"The fact that we delivered our second-highest quarterly revenue growth rate in the past two years is a direct result of the investments we have made in research and development and the expansion of our key account sales force," said Blackbaud chief executive Robert J. Sywolski.

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