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| Intuit Reaffirms First Quarter And Fiscal 2004 Guidance |
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| Discusses Strategies for Five Growth Engines at Annual Investor Day |
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MOUNTAIN VIEW, Calif. -
October
01,
2003 -
Intuit Inc. (Nasdaq: INTU) today reaffirmed its guidance for its first quarter and full fiscal year 2004 results, which was provided on Aug. 19, 2003. The announcement was made shortly before the beginning of Intuit's annual Investor Day during which the company outlines its strategies for driving growth across its small business and tax businesses.
"Intuit continues to be a profitable growth machine," said Steve Bennett, Intuit's president and chief executive officer. "We've carefully chosen our businesses to focus on large markets with underserved needs - markets with steady and reliable demand. We continue to uncover new customer problems we can solve well through customer-driven innovation. And we're executing effectively across the board."
Forward-Looking Guidance for First Quarter 2004
Intuit's guidance for the first quarter of fiscal 2004, which ends Oct. 31, 2003, remains:
- Revenue of $225 million to $235 million, or year-over-year growth of 6 percent to 10 percent.
- A pro forma operating loss of $95 million to $85 million and a GAAP operating loss of $104 million to $94 million.
- A pro forma net loss per diluted share of $0.30 to $0.26 and a GAAP net loss per diluted share of $0.33 to $0.29.
Forward-Looking Guidance for Fiscal 2004
Intuit's guidance for fiscal 2004, which ends July 31, 2004, remains:
- Revenue of $1.85 billion to $1.95 billion, or year-over-year organic growth of approximately 12 percent to 18 percent.
- Pro forma operating income of $480 million to $510 million, or growth of approximately 20 percent to 28 percent over fiscal 2003. On a GAAP basis, operating income is expected to be $449 million to $479 million, or growth of approximately 31 percent to 40 percent over fiscal 2003.
- Pro forma diluted earnings per share of $1.57 to $1.67, or growth of approximately 13 percent to 20 percent over fiscal 2003. On a GAAP basis, diluted EPS is expected to be $1.47 to $1.57, down approximately 4 percent to 10 percent from fiscal 2003. Fiscal 2003 GAAP EPS includes net income and gains from discontinued operations of nearly $80 million, which is not anticipated to recur in fiscal 2004.
Five Business Segments Reaffirm Fiscal 2004 Revenue Growth Targets
At Investor Day, Intuit's business leaders will provide investors with an overview of strategies to drive sustained profitable growth in each of the company's five growth engines. Each business has reaffirmed the fiscal 2004 year-over-year revenue growth targets provided in August 2003:
- QuickBooks growth of 15 percent to 25 percent.
- Small Business Services growth of 15 percent to 25 percent.
- TurboTax growth of 10 percent to 20 percent.
- Professional Accounting Solutions growth of 7 percent to 12 percent.
- Vertical Business Management Solutions growth of 15 percent to 25 percent.
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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 had annual revenue of more than $1.6 billion in its fiscal year 2003. 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.
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Web Cast Information
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Intuit's Investor Day will be broadcast live on the company's Web site at www.intuit.com/about_intuit/investors/webcast_events.html beginning at 1:30 p.m. PDT. Those attending the Web cast should go to the Web site in advance of the meeting to download the slides and install any necessary audio software. The Web cast replay will be available at that Web site approximately one hour after the conclusion of the live event and will remain on the site through Nov. 26, 2003.
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About Pro Forma, or Non-GAAP, Financial Measures
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Intuit computes its pro forma, or non-GAAP, financial measures using the same consistent method from quarter to quarter and year to year. Pro forma operating income excludes acquisition-related charges, such as amortization of goodwill and intangibles and impairment charges, as well as amortization of purchased software and charges for purchased research and development. Pro forma net income and diluted earnings per share exclude the same items excluded from pro forma operating income and also exclude discontinued operations, gains and losses on marketable securities and other investments, as well as the tax effects of these transactions. These pro forma financial measures are not prepared in accordance with generally accepted accounting principles and likely are different from non-GAAP or pro forma financial measures used by other companies. The accompanying tables have more details on Intuit's historical performance and financial projections, the GAAP financial measures that are most directly comparable to Intuit's pro forma financial measures, and the reconciliations of pro forma financial measures to GAAP.
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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 guidance about our expected results for fiscal 2004. Statements in the "guidance" sections of this release, statements including words such as "expect," "anticipate" or "believe," and statements in the future tense, are forward-looking statements. Actual results may differ materially from our expressed expectations because of risks and uncertainties about the future. Some of the important factors that could cause our results to differ are discussed below. More details about these and other risks are included in our SEC filings, in our August 19, 2003, press release, and at www.intuit.com/about_intuit/investors/considerations.html. We do not intend to update the information in this presentation if any forward-looking statement later turns out to be inaccurate.
- We face intense competitive pressures in all of our businesses, which can have a negative impact on our revenue, profitability and market position.
- If we do not continue to develop new products and services in a timely manner, our future financial results will suffer.
- Expanding our product and service offerings creates risks due to the increasing complexity and decreasing predictability of our revenue streams.
- We are continuing to implement new information systems to enable us to execute on our growth strategy, and problems with the design or implementation of these new systems could interfere with our business and operations.
- Any significant failure in our technology systems could harm our operations and our financial performance.
- Business integration of acquired companies presents several challenges and we may not fully realize the intended benefits of our acquisitions if we do not successfully integrate them with our operations.
- Given the nature of the products and services that we offer, our revenue and earnings are highly seasonal.
- We face risks relating to customer privacy and security and increasing regulation, which could hinder the growth of our businesses and affect our financial performance.
- We face several risks relating to our retail distribution channel through which we sell our core desktop software products (QuickBooks, TurboTax and Quicken).
- If we were required to account for options under our employee stock plans as a compensation expense, it would significantly reduce our net income and earnings per share.
(Financial Statements follow)
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