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To: Bocor who wrote (901)	5/22/2001 4:09:09 PM
From: Rainy_Day_Woman	Respond to of 6873

INTU May 22, 2001--Intuit Inc. (Nasdaq:INTU - news) today announced that its board of directors has authorized a three-year stock repurchase program for up to $500 million. ``Our goal is to continually look for ways to enhance shareholder value and we've taken a number of positive steps in that direction,'' said Steve Bennett, Intuit's president and chief executive officer. ``First, we're executing well -- delivering performance that is up from historical growth rates with improved margin percentages -- and we're delivering on our profit guidance. We're investing in emerging growth businesses at twice last year's levels. We've made a number of acquisitions and dispositions to better position our portfolio to drive profitable growth. And the new element we're announcing today is a stock buy back plan to enable us to drive higher EPS growth by minimizing dilution from employee stock programs.'' This is the first stock repurchase program in Intuit's history.

To: Bocor who wrote (901)	5/22/2001 4:09:45 PM
From: T L Comiskey	Respond to of 6873

INTU : INTUIT INC (NASDAQ) All Headlines Intuit Reports Third-Quarter Fiscal 2001 Results; Pro Forma Operating Income Grows 63% on Revenue Growth of 29% Raises Minimum Target for Fiscal 2001 Pro Forma Operating Income MOUNTAIN VIEW, Calif., May 22, 2001 (BUSINESS WIRE) -- Intuit Inc. (Nasdaq: INTU chart, msgs) today announced the financial results for its third fiscal quarter ended April 30, 2001. "Intuit's focus is on growing profits, and we delivered, beating consensus estimates for pro forma earnings per share by two cents," said Steve Bennett, Intuit's president and chief executive officer. "Intuit grew pro forma operating income by 63 percent on revenue growth of 29 percent. We had several businesses that really stood out -- our consumer and professional tax businesses, payroll and Quicken Loans." Third-Quarter Results Intuit reported revenue of $425.2 million for the third quarter of fiscal 2001, an increase of 29 percent over the $329.1 million for the year-ago quarter. Revenue growth resulted from both increased prices and higher volumes. On a GAAP basis, Intuit reported a net loss for the quarter of $14.3 million, or $0.07 per share. Year-over-year GAAP comparisons are complicated due to two large, unrelated events that impacted the third quarters of both fiscal 2000 and 2001. Last year's third-quarter GAAP results benefited from a $422.2 million pre-tax gain on the sale of certain marketable securities, which did not occur this year. In the year-ago quarter, Intuit reported net income of $297.1 million, or $1.39 per share. This year's third quarter was impacted by a charge of approximately $77 million (which is included within acquisition-related costs) related to the accelerated write-off of goodwill related to acquisitions made in prior periods. Intuit's policy is to regularly review goodwill and other longer-term assets to evaluate their current value. (See Table A) On a pro forma basis (explained below), Intuit reported third-quarter net income of $118.4 million, or $0.55 per share, which was 53 percent better than the prior year quarter. Intuit had pro forma net income of $76.3 million, or $0.36 per share, for the third quarter of fiscal 2000. Pro forma operating income was $165.1 million in the third quarter, up 63 percent from the year-earlier quarter. The increase in pro forma operating income resulted from price increases across many business lines, strong volume growth and improved operational rigor efforts throughout the company. (See Table B) Intuit continues to have a strong balance sheet, with nearly $1.6 billion in cash and short-term investments, or more than $7.00 per share. Intuit's financial results reflect the highly seasonal nature of its businesses, particularly its tax preparation business. Intuit typically produces more than 100 percent of its annual profits in its second and third quarters combined. Intuit typically reports a loss in its first and fourth quarters when revenues from tax software are minimal, but operating expenses to develop new products and services continue at relatively consistent levels. Annual results may provide a more meaningful way to compare Intuit's operating performance than quarter-over-quarter comparisons. The timing of product launches and promotions can vary from one year to the next, shifting revenue to different quarters within a year. The GAAP financial results are prepared in accordance with generally accepted accounting principles and are shown in Table A. Pro forma financial information shown in Table B excludes acquisition-related charges, reorganization costs, net pre-tax gains and losses related to marketable securities and other investments, gain on divestiture, and the cumulative effect of accounting change for derivatives. Business Highlights Another Record Tax Season Intuit had a record season in its consumer tax business, significantly growing both units and revenue. The company had excellent growth in federal units, with 7.6 million total Web and desktop units, up 19 percent over the prior season. Revenue increased 27 percent for the season. On the desktop, Intuit grew share of both units and revenue at retail. On the Web, the company added one million new users, up 71 percent to 2.4 million. Revenue on the Web increased 130 percent. Intuit also had a good year in its professional tax business, which was the second largest contributor to the company's profits in the third quarter after consumer tax. In April, the company acquired Tulsa, Okla.-based Tax and Accounting Software Corporation (TAASC). Based on Intuit's history, the company expects to convert between 60 percent and 80 percent of TAASC's 20,000 customers to its Lacerte or ProSeries products, which will help drive additional profit and revenue growth next season. Payroll Shows Strong Revenue and Profit Growth Intuit continues to see momentum in its payroll business -- a high-growth service business with a recurring revenue stream and strong third-quarter results: