SAN JOSE, Calif., May 19, 2017 /PRNewswire/ -- FICO (NYSE: FICO), a leading predictive analytics and decision management software company, today announced that its Board of Directors has determined to discontinue regular cash dividend payments in favor of using its excess cash flow for share repurchases. As of March 31, 2017, the Company had $155.4 million remaining under its current stock repurchase program.
FICO has repurchased $74.6 million of its common stock during the six months ended March 31, 2017 and $138.4 million in fiscal 2016. FICO paid $1.2 million in dividends, or $0.04 per share, during the six months ended March 31, 2017 and $2.5 million, or $0.08 per share, in fiscal 2016.
"Our share repurchase plan has been successful and continues to be the most meaningful way to return excess cash to shareholders," said Will Lansing, chief executive officer. "During the past years we have significantly reduced our outstanding share count and the historical dividend has become nominal in value for our shareholders."
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 170 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at http://www.fico.com/.
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this news release that relate to FICO or its business are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the success of the Company's Decision Management strategy and reengineering initiative, the maintenance of its existing relationships and ability to create new relationships with customers and key alliance partners, its ability to continue to develop new and enhanced products and services, its ability to recruit and retain key technical and managerial personnel, competition, regulatory changes applicable to the use of consumer credit and other data, the failure to realize the anticipated benefits of any acquisitions, continuing material adverse developments in global economic conditions or in the markets we serve, and other risks described from time to time in FICO's SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2016 and Form 10-Q for the quarter ended March 31, 2017. If any of these risks or uncertainties materializes, FICO's results could differ materially from its expectations. FICO disclaims any intent or obligation to update these forward-looking statements.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fico-announces-discontinuation-of-regular-dividends-in-favor-of-its-share-repurchase-plan-300460230.html