Fair Isaac Reports Lower Earnings
MINNEAPOLIS -- Fair Isaac Corp., the provider of the FICO credit scores, said Thursday that net income for its fiscal third quarter ended June 30 declined by 29%, to $26 million, or 40 cents a share, due mainly to share-based compensation expense and restructuring costs. The company said third quarter results included a $6.7 million after-tax expense for share-based compensation, which included stock options and purchases under its Employee Stock Purchase Plan, and a $3.4 million charge for previously announced restructuring. Third quarter revenues were up less than 2% to $207.1 million. The company also said it expects to incur a fourth quarter charge of about $8.4 million related to vacating of real estate. Through the first three quarters of the year, Fair Isaac reported a 4% rise in revenues to $618.1 million, and an 18% drop in net income to $81.4 million, or $1.23 a share, compared to the first nine months last year.