Earnings Fall At FICO
MINNEAPOLIS – FICO, makers of the ubiquitous credit scores, said yesterday net income for its fiscal second quarter declined 40% to $7.7 million, due to an $8.1 million after-tax restructuring charge for workforce and facility reductions.
Second quarter revenues grew a strong 6% to $152.8 million.
“We delivered solid growth in our Applications and Tools portfolio, and our Scores business remains stable amid further signs of improvement in the economy,” said Mark Greene, FICO’s CEO. “We streamlined our cost structure while reallocating resources towards growth opportunities, product innovation and client service.”
For the first six months of its fiscal year FICO reported a 5% increase in revenues, to $308.8 million, and a 22% decline in net income, to $23.8 million.