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   Technology StocksIntuit -- What's Its Future?


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To: AugustWest who wrote (1510)8/22/2000 4:45:32 PM
From: AugustWest
   of 1545
 

Table A (1 of 2)
INTUIT INC.
GAAP CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

Three Mos. Ended Twelve Mos. Ended
July 31, July 31,
1999 2000 1999 2000
---- ---- ---- ----

Net revenue $168,329 $162,259 $940,435 $1,093,825
Costs and expenses:
Cost of goods sold:
Product 54,430 57,347 217,463 282,385
Amortization of
purchased software
and other 2,189 1,762 7,775 8,798
Customer service &
technical support 33,588 25,996 135,172 139,550
Selling & marketing 47,381 48,179 222,450 264,367
Research & development 39,091 42,554 143,437 169,083
General & administrative 25,537 18,899 84,655 83,745
Charge for purchased
research and development -- -- -- 1,312
Acquisition related costs,
including amortization
of goodwill and purchased
intangibles 30,095 35,101 92,917 153,929
Acquisition related costs
- amortization of deferred
compensation -- 1,137 -- 4,019
Reorganization costs -- -- 2,000 3,500
------- ------- ------- -------

Total costs & expenses 232,311 230,975 905,869 1,110,688
------- ------- -------- ---------
Income (loss)
from operations (63,982) (68,716) 34,566 (16,863)

Interest and other
income and expense, net 5,610 18,462 18,252 48,443
Gains from marketable
securities and other
investments, net 510,527 79,034 579,211 481,130
------- ------- ------- -------

Income before income taxes 452,155 28,780 632,029 512,710

Income tax provision 189,257 11,567 245,550 207,184

Minority interest (85) 68 (85) (135)
--------- -------- --------- ---------

Net income $ 262,983 $ 17,145 $ 386,564 $ 305,661
========= ======== ========= =========

Table A (2 of 2)
INTUIT INC.
GAAP CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

Three Mos. Ended Twelve Mos. Ended
July 31, July 31,
1999 2000 1999 2000
---- ---- ---- ----

Basic net income per share $ 1.34 $ .08 $ 2.02 $ 1.52
====== ====== ====== ======
Shares used in per
share amounts 195,722 203,721 190,927 200,770
======= ======= ======= =======

Diluted net income per share $ 1.29 $ .08 $ 1.93 $ 1.45
======= ====== ====== ======
Shares used in per
share amounts 204,272 211,940 199,816 211,271
======= ======= ======= =======

Table B (1 of 2)
INTUIT INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (i)
(In thousands, except per share data)
(Unaudited)

Three Mos. Ended Twelve Mos. Ended
July 31, July 31,
1999 2000 1999 2000
---- ---- ---- ----

Net revenue $168,329 $162,259 $940,435 $1,093,825
Costs and expenses:
Cost of goods sold:
Product 54,430 57,347 217,463 282,385
Customer service &
technical support 33,588 25,996 135,172 139,550
Selling & marketing 47,381 48,179 222,450 264,367
Research & development 39,091 42,554 143,437 169,083
General & administrative 25,537 18,899 84,655 83,745

Total costs & expenses,
excluding acquisition
related charges and
reorganization costs 200,027 192,975 803,177 939,130
------- ------- ------- -------
Income (loss)
from operations (31,698) (30,716) 137,258 154,695

Interest and other
income and expense, net 5,610 18,462 18,252 48,443
----- ------ ------ ------
Income (loss) excluding
acquisition related charges,
reorganization costs and
gains from marketable
securities and other
investments, net (26,088) (12,254) 155,510 203,138

Income tax provision (benefit) (9,392) (4,166) 55,984 69,067
Minority interest (85) 68 (85) (135)
------ ------ ------- ------

Net income (loss) excluding
acquisition related charges,
reorganization costs and
gains from marketable
securities and other
investments, net $ (16,611) $ (8,156) $ 99,611 $ 134,206
========= ========= ======= ========

Table B (2 of 2)
INTUIT INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (i)
(In thousands, except per share data)
(Unaudited)

Three Mos. Ended Twelve Mos. Ended
July 31, July 31,
1999 2000 1999 2000
---- ---- ---- ----

