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| Intuit Expects TurboTax Revenue Growth Of 14-15 Percent |
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| Third-Quarter TurboTax Revenue to be at Higher End of Segment Guidance Range |
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MOUNTAIN VIEW, Calif. -
April
22,
2004 -
Intuit Inc. (Nasdaq: INTU) today said it expects TurboTax revenue to grow 14 percent to 15 percent year-over-year for the first three quarters of fiscal 2004, which ends April 30 and covers virtually all of the tax season. The company said it expects third-quarter TurboTax revenue of $336 million to $345 million. This is at the higher end of the guidance of $320 million to $350 million, which Intuit provided on Feb. 18, 2004.
"Intuit is wrapping up another strong tax season," said Steve Bennett, Intuit's president and chief executive officer. "Our efforts to drive more retail and Web sales resulted in good growth in those channels this season and strong results overall."
Season-to-Date TurboTax Federal Sales Data
|
Comparable Prior-Year Period |
Season Through 4/17/04 |
% Change YOY |
| TurboTax federal desktop units sold through at retail |
4,200,000 |
4,663,000 |
+11% |
| TurboTax federal desktop units sold direct |
1,890,000 |
1,709,000 |
-10% |
| TurboTax for the Web federal returns sold |
2,424,000 |
2,767,000 |
+14% |
| TOTAL |
8,513,000 |
9,139,000 |
+7% |
| TurboTax for the Web federal returns donated via Free File Alliance |
1,225,000 |
709,000 |
-42% |
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About Intuit
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Intuit Inc. (Nasdaq: INTU) is a leading provider of business and financial management solutions for small and mid-sized 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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Forward-Looking Statements
This press release contains forward-looking statements, including the statement regarding expected third quarter TurboTax revenues for the nine-month period ended April 30, 2004. Actual results may differ materially from our expectations. Risks and uncertainties that may affect our future results include, but are not limited to, an unexpected number of TurboTax customers redeeming rebate offers, unanticipated customer returns, and reconciliation of e-file partnership revenues yielding unforeseen results.
Intuit, the Intuit logo, TurboTax, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.
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