Fair Isaac Corp., a developer of credit-scoring systems, on Wednesday reported sinking profits, despite gains in quarterly revenue.

The company had fourth-quarter revenues of $190.4 million, up from $161 million during the same quarter last year. Revenues for fiscal 2004 totaled $706.2 million, compared with $629.3 million a year ago.

Net income for the fourth quarter of fiscal 2004 totaled $14.4 million, or 20 cents per share, on 71.3 million diluted shares outstanding, compared with net income of $31.7 million, or 42 cents per share, on 78.6 million diluted shares outstanding reported in the same quarter last year.

Net income for fiscal 2004 totaled $102.8 million, or $1.41 per share, on 73 million diluted shares outstanding, compared with $107.2 million, or $1.41 per share, on 76 million diluted shares outstanding reported in fiscal 2003.

All earnings per share figures reflect the company’s three-for-two stock split, which took effect March 10, 2004.

“While 2004 has been a challenging year across the technology sector, we’ve made significant progress in growing our global presence, delivering more valuable capabilities through strategic acquisitions and bringing several major analytic innovations to the marketplace,” Fair Isaac CEO Tom Grudnowski said.

Fair Isaac also announced Wednesday that it completed the previously announced acquisition of Braun Consulting, a marketing strategy and technology consulting firm.

Fair Isaac shares (NYSE: FIC) were trading at $31.85 this morning.

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