"Intuit delivered solid growth in the first quarter and we believe we're on track to deliver another year of good revenue and profit growth," said Steve Bennett, Intuit's president and chief executive officer. "We're excited about our future. We've made great progress with our 'Right for Me' strategy over the last few years. And we continue to solve important customer problems with innovative new products like QuickBooks: Simple Start for new small businesses and SnapTax for taxpayers with simple tax returns."

First-Quarter 2005 Financial Highlights

• Intuit posted a GAAP (Generally Accepted Accounting Principle) net loss of $46.1 million, better than a loss of $54.0 million in the first quarter of 2004. This represents a net loss of $0.24 per share versus a net loss of $0.27 in the 2004 first quarter. Intuit typically posts a seasonal loss in its first quarter when it has little revenue from its tax businesses but expenses remain relatively constant.
• Intuit posted a pro forma net loss of $43.3 million, better than the $47.6 million loss in the first quarter of 2004. The first-quarter pro forma net loss per share was $0.23 versus a net loss of $0.24 in the first quarter of fiscal 2004.

First-Quarter 2005 Business Portfolio and Segment Results

• Strong growth in Intuit's QuickBooks-Related and Intuit-Branded Small Business segments drove an 11 percent increase in first-quarter revenue to $266.0 million from $239.3 million in the year-ago quarter.
• QuickBooks-Related revenue of $145.6 million was up 12 percent over the year-ago quarter.
• Intuit-Branded Small Business revenue of $66.7 million was up 13 percent over the year-ago quarter.
• Consumer Tax revenue was $5.0 million, as expected, in a seasonally slow quarter.
• Professional Tax revenue was $7.4 million, as expected, in a seasonally slow quarter.
• Other Businesses revenue of $41.2 million was up 8 percent. This segment includes Quicken and Canada.

Forward-Looking Guidance for Fiscal 2005
Intuit reaffirmed its financial guidance for fiscal 2005, which it provided on Aug. 18, 2004:

• Revenue of $1.97 billion to $2.02 billion, or year-over-year growth of approximately 6 percent to 9 percent.
• Pro forma operating income of $535 million to $559 million, or growth of approximately 12 percent to 17 percent over fiscal 2004. On a GAAP basis, operating income is expected to be $503 million to $527 million, or growth of approximately 14 percent to 20 percent over fiscal 2004.
• Pro forma diluted earnings per share (EPS) of $1.93 to $2.01, or growth of approximately 15 percent to 20 percent over fiscal 2004. On a GAAP basis, diluted EPS is expected to be $1.82 to $1.90, up approximately 15 percent to 20 percent from fiscal 2004.

Forward-Looking Guidance for Second-Quarter 2005
Intuit reaffirmed its revenue guidance for the second quarter, which ends on Jan. 31, 2005, that it provided on Oct. 7, 2004, and provided operating income and EPS guidance for the first time:

• Revenue of $625 million to $645 million. Intuit had revenue of $633 million in the second quarter of fiscal 2004.
• Pro forma operating income of $200 million to $215 million and GAAP operating income of $192 million to $207 million.
• Pro forma diluted EPS of $0.72 to $0.77 and a GAAP diluted EPS of $0.69 to $0.74.

Forward-Looking Guidance for Third-Quarter 2005
Intuit reaffirmed its revenue guidance for the third quarter, which ends on April 30, 2005, that it provided on Oct. 7, 2004, and provided EPS guidance for the first time:

• Revenue of $780 million to $810 million, or year-over-year growth of 10 percent to 14 percent.
• Pro forma diluted EPS of $1.46 to $1.51 and a GAAP diluted EPS of $1.43 to $1.48.

Forward-Looking Guidance for Fourth-Quarter 2005
For its fourth quarter, which ends July 31, 2005, Intuit expects:

• Revenue of $285 million to $305 million, or year-over-year growth of 5 percent to 12 percent.
• Pro forma EPS loss of $0.04 to $0.08 and a GAAP EPS loss of $0.07 to $0.11.

Conference Call Scripts, Webcast and Conference Call Information
A live audio webcast of Intuit's first-quarter conference call is available at http://www.intuit.com/about_intuit/investors/webcast_events.html. The call begins today at 1:30 p.m. (PST). The replay of the audio webcast will remain on Intuit's Web site for one week after the conference call. Intuit has posted to its Web site this press release, including the attached tables and pro forma to GAAP reconciliations. It will post the conference call script to the Web site shortly after the conference call concludes.

The conference call number is (866) 244-4515 in the United States and (703) 639-1168 from international locations. No reservation or access code is needed. A replay of the call will be available for one week by calling (888) 266-2081 in the United States and (703) 925-2533 from international locations. The access code is 588189.