Blackbaud, Inc.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 13, 2006
Blackbaud, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
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000-50600
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11-2617163 |
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(Commission File Number)
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(IRS Employer ID Number) |
2000 Daniel Island Drive, Charleston, South Carolina 29492
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code (843) 216-6200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item 8.01. Other Events
On July 13, 2006, Blackbaud, Inc. issued a press release announcing changes to its executive
leadership team and preliminary expectations for its second quarter 2006 results. A copy of the
press release is attached to this current report on Form 8-K as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
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Exhibit No. |
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Description |
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99.1
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Press release dated July 13, 2006. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BLACKBAUD, INC. |
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Date: July 13, 2006
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/s/ Timothy V. Williams |
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Timothy V. Williams,
Vice President and Chief Financial Officer |
Ex-99.1
Exhibit 99.1
Blackbaud, Inc. Announces Changes to Executive Leadership Team and Expectation for In-Line to
Better Than Expected Second Quarter Results
CHARLESTON, S.C., July 13, 2006 Blackbaud, Inc. (Nasdaq: BLKB), the leading provider of software
and related services designed specifically for nonprofit organizations, today announced changes to
the companys executive leadership team and preliminary expectations for its second quarter 2006
financial results.
Blackbaud announced that Germaine Ward, Vice President of Products, and Tony Powell, Vice President
of Professional Services and Enterprise Sales, will pursue opportunities outside of the company.
Ms. Wards responsibilities will be assumed by Lou Attanasi, Vice President of Strategic
Technologies. Lou is a 20-year veteran at Blackbaud, during which time he has also served as Vice
President of Product Development, managed research and development efforts and been responsible for
software design. Mr. Powells responsibilities for consulting services will be assumed by Charles
Cumbaa, Vice President of Products and Services and a 5-year veteran of the company, while his
responsibilities within enterprise sales will be consolidated under Christopher Todd, Vice
President of Sales and a 6-year veteran of the company.
The company also announced that it currently expects to report license and total revenue results
for the second quarter that are near the high-end of previously issued guidance, and non-GAAP
income from operations excluding stock-based compensation and amortization of intangibles
that is slightly better than the high-end of previously issued guidance. On May 8, 2006, Blackbaud
provided guidance for the second quarter for total revenue of $47.0$48.5 million, license
revenue of $8.9$9.3 million and non-GAAP operating income of $13.2$13.6 million.
Marc Chardon, Chief Executive Officer of Blackbaud, stated, We are still early in the close
process, but we are pleased with the companys execution in the second quarter and expect that our
financial results will be in-line to slightly better than our previously issued guidance.
Nonprofit organizations continue to recognize the potential benefits to their organizations from
increasing their investment in information technology solutions, and Blackbaud is uniquely
positioned to capitalize on this trend due to our industry leading domain expertise and breadth and
depth of our offerings.
Chardon continued, Germaine Ward and Tony Powell both made significant contributions to
Blackbauds success and we wish them the best of luck in their new career pursuits. We are
confident in the overall strength of Blackbauds management team, and we believe our new reporting
structure will further enhance our ability to bring high quality products to market and to service
and sell to our industry leading customer base.
After the market close on August 7, the company will issue full second quarter 2006 results and
host a conference call at 5:00 p.m. EST for analysts and investors. The company will provide more
details on the second quarter financial performance and provide updated financial guidance at this
time. To access this call, dial 800-819-9193 (domestic) or 913-981-4911 (international). A replay
of this conference call will be available through August 14, 2006, at 888-203-1112 (domestic) or
719-457-0820 (international). The replay passcode is 3784878. A live webcast of this conference
call will be available on the Investor Relations page of the Companys Web site, and a replay
will be archived on the Web site as well.
About Blackbaud
Blackbaud is the leading global provider of software and related services designed specifically for
nonprofit organizations. More than 15,000 organizations including the American Red Cross,
Bowdoin College, the Chesapeake Bay Foundation, the Crohns & Colitis Foundation of America, the
Detroit Zoological Society, Episcopal High School, Help the Aged, the New York Philharmonic, and
United Way of America use Blackbaud products and consulting services for fundraising, financial
management, business intelligence, and school administration. Blackbauds solutions include The
Raisers Edge®, The Financial Edge, The Education Edge, The
Patron Edge®, Blackbaud® NetCommunity, The Information
Edge, The Researchers Edge, WealthPoint, and
ProspectPoint, as well as a wide range of consulting and educational services. Founded
in 1981, Blackbaud is headquartered in Charleston, South Carolina, and has operations in Toronto,
Ontario; London, England; Glasgow, Scotland; and Sydney, Australia. For more information, visit
www.blackbaud.com.
Blackbaud, the Blackbaud logo, The Raisers Edge, The Financial Edge, The Education Edge, The
Patron Edge, Blackbaud NetCommunity, The Information Edge, The Researchers Edge, WealthPoint,
and ProspectPoint are trademarks or registered trademarks of Blackbaud, Inc.
Forward-looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained
in this news release are forward-looking statements that involve a number of risks and
uncertainties. Although Blackbaud attempts to be accurate in making these forward-looking
statements, it is possible that future circumstances might differ from the assumptions on which
such statements are based. In addition, other important factors that could cause results to differ
materially include the following: risk associated with the ability to attract and retain key
personnel; successful implementation of multiple integrated software products; lengthy sales and
implementation cycles, particularly in larger organizations; uncertainty regarding increased
business and renewals from existing customers; continued success in sales growth; adoption of our
products and services by nonprofits; risks related to our dividend policy and stock repurchase
program, including potential limitations on our ability to grow and the possibility that we might
discontinue payment of dividends and stock repurchases; risk associated with product concentration;
economic conditions and seasonality; competition; risks associated with management of growth; risks
associated with acquisitions; technological changes that make our products and services less
competitive; and the other risk factors set forth from time to time in the SEC filings for
Blackbaud, copies of which are available free of charge upon request from Blackbauds investor
relations department.
INVESTOR CONTACT:
Tim Dolan
Integrated Corporate Relations
203-682-8200
MEDIA CONTACT:
Melanie Milonas
Blackbaud, Inc.
melanie.milonas@blackbaud.com
843.216.6200 x3307
SOURCE: Blackbaud, Inc.