Intuit reported revenue of $457.6 million for the second quarter of fiscal 2001, an increase of 8 percent over the $425.5 million for the year-ago quarter. On a GAAP basis, Intuit reported net income for the quarter of $26.6 million, or $0.12 per share. This reflected net pre-tax losses on marketable securities and other investments of $71.9 million, due to declines in the values of certain investments and to reflect recent clarification of SEC views related to accounting for investments in publicly traded securities. In the year-ago quarter, Intuit reported net income of $57.3 million, or $0.27 per share, which included net pre-tax losses on marketable securities and other investments of $2.8 million.
On a pro forma basis Intuit reported second-quarter net income of $104.2 million, or $0.48 per share, which was 9 percent better than the prior year quarter. Intuit had pro forma net income of $91.4 million, or $0.44 per share, for the second quarter of fiscal 2000.
Intuit continues to have a strong and attractive capital structure, with more than $1.4 billion in cash and short-term investments, or more than $6.50 per share, and essentially no debt. This continues to provide the company with the tools to grow its business.
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.
