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

Net income for the fourth quarter of fiscal 2005 totaled $35.7 million, or $0.53 per diluted share, up approximately 60 percent from $14.4 million, or $0.19 per diluted share, reported in the same quarter last year.

The company reported fourth-quarter revenues of $203.3 million in fiscal 2005, up 6.7 percent from $190.4 million reported in the prior-year period.

Fourth-quarter fiscal 2004 results included an after-tax loss of $6.1 million, or $0.08 per diluted share, recorded in connection with the redemption of the company’s convertible subordinated notes.

For fiscal 2005, the company reported total revenues of $798.7 million, up 13.1 percent from $706.2 million last year. Net income totaled $134.5 million, or $1.86 per diluted share, up 30.8 percent from net income of $102.8 million, or $1.31 per diluted share, reported last year. Net income in fiscal 2005 was affected by adjustments made in prior quarters that reduced income tax expense by $10.6 million, or $0.14 per diluted share.

The impact of the adoption of EITF Issue No. 04-8, The Effect of Contingently Convertible Instruments on Diluted Earnings Per Share, reduced diluted earnings per share by $0.09 in fiscal 2005 and $0.10 in fiscal 2004.

“We are very pleased with our fiscal 2005 results, especially our growth in revenue, our continued operating margin improvement and our earnings per share growth,” said Thomas Grudnowski, Fair Isaac’s chief executive officer. “Looking ahead, we continue to be encouraged by the market’s ever-increasing awareness and appreciation of the unique kinds of value we deliver through our innovative decision management products and consulting services.”

Fair Isaac (NYSE:FIC) shares were trading at $43.55 this morning.

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