Basic net income (loss)
per share, excluding
acquisition related
charges, reorganization
costs and gains from
marketable securities
and other investments, net $ (0.08) $ (0.04) $ 0.52 $ 0.67
======== ======== ======= =======
Shares used in per share
amounts 195,722 203,721 190,927 200,770
======= ======= ======= =======
Diluted net income (loss)
per share, excluding
acquisition related
charges, reorganization
costs and gains from
marketable securities
and other investments, net $ (0.08) $ (0.04) $ 0.50 $ 0.64
======== ======== ======= =======
Shares used in per share
amounts 195,722 203,721 199,816 211,271
======== ======== ======= =======

(i) This statement of operations information for the three and
twelve month periods ended July 31, 2000 and 1999 is for illustrative
purposes only and is not prepared in accordance with generally
accepted accounting principles. It shows the operating results of the
Company, excluding acquisition related charges of $38.0 million and
$168.1 million for the three and twelve month periods ended July 31,
2000, respectively, and $32.3 million and $100.7 million for the three
and twelve month periods ended July 31, 1999, respectively. The twelve
month period ended July 31, 2000 excludes reorganization costs of $3.5
million. The twelve month period ended July 31, 1999 excludes
reorganization costs of $2.0 million. The three and twelve month
periods ended July 31, 2000 exclude gains from marketable securities
and other investments, net, of $79.0 million and $481.1 million,
respectively, and the three and twelve month periods ended July 31,
1999 exclude gains from marketable securities and other investments,
net, of $510.5 million and $579.2 million, respectively. Assuming no
additional acquisitions and no impairment of value resulting in an
acceleration of amortization, pre-tax amortization of acquisition
related charges will be approximately $148.1 million, $142.8 million
and $118.7 million for the years ending July 31, 2001 through 2003,
respectively.


Table C
INTUIT INC.
STATEMENT OF DIFFERENCES BETWEEN GAAP AND PRO FORMA
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (ii)
(In thousands, except per share data)
(Unaudited)

Three Mos. Ended Twelve Mos. Ended
July 31, July 31,
1999 2000 1999 2000
---- ---- ---- ----

Income before income
taxes, and minority
interest as reported $452,155 $28,780 $632,029 $512,710

Reorganization costs -- -- 2,000 3,500

Gains from marketable
securities (510,527) (79,034) (579,211)(481,130)
Acquisition related
charges including
amortization of
purchased software,
goodwill, purchased
intangibles and
acquisition related
deferred compensation 32,284 38,000 100,692 168,058
------ ------ ------- -------
Income (loss) excluding
acquisition related
charges, reorganization
costs and gains from
marketable securities
and other investments, net (26,088) (12,254) 155,510 203,138
Income tax provision (9,392) (4,166) 55,984 69,067
Minority interest (85) 68 (85) (135)
------- ------ ------- -------

Net income excluding
acquisition related
charges, reorganization
costs and gains from
marketable securities
and other investments, net $ (16,611) $ (8,156) $ 99,611 $ 134,206
========= ======== ======= ========

Basic net income (loss)
per share, excluding
acquisition related
charges, reorganization
costs and gains from
marketable securities
and other investments, net $ (0.08) $ (0.04) $ 0.52 $ 0.67
======= ======= ====== ======
Shares used in per share
amounts 195,722 203,721 190,927 200,770
======= ======= ======= =======
Diluted net income (loss)
per share, excluding
acquisition related
charges, reorganization
costs and gains from
marketable securities
and other investments, net $ (0.08) $ (0.04) $ 0.50 $ 0.64
======= ======= ====== =====
Shares used in per share
amounts 195,722 203,721 199,816 211,271
======= ======= ======= =======


(ii) This statement illustrates the impact of acquisition related
charges, reorganization costs and the impact of gains from marketable
securities and other investments, net on reported net income. These
items are included in the GAAP results of operations (Table A) and are
excluded from pro forma results of operations (Table B).


