Intuit Posts 1Q Operating Results

Posted on: Fri, 20 Nov 2009 22:26:00 EST

Symbols: INTU

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Nov 21, 2009 (Close-Up Media via COMTEX) --
INTU | Quote | Chart | News | PowerRating -- Intuit announced financial results for its first quarter ended Oct. 31.

In a release dated November 19, the company stated:

First-Quarter Highlights

- Revenue increased 2 percent to $493 million and operating results exceeded the company's guidance.

- Revenue growth in core businesses was led by the Employee Management Solutions' Payroll service, at 9 percent, and the Financial Institutions segment, at 7 percent.

- Operating results exceeded guidance due to a shift in marketing expenses from Q1 to Q2 and to continued diligence on spending and resource allocation. Last year's Q1 results included an unusual $17 million benefit from compensation related items. Adjusting for that unusual item, the Q1 operating loss is $7 million less than it was last year. Intuit typically posts a seasonal loss in its first quarter when there is little revenue from its tax businesses but expenses remain relatively constant.

- Intuit ended the quarter with more than $1 billion in cash and investments, maintaining a strong balance sheet, consistent with its financial operating principles.

- The company repurchased $300 million of shares of stock in the quarter, and the board approved a new repurchase program of $600 million.

- Intuit acquired Mint.com and reaffirmed its full-year 2010 guidance inclusive of the transaction. Previously, Intuit had expected to reduce its full-year 2010 non-GAAP (Generally Accepted Accounting Principles) earnings per share by 2 cents following the close of the transaction.

"Intuit's solid revenue and operating results give us a good start to the fiscal year, with our most important quarters ahead of us," said Brad Smith, Intuit's president and chief executive officer. "With these early results, we are confident that we will grow revenue and expand operating margins. We will continue to invest in targeted, high-yield opportunities while also managing expenses.

"We continue to see growth in our core businesses and are making progress in building out adjacent businesses. At the same time, we are accelerating our transition to a connected services company, with the recent acquisitions of online payroll provider PayCycle and the fast-growing online personal finance service Mint.com. We'll also continue to invest in our products and in innovations that position us well for future growth."

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