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Intuit to Sell Parsons Unit to Broderbund

CALIFORNIA | TECHNOLOGY | THE STATE

May 30, 1997|(Reuters)

Mountain View-based Intuit Inc. said it agreed to sell its Parsons Technology unit, a maker of consumer software, to Novato-based Broderbund Software Inc. Terms were not disclosed. Intuit, publisher of the electronic checkbook program Quicken, also reported fiscal third-quarter earnings that were less than Wall Street expected and warned that revenue could grow more slowly this year than previously anticipated. The sale of Parsons will help Intuit concentrate on its financial and tax products, the company said. Intuit said profit from operations for its fiscal third quarter fell to $7.6 million, or 16 cents a share, from $7.7 million, also 16 cents a share, a year earlier. With a $6.1-million charge for an acquisition of a Japanese software firm, Intuit had net income of $488,000, or 1 cent a share, in the most recent quarter. Revenue for the quarter ended April 30 rose 3% to $136.3 million from $132.1 million.

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