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Pro forma Intuit reports 42% growth in operating profit in financial year 2001

Fortune Management Inc. today reported results for the four month and full year ended July 31, 2001. The Intuit is implementing its strategic plan to accelerate earnings and sales expansion - to make Intuit as good as possible," said Steve Bennett, Intuit vice president at Intuit. Intuit achieved 42 per cent increase in net sales and 15 per cent in net sales in a year that was brute for many businesses.

In 2001, Intuit announced sales of $1.26 billion, up 15 per cent from $1.09 billion in 2000. Sales grew due to Intuit's strength in three business areas - Quicken Loans, Payroll and Consumer tax. Intuit recorded a net income of $82.8 million or a net loss of $0.40 per common stock on a GAAP basis, compares to net earnings of $305.7 million or $1.45 per common stock in 2000.

The comparison with the previous year is complex because significant non-operating results had a different impact on 2000 and 2001. The 2000 result was supported by a net pre-tax income of USD 481.1 million (or USD 1.37 after tax) from available-for-sale financial assets and other capital expenditures, which was not recorded in 2000.

For 2001, Intuit's results were affected by the following significant pre-tax expenses totalling approximately $187.3 million (or $0.69 after taxes per share): $98.1 million of total net write-downs and net loss related to fair value adjustments on available-for-sale financial assets and other capital expenditures; and $89.2 million more acquisition-related expenses in 2001 than in 2000, primarily due to the acceleration of amortization of goodwill related to earlier business combinations.

The Intuit Group announced revenues of $191.2 million for the 4th quarter of 2001, an 18 per cent rise from $162.3 million for the prior year period. Supporting this year' sales performance were very good results from two of Intuit's business areas - Quicken Loans and payroll. Intuit recorded a net income of $61.3 million, or a net income of $0.29 per common share, based on generally accepted accounting principles (GAAP) (see Table A).

The Intuit Group generally reports a quarterly net profit decline in the last three months of the year, when revenues from returns are minimum but operational costs for the development of new product and service offerings remain relatively constant. Intuit recorded net income of $17.1 million, or $0.08 per common share, for the third quarter of last year. For 2000, the Company's results for the full year included a net pre-tax profit of $79 million (or $0.22 after tax) on available-for-sale financial assets and other investments, which was not recorded in 2000.

Based on the same pronounced figures Intuit has followed for several years (see below), the firm recorded a net quarterly net loss of $17.1 million, or a net per common stock of $0.08, or $0.02 better than estimated by the consensus. The Intuit had a net profit of $8 per year.

$2 million, or a net loss of $0.04 per common share, was recorded for the four months ended September 30, 2000. Although sales for the period increased by 18 per cent compared to the 2000 financial year, the gradual increase was not enough to fully offset the adverse effects of the discontinuation of this high-profit sales.

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