Fair Isaac Corp., a developer of credit-scoring systems, today reported first-quarter revenues of $202.8 million in fiscal 2006 versus $195.5 million reported in the prior-year period.

Net income for the first quarter of fiscal 2006 totaled $28.5 million or $0.43 per diluted share for the company, whose FICO credit scores figure decisively in real estate and other loans.

First-quarter fiscal 2006 results included compensation expense of approximately $6.1 million after-tax, or $0.09 per diluted share, because the company began expensing stock options in the first quarter as required by a regulation, Statement of Financial Accounting Standards No. 123(R).

Excluding the effect of this expense, net income for the first quarter of fiscal 2006 was $34.6 million, or $0.52 per diluted share, on a non-GAAP basis.

Net income for the first quarter of fiscal 2005 totaled $27.9 million, or $0.36 per diluted share. First-quarter fiscal 2005 results were reduced by $0.03 per diluted share from the adoption last year of a different regulation. SFAS 123(R) was not effective for the first quarter of fiscal 2005.

“We are pleased with our continued management of expenses and our strong performance in earnings per share growth,” said Thomas Grudnowski, Fair Isaac’s chief executive officer.

The company’s stock was trading at $44.83 this afternoon on the New York Stock Exchange.

***

Send tips or a Letter to the Editor to janis@inman.com or call (510) 658-9252, ext. 140.

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