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Technology / Software

Fair Isaac Q1 profit slides

Analytics and data management software provider Fair Isaac has reported a 40% decline in net income to $12.11m for the first quarter 2009, compared to $20.18m in the year-ago quarter, on revenue down 14% at $163.46m.

Operating income during the quarter fell 41% to $20.22m, while diluted EPS fell 39% to $0.25. Bookings were $52.5m compared to $92.7m in the same period last year.

The company said strategy machine solutions revenue fell 10% to $87.6m, while scoring solutions revenue fell 20% to $34.1m. Professional services revenue fell 23% to $27.8m, and analytic software tools revenue remained flat at $14m.

Earlier this month, the company announced plans to cut 250 positions to reduce costs by about $40m in fiscal 2009. After the cuts its global headcount will be approximately 2,100.

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Mark Greene, chief executive at Fair Isaac, said: Despite the sustained downturn in the global economy and the markets, we remain focused on executing our strategy and maintaining profitability. Fair Isaac has a strong balance sheet and substantial free cash flow, which gives us agility and flexibility. We benefit from a global customer base and a broad portfolio of solutions for risk management that are particularly relevant in this challenging time.

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CBR Staff Writer

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