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| Intuit Reports TurboTax Sales Through Feb. 5, 2005 |
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Mountain View, Calif. -
February
10,
2005 -
Intuit Inc. (Nasdaq: INTU) today announced season-to-date sales for its consumer tax products and services. In addition, Intuit noted that through Feb. 5, 2005, the number of TurboTax® and TurboTax® for the WebSM federal desktop software customers increased 9 percent over the prior-year period.
"The shift to a later tax season is starting to play out as we expected," said Brad Smith, senior vice president of consumer tax. "Given our strategy to bring more new customers into the TurboTax franchise, we're pleased with the 9 percent growth we've had to date in our TurboTax for the Web paid federal business."
Season-to-Date TurboTax Federal Sales Data
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Comparable Prior-Year Period |
Season Through 2/5/05 |
% Change YOY |
| TurboTax federal desktop units sold through at retail |
2,920,000 |
3,057,000 |
+5% |
| TurboTax federal desktop units sold direct |
1,289,000 |
1,200,000 |
-7% |
| TurboTax for the Web paid federal returns sold |
915,000 |
999,000 |
+9% |
| SUB-TOTAL |
5,124,000 |
5,256,000 |
+3% |
| TurboTax for the Web federal units donated via Free File Alliance |
271,000 |
607,000 |
+124% |
| TOTAL |
5,395,000 |
5,863,000 |
+9% |
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Intuit intends to continue issuing bi-weekly updates of its season-to-date end-user purchase data, based on Intuit's best assessment of its unit sales. The company expects to issue future reports before the market opens every other Thursday through the end of the tax season.
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About Intuit Inc.
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Intuit Inc. 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 nearly $1.9 billion in its fiscal year 2004. The company has nearly 7,000 employees, with major offices in 13 states across the United States 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 statements regarding our expectation that there will be a shift to a later tax season. Actual results may differ materially from our expectations due to a number of risks and uncertainties, including the impact of competition from federal and state government sponsored free file alliances that offer tax preparation services at no charge, competition from other desktop software providers and increased competition from a growing number of Web-based competitors, we could lose revenue and customers in our Web-based business if we fail to maintain reliable and responsive service levels or if the IRS or other governmental agencies experience difficulties in receiving customer submissions; and consumers may not respond as we expect to our advertising and promotional activities. More information on potential factors that could impact our results are included in our public reports filed with the SEC, including our Form 10-Q for the quarter ended October 31, 2004 and our Form 10-K for the fiscal year ended July 31, 2004. We assume no obligation to update any forward-looking statements or information, which speak as of their respective dates.
The unit numbers reported are based on weekly sales reports received by Intuit from its retailers and distributors as well as the number of units sold directly from Intuit. The numbers included in these updates are preliminary and include estimates, including estimates of sales by merchants that do not report their sales to Intuit. Although Intuit takes steps to verify the reliability of the sales data, Intuit believes that errors in the sales reported by its retailers and distributors may impact its reported retail unit numbers on an immaterial basis.
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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