MINNEAPOLIS – Fair Isaac & Co., the maker of the ubiquitous FICO score, said net income for its fiscal first quarter fell 40%, due mainly to an after tax restructuring charge as well as a decline in revenues.
Net income for th period was $12.1 million, or 25 cents a share, compared to $20.2 million, or 39 cents a share, for the same period last year.
The company incurred an after tax restructuring charge of $5.7 million or $0.12 per share related to its workforce and facilities reduction.
Revenues for the quarter decreased to $163.5 million from $190.2 million in the comparable quarter a year ago as most of the segments reported decreases in revenues
Separately, Fair Isaac announced that TransUnion is the first credit reporting company to offer the company’s FICO score to businesses. TransUnion will market scores from the new model under the product name FICO Risk Score, Classic 08. Risk scores from Fair Isaac’s newest redevelopment of its FICO scoring model are expected to provide up to twice the improvement in predictive power compared with previous revisions to the model.
