10-QPeriod: Q2 FY2003

INTUIT INC. Quarterly Report for Q2 Ended Jan 31, 2003

Filed February 28, 2003For Securities:INTU

Summary

This 10-Q filing for Intuit Inc. (INTU) as of January 30, 2003, provides updates on legal proceedings, changes in securities, corporate governance matters, and executive changes. Investors should note the preliminary approval of a settlement in the 'In re Intuit Privacy Litigation,' which the company states is not material to its financial position. The filing also details amendments to the stockholder rights plan, increasing the exercise price of rights to purchase preferred stock. Furthermore, it outlines the results of the Annual Stockholders' Meeting, including votes on director elections and the approval of various equity incentive plans and the appointment of Ernst & Young LLP as auditors. A significant executive change is the appointment of Robert B. Henske as the new Senior Vice President and Chief Financial Officer, succeeding Greg J. Santora.

Key Highlights

  • 1Preliminary settlement approved for 'In re Intuit Privacy Litigation', terms deemed not material to Intuit's financials.
  • 2Stockholder rights plan amended to increase the exercise price for preferred stock purchase rights from $83.33 to $300.
  • 3Shareholders approved amendments to equity incentive plans (2002 Equity Incentive Plan, 1996 Employee Stock Purchase Plan, 1996 Directors Stock Option Plan) to increase share availability.
  • 4Ernst & Young LLP ratified as Intuit's independent auditors for fiscal year 2003.
  • 5Robert B. Henske appointed as Senior Vice President and Chief Financial Officer, replacing retiring Greg J. Santora.
  • 6All incumbent directors were re-elected.
  • 7Senior Executive Incentive Plan adopted.

Frequently Asked Questions

A class action lawsuit regarding alleged privacy violations has reached a preliminary settlement, which was preliminarily approved by the federal court on January 6, 2003. A final approval hearing is scheduled for June 2003. Intuit states that the settlement terms are not material to its financial position.

Yes, Robert B. Henske was appointed as the new Senior Vice President and Chief Financial Officer on January 6, 2003. He succeeded Greg J. Santora, who retired at the end of 2002.

At the December 12, 2002 meeting, shareholders re-elected all incumbent directors, approved amendments to several equity incentive plans to increase available shares, and ratified the appointment of Ernst & Young LLP as the independent auditor for fiscal year 2003.

Yes, on January 30, 2003, the Board of Directors amended the stockholder rights plan. The exercise price for the rights to purchase Series B Junior Participating Preferred Stock was increased from $83.33 to $300 per 1/3000th share.