FICO (NYSE:FICO) reported second quarter revenues of $143.7 million in fiscal 2010 versus $159.3 million reported in the prior year period. “Performance was mixed across the segments of our business,” said Mark Greene, chief executive officer. “Poor sales execution led to disappointing declines in our Applications and Tools segments, while our Scores business remained stable on a sequential-quarter basis. Our new sales leadership is working to sharpen sales execution so that we improve revenues going forward.” Revenues for second quarter fiscal 2010 across each of the company’s three operating segments were as follows:
Applications revenues, which include the company’s preconfigured Decision Management applications and associated professional services, were $86.9 million in the second quarter compared to $99.0 million in the prior year quarter, a decrease of 12%, primarily due to the divestiture of the telecom product lines, and reductions in revenue associated with the Originations, Customer Management and Collections and Recovery products.
Scores revenues, which include the company’s business-to-business (B2B) scoring solutions and associated professional services, and the myFICO(R) business-to-consumer (B2C) service, were $42.5 million in the second quarter compared to $44.5 million in the prior year quarter, a decrease of 5%, primarily due to a decrease in revenues derived from declining volumes in the B2C service.
Tools revenues, which include Blaze Advisor(R) and Xpress Optimization, and related professional services, decreased to $14.3 million in the second quarter compared to $15.7 million in the prior year quarter, a decrease of 9%, primarily due to decreases associated with the sale of the Blaze Advisor product.
Bookings for the second quarter were $54.3 million compared to $46.8 million in the same period last year.
Outlook: Given the decrease in common shares outstanding related to our stock repurchase program to date and continued expense management efforts, the Company continues to expect year-over-year GAAP earnings per share growth by a high single-digit percentage in fiscal 2010 compared to fiscal 2009. Source: FICO Press Release