FAIR, ISAAC REPORTS RECORD FISCAL YEAR 1991 RESULTS
FAIR, ISAAC REPORTS RECORD FISCAL YEAR 1991 RESULTS SAN RAFAEL, Calif., Nov. 6 /PRNewswire/ -- Fair, Isaac and Co.
Inc., (NASDAQ: FICI) reported record net income of $2.76 million for the fiscal year ended Sept. 30, up 76 percent from the previous year. Earnings per share of 48 cents compared with 28 cents per share a year ago. Revenues rose 25 percent, to $31.8 million -- also a record.
A 28 percent year-to-year increase in fourth quarter revenues, to $9.5 million, boosted net income for the three months to $1,110,000 or 19 cents per share. In last year's fourth quarter the company earned $989,000 or 17 cents per share on revenues of $7.4 million. Fair, Isaac president and chief executive officer Larry Rosenberger said the company's recent performance reflected rapid growth in end-user sales of its TRIAD credit account management systems and in market acceptance of credit scoring and Adaptive Control account management services sold through credit bureaus and bankcard processing agencies. Revenues from end-user TRIAD were up 76 percent from 1990. Revenues from all third-party services including the PreScore(R) solicitation screening service, were up 48 percent from a year ago and accounted for roughly a third of consolidated fiscal 1991 revenues. "Obviously, we don't expect to maintain the current rate of growth in these product offerings indefinitely," Rosenberger commented, "but, with new products coming on stream, a record year-end production backlog, and prospects for further, substantial increases in revenues from usage-based service contracts, the overall outlook for the new fiscal year is encouraging." Established in 1956, Fair, Isaac and Co. is a pioneer and world leader in the development of rule-based control systems and products for the retail credit industry. It also produces control systems for utilities and insurance underwriters. Fiscal 1990 revenues were $25.5 million. FAIR, ISAAC AND CO. INC. Consolidated Condensed Statement of Income (in 000's except per share amounts) Unaudited 12 mos. 12 mos. 3 mos. 3 mos. ended ended ended ended 9/30/91 9/30/90 9/30/91 9/30/90 Net Revenue $31,786 $25,453 $9,524 $7,438 Costs and expenses: Cost of revenues 11,366 10,615 3,172 2,502 Sales and marketing 7,070 5,372 1,983 1,546 Research and development 2,814 1,690 940 528 General and administrative 7,437 6,847 1,935 1,632 Total costs and expenses 28,687 24,524 8,030 6,208 Income from operations 3,099 929 1,494 1,230 Interest and other income (net) 1,275 1,421 318 371 Income before income taxes 4,374 2,350 1,812 1,601 Income tax provision 1,617 785 702 612 Net income $2,757 $1,565 $1,110 $989 Income per share $.48 $.28 $.19 $.17 Shares used in computing earnings per share 5,784,000 5,678,000 5,870,000 5,679,000 -0- 11/6/91 /CONTACT: Peter L. McCorkell of Fair, Isaac and Co. Inc., 415-472-2211/ (FICI) CO: Fair, Isaac and Co., Inc. ST: California IN: CPR FIN SU: ERN DB -- SF007 -- 1880 11/06/91 16:28 EST
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|Date:||Nov 6, 1991|
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