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February 24, 2009

Intuit Q2 profit dips 26% to $85m

Revenue down 5%

By CBR Staff Writer

Business and financial software company Intuit has reported a 26% decline in net income to $85.04m for the second quarter 2009, compared to net income of $115.25m in the year-ago quarter, on revenue down 5% at $790.97m.

Operating income from continuing operations fell 37% to $109.56m, while diluted EPS fell 23% to $0.26. Cash flow generated from operating activities was $142.54m.

The company said payroll and payments revenue grew 14% to $158m, while consumer tax revenue fell 25% to $187m. QuickBooks revenue fell 2% to $164m, while accounting professionals revenue grew 14% to $133m. Financial institutions revenue grew 5% to $76m, and revenue from other businesses fell 21% to $73m.

For the first half the company reported a 65% decline in net income to $32.89m compared to net income of $94.44m a year ago, on revenue flat at $1.27 billion.

Brad Smith, president and chief executive at Intuit, said: Second-quarter operating income and earnings per share significantly exceeded our guidance, and revenue was within our expected range. We continue to adapt in this strained economy and manage the business by focusing on customer acquisition and investing in innovation. By managing our expenses, we expect to deliver strong earnings growth for the year.

For the third quarter, the company expects revenue between $1.38 billion and $1.46 billion, operating income from continuing operations between $723m and $778m, and diluted EPS between $1.38 and $1.49. For fiscal 2009, it expects revenue between $3.13 billion and $3.25 billion, operating income from continuing operations between $682m and $735m, and diluted EPS between $1.32 and $1.43.

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