|INTUIT attempts to clarify yest's guidance: biz.yahoo.com|
Friday March 16, 8:30 am Eastern Time
Intuit Clarifies Financial Guidance
Company Expects to Meet 3rd, 4th Quarter and Fiscal Year 2001 Pro Forma Operating Income Targets
Company Expects Fiscal Year 2002 Pro Forma Operating Income Growth of 25 Percent to 30 Percent
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--March 16, 2001-- Intuit today clarified the financial guidance it issued on March 15. The company reiterated its fiscal 2001 pro forma operating income commitment of $205 million to $213 million, which represents greater than 32 percent annual growth. This remains unchanged from guidance provided during its second quarter earnings announcement in February and is up significantly from the 13 percent profitability growth during the prior year. Intuit also reiterated that it expects to achieve a minimum pro forma operating income growth of between 25 percent and 30 percent for fiscal year 2002, which begins Aug. 1, and a minimum of 20 percent pro forma operating income growth in each of fiscal 2003 and fiscal 2004.
The company confirmed that as part of meeting its fiscal 2001 full year commitment, it would also meet its third
quarter and fourth quarter fiscal 2001 pro forma operating income commitments. Intuit's third and fourth quarter
profitability commitments are unchanged from the guidance provided during its second quarter earnings
announcement. Those commitments included pro forma operating income of $165 million to $170 million in the third quarter and pro forma operating losses of $47 million to $52 million in the fourth quarter. Due to the seasonal nature of its businesses and consistent with analysts' expectations, Intuit typically has pro forma operating losses in the fourth quarter each year.
Intuit reiterated that it expects fiscal year revenue to range from $1.26 billion to $1.3 billion, an increase of 15 percent to 19 percent over last year, but down 3 percent to 5 percent from guidance the company provided during its last earnings announcement. As it stated on Thursday, third quarter revenue growth is expected to range from $425 million to $450 million, up between 29 percent and 37 percent from the year-ago third quarter. Fourth quarter revenue is expected to range from $200 million to $210 million, an increase of between 23 percent and 29 percent over last year's fourth quarter.