Table D
INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
July 31, July 31,
1999 2000
---- ----
ASSETS:

Current assets:
Cash, cash equivalents and
short-term investments $ 859,355 $1,467,173
Customer deposits 145,836 181,678
Marketable securities 431,462 225,878
Accounts receivable, net 63,677 67,420
Mortgage loans 84,983 60,330
Deferred income taxes 64,925 95,777
Inventories 4,931 1,935
Prepaid expenses and
other current assets 67,716 35,067
------- ------
Total current assets 1,722,885 2,135,258

Property and equipment, net 119,220 167,707
Intangibles, net 98,049 79,988
Goodwill, net 383,102 358,890
Other assets 7,897 12,914
Restricted investments 36,028 --
Investments 45,704 31,160
Long-term deferred income taxes 76,190 104,396
------ -------
Total assets $2,489,075 $2,890,313
========== ==========

LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities:
Line of credit $ 29,896 $ 2,580
Accounts payable 66,436 79,145
Accrued compensation and
related liabilities 39,996 49,303
Payroll tax obligations 131,148 177,002
Escrow liabilities 14,857 5,899
Drafts payable 49,169 23,598
Deferred revenue 65,994 107,578
Income taxes payable 143,181 110,743
Deferred income taxes 136,694 53,934
Short-term note payable -- 34,286
Other accrued liabilities 201,872 162,769
------- -------
Total current liabilities 879,243 806,837

Long-term obligations 36,614 538
Long-term deferred income taxes 11,615 11,411
Minority interest 215 238
Stockholders' equity 1,561,388 2,071,289
--------- ---------
Total liabilities and
stockholders' equity $2,489,075 $2,890,313
========== ==========

--------------------------------------------------------------------------------

Contact:
Intuit Inc.
Linda Fellows, 650/944-5436 (Investors)
Greg Santora, 650/ 944-3054 (Investors)
or
Ketchum for Intuit
Michele Cerza, 650/596-2700 (Media)

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To: AugustWest who wrote (1511)8/23/2000 10:34:26 AM
From: Larry S.
   of 1545
 
INTU +7 to 53 YAHOOOOOOOOOOOOOO!!!! eom. larry

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To: Larry S. who wrote (1507)8/23/2000 4:55:23 PM
From: Night Writer
   of 1545
 
Larry,
Nice call on the break out. It was a nice high volume break out with a run away gap up.
NW

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To: robbie who wrote (1503)8/23/2000 5:00:12 PM
From: Night Writer
   of 1545
 
robbie,
Retired naked Oct 35 puts today. I'll reload if there is a dip. I'm still holding the naked Jan 35 puts.
NW

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To: Night Writer who wrote (1514)8/31/2000 9:21:52 AM
From: AugustWest
   of 1545
 
Intuit Completes Acquisition of Web Finance Joint Venture Company


Business Editors

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Aug. 31, 2000--Intuit Inc.
(Nasdaq:INTU) today announced that it has completed its acquisition
of the remaining shares of Venture Finance Software Corp. (VFSC), a
privately held joint venture company in which Intuit had previously
been a minority investor.
VFSC, based in Mountain View, Calif., has developed technology
that has enabled Intuit to move the functionality of its Quicken
desktop software onto the Web. With this technology, Intuit has been
able to offer consumers an intuitive service through which they can
easily view and pay their bills online, as well as tools that enable
them to monitor and manage their personal finances and investment
portfolios online. VFSC had licensed its technology to Intuit to
provide these services through Quicken and Quicken.com.
Intuit acquired all outstanding shares of VFSC in a cash
transaction, which closed yesterday and was valued at approximately
$115 million. The purchase price was based on a formula that was
negotiated at the time of Intuit's original investment in VFSC in May
1998. VFSC will become part of Intuit's consumer finance division.

About Intuit

Intuit Inc. (Nasdaq:INTU) is the leader in e-finance, including
financial software and Web-based financial services for consumers and
small businesses. Intuit develops and markets QuickBooks(R), the most
popular small business accounting software; Quicken(R), the leading
personal finance software; and TurboTax(R), the best-selling tax
preparation software.
An innovator in delivering Web-based financial tools, Intuit is
the leading provider of online tax preparation and filing and online
mortgages. Intuit is also breaking new ground as a leader in online
bill presentment and payment, and in the delivery of its QuickBooks
Internet Gateway platform of connected e-services for small
businesses. Intuit's Quicken.com(R) Web site (www.quicken.com) is a
leading financial site, offering a comprehensive set of financial
news, information and tools, including insurance, mortgage, investment
and tax preparation services. Intuit's products and services enable
individuals, small businesses and financial professionals to better
manage their financial lives and businesses.

