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| Intuit Reports Results Of TurboTax Season |
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| Company expects Q3 2003 earnings per share (non-GAAP*) at high end of its guidance range |
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MOUNTAIN VIEW, Calif. -
April
28,
2003 -
Intuit Inc. (NASDAQ: INTU) today announced that revenue for the consumer tax division, which includes TurboTax® tax preparation software products and online services, grew more than 20 percent fiscal year-to-date. The company expects Q3 2003 non-GAAP earnings per share at the high end and revenue at the lower end of its March 20 guidance range.
Intuit's unit sales of TurboTax federal desktop software through both retail and direct channels increased 12 percent to approximately 6.1 million units year-to-date. Intuit's online tax preparation and filing service, TurboTax for the Web, surpassed 2.4 million paid federal returns, bringing the total paid TurboTax units to approximately 8.5 million, up 11 percent over last year. In addition, 1.2 million free federal returns were completed via TurboTax for the Web, compared to 1.1 million last year.
"Despite a difficult tax season, we delivered solid growth within our expected range and maintained our retail federal unit share at 68 percent.**" said Tom Allanson, senior vice president of Intuit's consumer tax division.
Intuit also reported that more than 20 million federal and state tax returns were electronically filed through all of its tax preparation products for consumers and professionals - TurboTax, ProSeries® and Lacerte® - approximately a 19 percent increase over last year.
Intuit's third fiscal quarter will close on April 30. Intuit expects to report Q3 financial results following the close of market on May 14, 2003.
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About Intuit Inc.
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Intuit Inc. (NASDAQ: INTU) is a leading provider of business and financial management solutions for small businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation software suites for professional accountants.
Founded in 1983, Intuit has annual revenue of more than $1.5 billion. The company has nearly 7,000 employees with major offices in 13 states across the U.S. and offices in Canada and the United Kingdom. More information can be found at www.intuit.com.
* Previously referred to as pro forma.
** Percent according to NPD Intelect Techworld April 12, 2003.
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Intuit, the Intuit logo, Quicken, QuickBooks, Quicken Loans and TurboTax, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Quicken.com, among others, is a trademark and/or service mark of Intuit Inc. or one of its subsidiaries, in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.
Cautions About Forward-Looking Statements
This press release contains forward-looking statements about future financial results and other events that have not yet occurred, including Intuit's expected results for the fiscal quarter ending April 30, 2003. Statements with words like "expects," "anticipates" or "believes," and statements in the future tense, are forward-looking statements. Actual results may differ materially from Intuit's expressed expectations because of risks and uncertainties about the future. Some of the important factors that could cause Intuit's results to differ are finalization of the review of third quarter results with full quarter-end data, as well as the factors listed below. More details about these and other risks are included in Intuit's fiscal 2002 Form 10-K and other SEC filings and at www.intuit.com/company/investors/considerations.html. The company does not intend to update the information in this press release if any forward-looking statement later turns out to be inaccurate.
- Seasonality causes significant quarterly fluctuations in Intuit's revenue and net income.
- As revenue from consumer tax products shifts to the third fiscal quarter, there is increased uncertainty for the full tax season.
- Actual product returns may exceed product return reserves, particularly for Intuit's tax preparation software.
- Expansion of Intuit's product and service offerings requires Intuit to develop and enhance more and increasingly complex products, market and sell higher priced products and services and distribute and support an expanding portfolio of products and services. It also increases the number and complexity of Intuit's revenue models. If Intuit is unable to support its expanded businesses, they may not achieve sustainable financial viability or broad customer acceptance.
- Intuit faces competitive pressures in all of its businesses, which can have a negative impact on its revenue, profitability and market position.
- Risks related to Intuit's distribution channels include challenges in negotiating favorable terms with retailers and the negative affect of the current economic environment on retail sales. In addition, expansion of Intuit's product and service offerings requires Intuit to develop and manage a direct sales organization, which is a new distribution method for Intuit.
- A continuation of the recent general decline in economic conditions and the softness in retail sales could lead to significantly reduce demand for Intuit's products and services.
- Revenue growth for Intuit's vertical business management solutions is subject to risks such as the negative impact of the current economic environment and the potential disruption to the businesses during the acquisition integration process.
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