Fitch Ratings reported revenue of $140.7 million (€106.9 million) for the first quarter of fiscal 2009, compared with $204.3 million (€141 million) for the year-earlier period. However, adjusted for the currency effect, revenue in Euros was down 22.1% like-for-like.
The downturn should be viewed in the light of the unfavorable basis of comparison – revenue for the first quarter of fiscal 2008 did not fully reflect all of the consequences of the financial crisis as certain issuance volumes fell more sharply over the rest of calendar 2008.
Algorithmics reported first quarter revenue of $39.5 million (€30.1 million) compared with $43.2 million (€29.8 million) in the same period of fiscal 2008. After conversion into Euros, the like-for-like change was a decline of 1.7%. Revenue from this business depends to a large extent on the timing of license sales and tends to fluctuate more sharply from one quarter to the next. As a result, Algorithmics’ first-quarter performance is not necessarily indicative of the trend that will be observed over the rest of the fiscal year.
Some Algorithmics businesses with limited revenue profiles that are more closely aligned with the strategic direction of Fitch Solutions have been reclassified to this division (€1 million in the first quarter of fiscal 2009 and €1.6 million in the year earlier period). Source: Fimalac’s Press Release (Parent of Fitch)