Note to Editors: Intuit, Quicken, QuickBooks, QuickBooks Pro,
TurboTax and ProSeries, among others, are registered trademarks and/or
registered service marks of Intuit Inc. Quicken.com and
QuickBooks.com, among others, are trademarks and/or service marks of
Intuit Inc.

--30--jag/sf* dc/sf

CONTACT: Intuit Inc.
Linda Fellows, 650/944-5436 (Investors)
linda_fellows@intuit.com
or
Ketchum for Intuit
Michele Cerza, 650/596-2700 (Media)
michele.cerza@ketchum.com

KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE ELECTRONIC
GAMES/MULTIMEDIA INTERNET SOFTWARE MERGERS/ACQ

Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com




*** end of story ***

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To: AugustWest who wrote (1515)11/2/2000 7:11:51 PM
From: 2MAR$
   of 1545
 
Intuit Announces Earnings Release Date = Nov 21


Business Editors

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Nov. 2, 2000--Intuit Inc.
(Nasdaq:INTU) announced today that it will release its first fiscal
quarter earnings on Tuesday, Nov. 21, 2000, following the close of
market.
Intuit will subsequently host a conference call at 1:30 p.m. (PST)
to discuss first quarter financial results.
A downloadable earnings press release and PowerPoint presentation
also will be available on Intuit's website at
www.intuit.com/corporate/investor_relations following the close of
market on Nov. 21, 2000.
To access and participate in the conference call dial 888/732-8927
in the United States or 212/676-4910 from international locations. No
reservation or access code is needed.
Those unable to participate can call 800/633-8284 or 858/812-6440
to listen to a tape recording of the call. The reservation number for
this call is 16842766. The recording and presentation will be
available for one week after the conference call.

About Intuit Inc.

Intuit Inc. (Nasdaq:INTU) is the leader in e-finance, including
financial software and Web-based financial services for consumers and
small businesses. Intuit develops and markets QuickBooks(R), the most
popular small business accounting software; Quicken(R), the leading
personal finance software; and TurboTax(R), the best-selling tax
preparation software. An innovator in delivering Web-based financial
tools, Intuit is the leading provider of online tax preparation and
filing and online mortgages. Intuit is also breaking new ground as a
leader in online bill presentment and payment, and in the delivery of
its QuickBooks Internet Gateway platform of connected e-services for
small businesses.
Intuit's Quicken.com(TM) Web site (www.quicken.com) is a leading
financial site, offering a comprehensive set of financial news,
information and tools, including insurance, mortgage, investment and
tax preparation services. Intuit's products and services enable
individuals, small businesses and financial professionals to better
manage their financial lives and businesses.

--30--lr/sf* pw/sf

CONTACT: Intuit Inc.
Lisa Rhodes, 650/944-2713 (Investors)
or
Ketchum (for Intuit)
Holly Anderson, 615/377-6902 (Media)

KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: E-COMMERCE INTERNET SOFTWARE CONFERENCE CALLS
EARNINGS

Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.

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To: 2MAR$ who wrote (1516)11/14/2000 1:12:31 PM
From: Larry S.
   of 1545
 
INTU 64 + 8 1/2 - and silent thread.?? earnings due out 11/21. something's up. larry

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To: Larry S. who wrote (1517)12/8/2000 6:53:58 AM
From: Bocor
   of 1545
 
Definitely worth listening to for all longs!

biz.yahoo.com

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To: Bocor who wrote (1518)12/26/2000 8:13:39 AM
From: Larry S.
   of 1545
 
Turbo tax sales down 30% so far, public.wsj.com - could be reason for recent weakness. Then again, comparisons to last year, with Y2K and robust computer sales, might well be misleading. neveertheless, a negative, at least short term, for this stock. a screaming buy here in mid 30's, might well becoming even more so. larry

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To: Larry S. who wrote (1519)1/18/2001 5:36:14 PM
From: Night Writer
   of 1545
 
I'm back in at 35 1/2.<eom>
NW

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