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| Intuit Reports TurboTax Sales through Jan. 7, 2006 |
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MOUNTAIN VIEW, Calif. -
Jan.
12,
2006 -
Intuit Inc. (Nasdaq: INTU) today announced
season-to-date sales for its fiscal year 2006 consumer tax products and services. Through Jan. 7, total TurboTax federal unit sales
declined 2 percent over the same period last year. This compares to a decline of 5 percent in the year-ago period. Based on customer
and market data, Intuit expects sales will continue to shift to later in the season at retail and in total, as in prior years. TurboTax
retail share-to-date is up over last year.
“TurboTax is off to a solid start and we feel good about the tax season,” said Brad Henske, general manager of consumer tax.
- As a result of improvements made to last season’s products, TurboTax customers’ intention to renew is up from last year.
- The consumer tax category continues to expand. The IRS expects individual returns filed this season to be up by about 1-2
percent or about 1.5-2 million.
- The elimination of the IRS TeleFile program this season means that 3 million taxpayers will need a new solution for filing
their taxes.
- Intuit expects to attract new customers, increase customer loyalty and drive incremental revenue through its new TurboTax
Refund Bonus Program.
- Intuit expects to monetize a portion of last year’s 2.2 million Free File Alliance customers, many of which are not eligible
for the FFA now that it has returned to its philanthropic mission.
Season-to-Date TurboTax Federal Unit Data
|
Comparable Prior-Year Period |
Season Through 1/7/06 |
% Change YOY |
| TurboTax federal desktop units sold through at
retail |
845,000 |
780,000 |
-8% |
| TurboTax federal desktop units sold direct |
851,000 |
781,000 |
-8% |
| TurboTax Online federal returns sold |
0 |
101,000 |
NM |
| SUB-TOTAL |
1,696,000 |
1,662,000 |
-2% |
| Free File Alliance federal units |
0 |
0 |
NM |
| TOTAL |
1,696,000 |
1,662,000 |
-2% |
|
NM=not meaningful
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.
About Intuit Inc.
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 more than $2 billion in its fiscal year 2005. 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
Intuit’s expectation that TurboTax sales will continue shifting to later in the tax season and its expectation that it will attract new
customers, increase customer loyalty and drive incremental revenue through its new TurboTax Refund Bonus Program are forward-looking
statements. Our actual results may differ materially from our expectations due to a number of risks and uncertainties, including the
inherent difficulty in accurately predicting consumer behavior; the impact of competition from federal and state government sponsored
free file alliances that offer tax preparation services at no charge; and competition from other desktop software providers and Web-based
competitors. In addition, we could experience operational 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, 2005 and our Form 10-K for
the fiscal year ended July 31, 2005. We assume no obligation to update any forward-looking statements or information, which speak as of
the date of this press release.
Sales Data and Estimates Used
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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