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Gains in software business boost Fair Isaac
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Consumers may know Fair Isaac Corp. best for its FICO credit score, but the Minneapolis-based company had strong sales in its analytic software business to thank for a 28 percent increase in profit.
Earnings per share beat analysts' consensus expectations by 8 cents, excluding a one-time tax benefit and other items.
Net income increased to $28.2 million, or 52 cents per share, compared with $22.1 million, or 35 cents per share, for the same period last year.
Total revenue for the quarter was about flat at $207.2 million.
The quarter marked the end of Fair Isaac's fiscal year. Net income for the year increased 1.2 percent -- from $103.5 million, or $1.59 per share, in 2006 to $104.7 million, or $1.82 per share, in 2007. The company reported a slight decline in revenue from $825.4 million in 2006 to $822.2 million this year.
Fair Isaac CEO Mark Greene was brought on earlier this year to help the company grow. He has since made moves to increase sales by bundling products and improving customer service. The company forecasts revenue for 2008 at approximately $850 million.
Going into its first quarter, Fair Isaac expects revenue of $205 million and earnings per share of 45 cents.
The stock closed down 0.7 percent at $34.05 but gained 5.58 percent in after-hours trading.
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