Free press releases distribution network?

More news: Software
Agency / Source: Intuit, Inc.

Check Ads Availability|e-mail Article

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Intuit Grows Annual Revenue 11 Percent, Operating Income 17 Percent - Expects 9 to 11 percent revenue growth and double-digit EPS growth in fiscal 2012; company announces cash dividend (Nasdaq: INTU) -
Intuit Grows Annual Revenue 11 Percent, Operating Income 17 Percent


PRZOOM - /newswire/ - Mountain View, CA, United States, 2011/08/18 - Expects 9 to 11 percent revenue growth and double-digit EPS growth in fiscal 2012; company announces cash dividend (Nasdaq: INTU) - NASDAQ: INTU

Your Banner Ad Here instead - Showing along with ALL Articles covering Software Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


Intuit, Inc. today announced financial results for its fourth quarter and full fiscal year 2011, which ended July 31, and provided initial guidance for fiscal year 2012. The company also announced it will pay shareholders a cash dividend for the first time in its history.

Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period.

Fiscal Year 2011 Highlights:
• Increased revenue by 11 percent, to $3.85 billion.
• Increased GAAP diluted earnings per share by 13 percent and non-GAAP diluted EPS by 19 percent.
• Delivered another strong season for Consumer Tax, growing units 12 percent and revenue 13 percent.
• Achieved double-digit revenue growth in all three Small Business segments, driven by customer growth and improving revenue per customer.
• Generated growth through connected services with QuickBooks Online subscribers up 41 percent and TurboTax Online subscribers up 20 percent.
• Grew end users to more than 35 million on hosted products and services, accelerated by the adoption of mobile solutions.
• Repurchased stock totaling nearly $1.4 billion for the year, including $250 million in the fourth quarter.

Snapshot of Full-year Results are available online.

Fourth-quarter 2011 Highlights:
• Increased revenue 10 percent, to $593 million.
• Reported the first profitable fourth quarter in recent history, with non-GAAP earnings per share of $0.02.
• Intuit Financial Services subscribers using mobile banking solutions tripled over the past year.
• More than 50 percent of Mint users now access the service through a mobile device.

Snapshot of Fourth-quarter Results are available online.

CEO Perspective
"We had a strong fourth quarter and a great fiscal year, building on tough year-over-year comparisons of double-digit revenue growth in fiscal 2010," said Brad Smith, Intuit's president and chief executive officer. "Our results continue to demonstrate that our strategy is working and our execution is on track. Our core businesses, Consumer Tax and Small Business, which represent the majority of our revenue and operating income, both posted double-digit growth in fiscal year 2011.

"As we've seen throughout the recession and recent turbulent market conditions, our portfolio, combined with our focus on execution, helps us to be resilient in the most challenging environments. Through it all, we continue to benefit from customers' ongoing move to connected services. While we still face challenges from the economy, shifting competitors' strategies and new entrants, we're confident that the secular shift to digital services will enable us to deliver strong performance in almost any environment.

"Looking ahead, our plans have assumed no improvement to economic conditions in the coming year. We will continue to apply the same decision principles that have served us well as we've navigated this downturn. We expect to expand operating margins while investing in long term growth. We are looking forward to fiscal 2012. With the right strategy, financial discipline and focused team, we expect another strong year," Smith said.
Business Segment Results and Highlights

Total Small Business Group revenue grew 10 percent for the quarter and 12 percent for the year, with all three divisions growing revenue double digits in fiscal year 2011. Within Small Business:

• Financial Management Solutions revenue grew 12 percent for the quarter and 15 percent for the year. Growth in QuickBooks Online and Enterprise Solutions contributed to an improved mix, driving revenue growth.
• Employee Management Solutions revenue grew 5 percent for the quarter and 10 percent for the year. Payroll customers grew 2 percent for the year as this segment continued to perform well in a tough economy.
• Payment Solutions revenue grew 12 percent for the quarter and 11 percent for the year. Merchants grew 11 percent for the quarter and for the year, with 1 percent growth in volume per merchant for the quarter.

Consumer Tax
• Consumer Tax had a strong year, with revenue growth of 13 percent for the year on unit growth of 12 percent. Tax software category growth accelerated in tax year 2010, and the company took share within the category.

Accounting Professionals
• Accounting Professionals revenue grew 7 percent for the year, and segment operating income margins expanded by 90 basis points.

Financial Services
• Financial Services revenue grew 8 percent in the fourth quarter and 4 percent for the year. Excluding the divestiture of the lending business, revenue growth for fiscal year 2011 was 6 percent.

