Software and related services provider Blackbaud Inc. (BLKB), Thursday reported a rise in profit for the fourth quarter, helped by higher margins and lower operating expenses that more than offset a decline in revenues. Both earnings and revenue came in ahead of analysts' estimates.
The Charleston, South Carolina-based company's net income for the fourth quarter increased to $7.96 million or $0.18 per share from $6.53 million or $0.15 per share last year. Results for the quarter include stock-based compensation of $3.22 million and amortization expenses of $1.78 million.
Non-GAAP earnings increased to $12.1 million or $0.27 per share from $10.4 million or $0.24 per share last year.
On average, six analysts polled by Thomson Reuters expected the company to report profit of $0.24 per share for the quarter. Analysts' estimates typically exclude special items. Total revenue decreased to $78.98 million from $80.46 milion last year. Analysts expected revenue of $78.65 million for the quarter.
License fees declined to $6.27 million from $8.59 million in the previous year. Services revenues were $21.42 million, down from $24.84 million last year. Maintenance revenues rose to $29.90 million from $28.09 million a year ago. Subscriptions revenue were $19.21 million, up from $16.36 million in the previous year. Other revenue declined to $2.17 million from $2.57 million last year.
Total cost of revenue declined to $29.62 million from $32.21 million in the comparable quarter last year. Gross profit was $49.35 million, compared to $48.25 million a year ago.
Total operating expenses declined to $36.05 million from $38.19 million in the prior-year quarter. Sales and marketing expenses declined to $15.83 million from $17.59 million a year ago. General and administrative expenses declined to $8.51 million from $9.68 million last year.
For the fiscal 2009, net income declined to $28.45 million or $0.65 per share from $29.88 million or $0.68 per share in the previous year. Non-GAAP net income was $41.8 million or $0.96 per share, compared to $41.7 million or $0.95 per share last year. Total revenue for the year increased to $309.34 million from $302.49 million last year.
Analysts estimated earnings of $0.92 per share on revenues of $311.54 million for the full year 2009.
Blackbaud also declared a first quarter dividend of $0.11 per share payable on March 15, 2010, to stockholders of record on February 26, 2010.
BLKB closed Thursdays' trading at $22.28, down 0.63 or 2.75%, on a volume of 0.57 million shares on the Nasdaq. In after hours, the stock further declined 0.50 or 2.24%, trading at $21.78.
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