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Fair Isaac Q3 profit falls 29%

27 July 2006  |  1635 views  |  0 Source: Fair Isaac

Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision technology, today announced financial results for its third quarter ended June 30, 2006.

In addition, the company announced that it expects to incur a fourth quarter charge of approximately $8.4 million, after-tax, or $0.13 per diluted share, related to vacating excess real estate.

The company adopted Statement of Financial Accounting Standards No. 123, Share-Based Payment (SFAS 123) for fiscal 2006. As a result, effective October 1, 2005, the company began recording compensation expense for stock options and purchases under its Employee Stock Purchase Plan in the consolidated statement of income. Results for prior periods have not been restated.

Third Quarter Fiscal 2006 Results

The company reported third quarter revenues of $207.1 million in fiscal 2006 versus $203.8 million reported in the prior year period. Net income for the third quarter of fiscal 2006 totaled $26.0 million, or $0.40 per diluted share versus $36.6 million, or $0.53 per diluted share reported in the prior year period.

Third quarter fiscal 2006 results included share-based compensation expense of $6.7 million after-tax, or $0.10 per diluted share, due to the adoption of SFAS 123, and costs associated with the previously announced restructuring plan of $3.4 million after-tax, or $0.05 per diluted share.

Third quarter fiscal 2005 results included an increase to net income due to a reduction to income tax expense of $4.4 million, or $0.06 per diluted share, related to revisions made to estimates of prior years' tax liabilities.

Fiscal 2006 Year-to-date Results

The company reported year-to-date revenues of $618.1 million versus $595.4 million in the prior year period. Net income for year-to-date fiscal 2006 totaled $81.4 million, or $1.23 per diluted share versus $98.8 million, or $1.34 per diluted share reported in the prior year period.

Year-to-date fiscal 2006 results included share-based compensation expense of $19.3 million after-tax, or $0.29 per diluted share, due to the adoption of SFAS 123, and restructuring and acquisition-related costs of $4.4 million after-tax, or $0.07 per diluted share.

Year-to-date fiscal 2005 results included a decrease in diluted earnings per share of $0.08 related to the adoption of EITF Issue No. 04-8, and an increase in diluted earnings per share of $0.14 related to revisions made to tax liabilities.» Download the document now 33.7 kb (Adobe Acrobat Document)

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