SAN RAFAEL, Calif. -- As it did three months earlier, Fair, Isaac & Co. reported unusually strong quarterly earnings and raised the possibility that they may not stay this good forever.

"The combination of full production, increased productivity, and partial deferral of normal increases in research and development expenditures has boosted profit margins to unusually high levels," said Larry Rosenberger, president of the company, which specializes in predictive models and marketing data bases for lenders and other consumer service providers.

Since the company will be seeking to consolidate its gains at a "more sustainable" pace, "we anticipate a period of slower revenue growth and lower margins that recent quarterly results might suggest," Mr. Rosenberger said.

Revenues in the March 31 quarter, the second of the fiscal year, were $21 million, up 39% from a year earlier. The six-month gross of $42 million was up 48%. Net income in the quarter was $2.2 million, almost double the year-ago figure but slightly below that of the first fiscal quarter.

Revenue growth has averaged more than 50% over the last six quarters.

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