Fair Isaac appoints Kerr chief technology and products officer; posts Q1 profit fall

Source: Fair Isaac

Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology, today announced that Deborah Kerr will join the company on February 2 as executive vice president, chief technology and products officer.

She will be responsible for leading global product management and development functions for Fair Isaac's portfolio of decision management solutions.

Kerr joins Fair Isaac from HP, where she spent the past four years, most recently as chief technology officer of EDS, an HP company. She previously served as SVP-product delivery for Peregrine Systems, leading product marketing and management, R&D, shared technology, technology alliances, enablement and operations. Kerr began her career with NASA / Jet Propulsion Laboratory (JPL), where she served as a mission operations manager.

"Deborah is an outstanding technology executive with strong vision and a proven record of successful execution across all areas of product development," said Mark Greene, CEO of Fair Isaac. "Her breadth of experience beyond development, ranging from product strategy and marketing to P&L management and delivery, make her an ideal fit for this important role. I'm confident Deborah's expertise will help accelerate the realization of our vision of connected decisions through the delivery of next-generation Decision Management solutions."

"I'm excited to be joining Fair Isaac at a time when so many businesses are recognizing the power of analytics to drive profitable growth," said Kerr. "The decision management solutions that Fair Isaac provides for risk- and account management have never been more relevant. I look forward to playing a major role in delivering them to market."

Separately, Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision management technology today announced financial results for its first fiscal quarter ended December 31, 2008.

The company reported first quarter revenues of $163.5 million in fiscal 2009 versus $190.1 million reported in the prior year period. Income from continuing operations for the first quarter of fiscal 2009 totaled $12.1 million, or $0.25 per diluted share, versus $20.8 million, or $0.41 per diluted share, reported in the prior year period. As previously announced, first quarter results included a $5.7 million after-tax restructuring charge for workforce and facility reductions, or $0.12 cents per diluted share.

"Despite the sustained downturn in the global economy and the markets Fair Isaac serves, we remain focused on executing our strategy and maintaining profitability," stated Mark Greene, Chief Executive Officer. "Fair Isaac has a strong balance sheet and substantial free cash flow, which gives us agility and flexibility in today's turbulent financial markets. In addition, we benefit from a global customer base and a broad portfolio of industry-leading solutions for risk management that are particularly relevant in this challenging time."

First Quarter Fiscal 2009 Revenue Highlights

Revenues for first quarter fiscal 2009 across each of the company's four operating segments were as follows:

  • Strategy Machine Solutions revenues were $87.6 million in the first quarter compared to $97.4 million in the prior year quarter, or a decrease of 10%, primarily due a decline associated with fraud, marketing solutions and collections and recovery, partially offset by an increase in revenues derived from consumer products.
  • Scoring Solutions revenues were $34.1 million in the first quarter compared to $42.7 million in the prior year quarter, or a decrease of 20%, primarily due to a decrease in revenues derived from our credit bureau risk scores.
  • Professional Services revenues were $27.8 million in the first quarter compared to $36.0 million in the prior year quarter, or a decrease of 23%, primarily due to a decline associated with customized analytic implementation services, collections and recovery services and customer management services partially offset by an increase in revenues derived from tools services.
  • Analytic Software Tools revenues increased to $14.0 million in the first quarter compared to $13.9 million in the prior year quarter, essentially flat with the prior year period.

Bookings Highlights from Continuing Operations

The bookings for the first quarter were $52.5 million compared to $92.7 million in the same period last year. The company defines a "new booking" as estimated future contractual revenues, including agreements with perpetual, multi-year and annual terms. Management regards the volume of new bookings achieved as one indicator of future revenues, but they are not comparable to, nor should they be substituted for, an analysis of the company's revenues.

Balance Sheet and Cash Flow Highlights

Cash and cash equivalents, and investments were $298.8 million at December 31, 2008, as compared to $271.2 million at September 30, 2008. Significant changes in cash and cash equivalents from September 30, 2008 include cash provided by operations of $36.7 million and $3.2 million received from the exercise of stock options and stock issued under an employee stock purchase plan. Cash used during the first quarter includes $5.6 million related to purchases of property and equipment.

Outlook

In light of the continuing uncertainty in the global financial markets and the continued lack of visibility into our clients' spending intentions, we are not providing guidance at this time.

Read the condensed consolidated statements here:

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