Other Businesses
• The Other Businesses segment, including Global, Personal Finance and Healthcare, grew 14 percent for the fourth quarter and 15 percent for the year, driven by growth in Small Business offerings in the United Kingdom and Canada.
• The company recorded an after-tax non-cash goodwill and intangible asset impairment charge of $30 million related to its Healthcare business during the quarter, equating to $0.09 in GAAP earnings per share.

Quarterly Dividend
Intuit's board of directors approved a quarterly cash dividend. The cash dividend will be paid on Oct. 18 to shareholders of record as of the close of business on Oct. 10. The dividend will be $0.15 a share. Future declarations of dividends and the establishment of future record dates and payment dates are subject to the final determination of the board of directors.

Stock Repurchase Program
During the fourth quarter, Intuit repurchased $250 million of its shares, bringing total repurchases to nearly $1.4 billion for fiscal 2011.

With $640 million remaining on the current authorization, Intuit's board of directors approved a new $2 billion stock repurchase program, authorized through August 2014. The three-year window provides the flexibility to maintain an active stock repurchase program while also investing for growth.

CFO Perspective
"Intuit is guided by a set of rigorous financial principles. First and foremost, we intend to grow organic revenue double digits and expand operating margin. We deploy cash to the highest-yield opportunities, including internal innovation, acquisitions and partnerships," said Neil Williams, Intuit's chief financial officer.

"Beyond that we look for opportunities to return cash to shareholders through our ongoing share repurchase program, and now by offering a cash dividend. Our ability to generate strong cash flow consistently, even in adverse economic environments, gives us confidence that we can continue to invest for growth as well as return cash to shareholders."

Forward-looking Guidance

Intuit announced guidance for fiscal year 2012, which ends July 31, and expects:
• Revenue of $4.185 billion to $4.285 billion, growth of 9 to 11 percent.
• GAAP operating income of $1.185 billion to $1.21 billion, growth of 18 to 20 percent.
• Non-GAAP operating income of $1.4 billion to $1.425 billion, growth of 12 to 14 percent.
• GAAP diluted EPS of $2.38 to $2.47, growth of 19 to 24 percent.
• Non-GAAP diluted EPS of $2.85 to $2.94, growth of 14 to 17 percent.

Intuit expects the following revenue growth by segment for fiscal year 2012:
• Small Business Group: 10 to 12 percent.
• Consumer Tax: 10 to 13 percent.
• Accounting Professionals: 5 to 8 percent.
• Financial Services: 7 to 10 percent.
• Other Businesses: 3 to 7 percent.

For the first quarter of fiscal 2012, Intuit expects:
• Revenue of $575 million to $585 million, growth of 8 to 10 percent.
• GAAP operating loss of $95 million to $105 million, compared to a loss of $104 million in the year-ago quarter.
• Non-GAAP operating loss of $40 million to $50 million, compared to a loss of $53 million in the year-ago quarter.
• GAAP net loss per share of $0.24 to $0.26, compared to a loss of $0.22 in the year-ago quarter.
• Non-GAAP net loss per share of $0.11 to $0.13, compared to a loss of $0.12 in the year-ago quarter.

Conference Call Details
Intuit executives will discuss the financial results on a conference call today at 1:30 pm. Pacific time. To hear the call, dial 866-837-9780 in the United States or 703-639-1418 from international locations. No reservation or access code is needed. The conference call can also be heard live via webcast at Prepared remarks for the call will be available on Intuit's website after the call ends.

Replay Information
A replay of the conference call will also be available for one week by calling 888-266-2081, or 703-925-2533 from international locations. The access code for this call is 1544131.

The audio webcast will remain available on Intuit's website for one week after the conference call.

Annual Investor Day
Intuit will hold its annual Investor Day on Sept. 21 at its Mountain View, Calif., headquarters. The half-day event will include business segment updates and presentations from Intuit's CEO and CFO.

About Intuit, Inc.
Intuit, Inc. ( is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to manage their money.

Founded in 1983, Intuit had annual revenue of $3.9 billion in its fiscal year 2011. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom, India and other locations.

About Non-GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table B and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's Website.

Cautions About Forward-Looking Statements
This press release contains forward-looking statements, including forecasts of Intuit's future expected financial results; expectations regarding growth from digital services and from current or future products and services; expectations regarding the amount and timing of any future dividends; its prospects for the business in fiscal 2012; and all of the statements under the heading "Forward-looking Guidance."

