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May 30, 1997updated 05 Sep 2016 12:55pm

INTUIT REPORTS EXPECTED Q3, SELLS PARSONS UNIT TO BRODERBUND

By CBR Staff Writer

Intuit Inc reported third-quarter results that came as no surprise and announced they are selling their Parsons Technology unit to Broderbund Software Inc. Intuit will keep Parsons’ line of tax preparation software, however. Financial terms of the deal were not disclosed. Third-quarter net

income of $488,000, or $0.01 per share, on revenue up 3% at $136.3m, compared to a loss of $308,000 a year ago. Results for the quarter include a charge of $6.1m stemming from the acquisition of Japanese accounting software firm Nihon Micom (CI No 3,089). Net income from continuing operations was $0.16 per share, which hits the First Call consensus on the head. For the nine months net income was $88m, or $1.86 per share, on revenue up 11% at $504.8m, compared to net income of $1.3m for the same period a year ago. Nine-month results include a pre-tax gain of $71.2m from the sale of Intuit Services Corp to Checkfree Corp last September (CI No 3,000). For continuing operations, net income rose 16% to $45.9m.

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