Charleston, S.C. (March 11, 2004) -- Software maker Blackbaud, which revealed its plans to go public, reported sales of $118.1 million for the year ended Dec. 31.

The company made its numbers public for the first time with its filing of an S-1 registration in preparation for an initial public offering. Revenue for the company, which makes fund-raising and not-for-profit accounting software, was up 12.2 percent from the prior year. However, Blackbaud ended a string of five profitable years as it lost $478,000 in 2003, triggered by a stock option recognition expense of $23.7 million. The company had $15.6 million in net earnings the prior year.

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