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These factors include, without limitation, the following: inherent difficulty in predicting consumer behavior; difficulties in receiving, processing, or filing customer tax submissions; consumers may not respond as we expected to our advertising and promotional activities; product introductions and price competition from our competitors can have unpredictable negative effects on our revenue, profitability and market position; governmental encroachment in our tax businesses or other governmental activities or public policy affecting the preparation and filing of tax returns could negatively affect our operating results and market position; we may not be able to successfully innovate and introduce new offerings and business models to meet our growth and profitability objectives, and current and future offerings may not adequately address customer needs and may not achieve broad market acceptance, which could harm our operating results and financial condition; business interruption or failure of our information technology and communication systems may impair the availability of our products and services, which may damage our reputation and harm our future financial results; as we upgrade and consolidate our customer facing applications and supporting information technology infrastructure, any problems with these implementations could interfere with our ability to deliver our offerings; any failure to properly use and protect personal customer information and data could harm our revenue, earnings and reputation; if we are unable to develop, manage and maintain critical third party business relationships, our business may be adversely affected; increased government regulation of our businesses may harm our operating results; if we fail to process transactions effectively or fail to adequately protect against potential fraudulent activities, our revenue and earnings may be harmed; any significant offering quality problems or delays in our offerings could harm our revenue, earnings and reputation; our participation in the Free File Alliance may result in lost revenue opportunities and cannibalization of our traditional paid franchise; the continuing global economic downturn may continue to impact consumer and small business spending, financial institutions and tax filings, which could negatively affect our revenue and profitability; year-over-year changes in the total number of tax filings that are submitted to government agencies due to economic conditions or otherwise may result in lost revenue opportunities; our revenue and earnings are highly seasonal and the timing of our revenue between quarters is difficult to predict, which may cause significant quarterly fluctuations in our financial results; our financial position may not make repurchasing shares advisable or we may issue additional shares in an acquisition causing our number of outstanding shares to grow; our inability to adequately protect our intellectual property rights may weaken our competitive position and reduce our revenue and earnings; our acquisition and divestiture activities may disrupt our ongoing business, may involve increased expenses and may present risks not contemplated at the time of the transactions; our use of significant amounts of debt to finance acquisitions or other activities could harm our financial condition and results of operation; and litigation involving intellectual property, antitrust, shareholder and other matters may increase our costs. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2010 and in our other SEC filings. You can locate these reports through our website at Forward-looking statements are based on information as of August 18, 2011, and we do not undertake any duty to update any forward-looking statement or other information in these materials.

Intuit and the Intuit logo, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.

Your Banner Ad Here instead - Showing along with ALL Articles covering Software Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


Agency / Source: Intuit, Inc.


Availability: All Regions (Including Int'l)


Traffic Booster: [/] Quick PRZOOM - Press & Newswire Visibility Checker


Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

# # #
Software Warnings - IMPORTANT:
Always be aware/cautious about what you download on your computer/mobile! PURCHASE SOFTWARE related keywords / Banner Ads. Click HERE for details!

  Your Banner Ad showing on ALL
Software articles,
CATCH Visitors via Your Competitors Announcements!

Intuit Grows Annual Revenue 11 Percent, Operating Income 17 Percent

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name PRZOOM - Press & Newswire and LINK as the source.
  For more information, please visit:
Is this your article? Activate ALL web links by Upgrading to Press Release PREMIUM Plan Now!
Intuit, Inc. |
650-944-3560 investor_relations[.]
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Intuit, Inc. securities in any jurisdiction including any other companies listed or named in this release.

Software via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY

Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Read Latest Press Releases From Intuit, Inc. / Company Profile

Read Software Most Recent Related Press Releases:

Infor Hospitality Announces New Integration with CeloPay
ITI Ltd Chooses Infor to Facilitate GST Compliance and Speedier Decision Support System
Mentor Collaborates with Microsoft to Accelerate Internet of Things Solutions
The Weather Company, an IBM Business Introduces Max Engage with Watson, Cognitive Mobile Solution for News Stations at NAB Show
IIITM-K and IBM India Develop Real-Time Water Quality Measurement System on IBM Watson IoT Platform
PACE Honors Noble Systems for Contributions in Customer Engagement
Mentor Graphics Expands Formal Verification’s Reach with New Cross-Platform GUI and Apps
Splunk Cloud Launches on AWS Marketplace
PTC and ServiceMax Announce New Connected Field Service Deployment
Crédit Mutuel and IBM Watson Put Technology at the Service of People

Boost Your Social Network
& Crowdfunding Campaigns

NewswireToday Celebrates 10 Years in Business
Find business coaching, life coaching, executive coaching and corporate coaching, best selling coaching books, ...



Visit  La Bella Bakery Artisan Bakery Arizona

Visit  NAKIVO, Inc.

  ©2017 PRZOOM — Limelon Advertising, Co.
Home | About PRZOOM | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneur newswire distribution freenewswiredistribution asianewstoday bizwiretoday USA pr UK today