Safecard Services Inc., the leading provider of credit card registration services, has reported a decline in net income for the second quarter in a row, but said its higher expenses reflect "actions taken to reposition the company for the future."

While net income declined by more than 50% in the three months ended April 30, to $3.8 million, net subscription revenue, the company's top-line measure of gross income, hit a record $42.6 million.

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