8-KEarnings & ResultsFinancial EventsExhibits & Filings

FAIR ISAAC CORP 8-K Report, Financial Results (Jul 26, 2006)

Filed July 26, 2006For Securities:FICO

Summary

Fair Isaac Corporation (FICO) filed an 8-K on July 26, 2006, reporting its financial results for the quarter and nine months ended June 30, 2006. While the specific financial figures are detailed in the furnished press release (Exhibit 99.1), the filing also disclosed a significant decision regarding real estate. Specifically, FICO announced on July 24, 2006, its intent to vacate excess real estate in San Rafael, California, in the fourth quarter of fiscal year 2006. This action is expected to result in a charge of approximately $8.4 million in the fourth quarter, primarily related to future cash lease obligations net of expected sublease income. These lease obligations are anticipated to be paid out over the remaining five-year term of the lease.

Key Highlights

  • 1FICO reported its financial results for the quarter and nine months ended June 30, 2006, via an 8-K filing on July 26, 2006.
  • 2The company announced its decision to vacate excess real estate in San Rafael, California.
  • 3This real estate exit is scheduled for the fourth quarter of fiscal year 2006.
  • 4An approximate charge of $8.4 million is expected to be incurred in Q4 FY2006 due to this decision.
  • 5The charge primarily covers future cash lease obligations, reduced by anticipated sublease income.
  • 6The remaining lease term for the San Rafael property is five years.
  • 7Charles M. Osborne, Vice President and Chief Financial Officer, signed the report.

Frequently Asked Questions

This 8-K filing references a press release (Exhibit 99.1) dated July 26, 2006, which contains the detailed financial results for the quarter and nine months ended June 30, 2006. The 8-K itself does not provide the specific financial figures but directs investors to the press release for that information.

The $8.4 million charge relates to Fair Isaac Corporation's decision to vacate excess real estate in San Rafael, California. It represents future cash lease obligations for the property, net of any income expected from subleasing the space, and is anticipated to be recognized in the fourth quarter of fiscal year 2006.

The company expects the lease obligations for the San Rafael property to be paid out over the next five years, which is the remaining term of the lease.

The decision to vacate the excess real estate in San Rafael, California, was made by FICO on July 24, 2006.