Fair Isaac Corp., a developer of credit-scoring systems, reported rising profits for its third quarter in fiscal 2005.

The company reported third-quarter revenues of $203.8 million in fiscal 2005, up 17.7 percent from $173.2 million for the same period a year ago.

Net income for the third quarter of fiscal 2005 totaled $36.6 million, or $0.53 per diluted share, up 27 percent from $28.8 million, or $0.37 per diluted share, reported in the same quarter last year.

Net income for the third quarter of fiscal 2005 included an adjustment that reduced income-tax expense by $4.4 million, or $0.06 per diluted share, the company said. The adjustment represents revisions made to estimates of prior years’ tax liabilities.

The company reported revenues of $595.4 million year-to-date versus $515.8 million reported in the same period last year. Year-to-date net income totaled $98.8 million, or $1.34 per diluted share, compared with net income of $88.4 million, or $1.11 per diluted share, reported in the same period last year. Year-to-date net income in fiscal 2005 was also affected by the year-to-date adjustments that reduced income-tax expense by $10.3 million, or $0.14 per diluted share.

Fair Isaac (NYSE:FIC) shares were trading at $37.35 this morning.

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