FICO Earnings Fall Short

FICO, the decision management technology and makers of the ubiquitous credit scores showed falling profits for the second quarter.

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FICO announced on Wednesday, the net income for its fiscal second quarter is down 40 percent to $7.7 million, or $0.19 per share due to an $8.1 million after-tax restructuring charge for workforce and facility reductions. This compares with prior-year period net income of $13.0 million, or $0.28 per share.

The company reported quarterly revenues of $152.8 million versus $143.7 million reported in the prior year period, an increase of 6 percent.

""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 percent increase in revenues, to $308.8 million, and a 22 percent decline in net income, to $23.8 million.