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Intuit's Fourth-Quarter Loss Is Less Than Analysts Expected

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September 04, 1997|From Reuters

Software maker Intuit Inc. on Wednesday reported a fiscal fourth-quarter loss that was less than Wall Street expected, before one-time charges for recent cost-cutting moves.

The publisher of Quicken financial software said it had a loss from operations of $8 million, or 17 cents a share, compared with a loss of $7.3 million, or 16 cents a share, a year earlier.

Wall Street expected Intuit to report a loss of 18 cents a share.

With $10.4 million in acquisition and restructuring charges, Intuit reported a total loss of $19.8 million, or 42 cents a share, for its fiscal fourth quarter ended July 31.

The Mountain View-based company writes computer programs that help people keep track of financial information and prepare taxes. Intuit usually reports a loss this time of year because few people buy tax software.

Intuit said sales of its Quickbooks small-business accounting software were particularly strong.

In June, Intuit fired about 270 people, or 10% of its employees, to cut costs. The company also sold its Parsons Technology family software unit so it could concentrate on its core financial products.

Shares of Intuit, which reported its earnings after the close of U.S. trading, rose 69 cents to close at $28.63 on Nasdaq.

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