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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
FEBRUARY 28, 2001
(Date of report)
FEBRUARY 20, 2001
(Date of earliest event reported)
INTUIT INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 000-21180 77-0034661
(State or other (Commission File Number) (I.R.S. Employer
Jurisdiction of Identification No.)
Incorporation)
2535 GARCIA AVENUE
MOUNTAIN VIEW, CA 94043
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code: (650) 944-6000
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ITEM 5. OTHER EVENTS.
PRESS RELEASE ANNOUNCING SECOND QUARTER RESULTS
On February 20, 2001, Intuit Inc. (the "Company" or "Intuit") announced its
financial results for the fiscal quarter ended January 31, 2001.
Intuit reported revenue of $457.6. million for its second quarter of fiscal
2001, an increase of 8% compared to $425.5 million in the same quarter a year
ago. The Company reported net income for the quarter of $26.6 million, or $0.12
per share, which included net pre-tax losses on marketable securities and other
investments of $71.9 million. In the year ago quarter, Intuit reported net
income of $57.3 million, or $0.27 per share, which included $2.8 million in net
pre-tax losses on marketable securities and other investments.
(Financial statements follow)
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INTUIT INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
THREE MOS. ENDED JANUARY 31, SIX MOS. ENDED JANUARY 31,
2000 2001 2000 2001
---------- --------- --------- ---------
Net revenue $ 425,499 $ 457,560 $ 602,427 $ 645,082
Costs and expenses:
Cost of goods sold
Product and service 93,066 103,819 149,506 170,713
Amortization of purchased software and other 2,489 3,858 4,921 6,845
Customer service and technical support 47,657 46,134 81,958 78,530
Selling and marketing 86,110 85,567 156,015 146,667
Research and development 44,038 54,599 85,750 102,477
General and administrative 23,327 25,914 44,819 53,697
Charge for purchased research and development -- -- 1,312 --
Amortization of acquisition costs 46,216 43,074 83,306 82,753
Reorganization costs -- -- 3,500 --
--------- ---------- --------- ---------
Total costs and expenses 342,903 362,965 611,087 641,682
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Income (loss) from operations 82,596 94,595 (8,660) 3,400
Interest and other income and expense, net 6,988 16,548 15,465 32,666
Losses on marketable securities and other investments, (2,800) (71,935) (20,110) (75,803)
net
Gain on divestiture -- 1,639 -- 1,639
--------- ---------- --------- ---------
Income (loss) before income tax, minority interest and
cumulative effect of accounting change 86,784 40,847 (13,305) (38,098)
Income tax provision (benefit) 29,582 14,188 (4,587) (16,728)
Minority interest (90) 97 (149) 147
--------- ---------- --------- ---------
Income (loss) before cumulative effect of accounting 57,292 26,562 (8,569) (21,517)
change
Cumulative effect of accounting change, net of taxes of -- -- --
$9,543 14,314
--------- ---------- --------- ---------
Net income (loss) $ 57,292 $ 26,562 $ (8,569) $ (7,203)
========= ========= ========= =========
Basic net income (loss) per share before
cumulative effect of accounting change $ 0.29 $ 0.13 $(0.04) $ (0.10)
Cumulative effect of accounting change -- -- -- 0.07
--------- ---------- --------- ---------
Basic net income (loss) per share $ 0.29 $ 0.13 $ (0.04) $ (0.03)
========= ========= ========= =========
Shares used in per share amounts 195,935 207,594 192,285 206,661
========= ========= ========= =========
Diluted net income (loss) per share before
cumulative effect of accounting change $ 0.27 $ 0.12 $(0.04) $ (0.10)
Cumulative effect of accounting change -- -- -- 0.07
--------- ---------- --------- ---------
Diluted net income (loss) per share $ 0.27 $ 0.12 $ (0.04) $ (0.03)
========= ========= ========= =========
Shares used in per share amounts 209,566 215,927 192,285 206,661
========= ========= ========= =========
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INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
JULY 31, JANUARY 31,
2000 2001
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ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 416,953 $ 377,407
Short-term investments 1,050,220 1,099,792
Marketable securities 225,878 168,871
Accounts receivable, net 67,420 253,659
Prepaid expenses and other current assets 368,323 414,783
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Total current assets 2,128,794 2,314,512
Property and equipment, net 167,707 184,461
Goodwill and intangibles, net 438,878 542,744
Investments 31,160 24,798
Other assets 112,363 112,614
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Total assets $2,878,902 $3,179,129
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 79,145 $ 118,234
Escrow liabilities 32,077 66,732
Deferred revenue 107,578 143,215
Income tax payable 110,743 52,881
Deferred income taxes 53,934 54,403
Other current liabilities 423,360 509,644
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Total current liabilities 806,837 945,109
Long-term obligations 538 18,786
Minority interest 238 385
Commitments and contingencies
Stockholders' equity 2,071,289 2,214,849
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Total liabilities and stockholders' equity $2,878,902 $3,179,129
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: February 28, 2001 INTUIT INC.
By: /s/ Greg J. Santora
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Greg J. Santora
Senior Vice President and
Chief Financial Officer
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