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To: 2MAR$ who wrote (97)	11/16/2001 12:02:22 AM
From: 2MAR$	Respond to of 238

INTU ($43-$41) narrows its pro forma loss By Mike Tarsala, CBS.MarketWatch.com Last Update: 5:08 PM ET Nov. 15, 2001 MOUNTAIN VIEW, Calif. (CBS.MW) -- Financial software-maker Intuit announced Thursday that it narrowed its pro forma losses, as sales increased 11 percent from the same period a year ago. FRONT PAGE NEWS U.S. techs fumble while blue chips retain small gains Dell dips on Q3 report; Agilent halted Oil futures prices fall under $18 a barrel Initial jobless claims fall; continuous collections up Sign up to receive FREE e-newsletters: Get the latest news 24 hours a day from our 100-person news team. Intuit posted a loss excluding charges of $27.6 million, or 13 cents a share, compared with a loss of $21.4 million, or 10 cents, in the year-ago period. Analysts had expected the company to lose 15 cents a share, on average, according to a survey by Thomson Financial/First Call. But the Mountain View, Calif.-based company reported a net loss of $92.4 million, or 44 cents a share, compared with a net loss of $33.7 million, or 16 cents per share, a year earlier. The company took $35.4 million in charges related to investment and asset write-downs. "We're off to a great start," said Raymond Stern, Intuit's senior vice president of corporate strategy and development. "Our services revenue continues to grow as a percentage of total revenue. For the year, we're on track to grow faster than last year's 15 percent top-line growth rate." Management said the company will increase its second-quarter pro forma operating income target to a range between $177 million and $180 million, up from $141.5 million in the year-ago period. The company increased its full-year pro forma operating earnings goal by $5 million to a range of $280million to $290 million, up at least 27 percent from fiscal 2001. Intuit's sales were $208.8 million for the quarter, an increase of 11 percent over the year-earlier quarter. Analysts had expected sales of $209.5 million, according to Thomson Financial/First Call. Sales in the company's personal finance business fell 15 percent to $40 million from $47 million in the year-ago period. Revenue in the company's small business management product segment dropped 6 percent to $37.5 million. Intuit's loans business increased sales 135 percent to $40 million from $17 million last year. Sales of company's payroll products, meanwhile, spiked 42 percent to $34 million. Shares of Intuit (INTU: news, chart, profile) rose 11 cents to close at $41.82 in Nasdaq trading.