Fair Isaac Corporation announced unaudited consolidated earnings results for the first quarter ended December 31, 2013. For the quarter, the company's net income totaled $17.0 million, or $0.47 per share, versus $23.4 million, or $0.65 per share, reported in the prior year period. Non-GAAP net income was $26.2 million compared to $31.8 million in the prior year period. Non-GAAP EPS was $0.73 compared to $0.88 in the prior year period. Free cash flow was $25.5 million compared to $19.0 million in the prior year period. GAAP revenue was $184.3 million compared to $190.0 million reported in the prior year period, a decrease of 3%. Operating income was $35.270 million against $42.994 million a year ago. Income before income taxes was $27.183 million against $35.043 million a year ago. Net cash provided by operating activities was $28.378 million against $28.729 million a year ago. Purchases of property and equipment were $2.154 million against $9.012 million a year ago.

The company reiterating earnings guidance for the year 2014. For the year 2014, the company expected revenues to be $763 million to $773 million, GAAP net income expected to be $91 million to $94 million, GAAP earnings per share expected to be $2.50 to $2.60, non-GAAP net income expected to be $125 million to $128 million and non-GAAP earnings per share expected to be $3.46 to $3.56. Effective rate expected to be in about the 33% to 34% for the full year, unless the R&D credit is reinstated before the end of fiscal year. CapEx expected to be around $20 million to $25 million a year.