Summary
Intuit Inc. reported its first quarter fiscal year 2001 results, with revenue increasing by 6% to $187.5 million, up from $176.9 million in the prior year's comparable quarter. The company reported a net loss of $33.8 million, or $0.16 per share, for the quarter. This loss includes the impact of $3.9 million in pre-tax losses on marketable securities and other investments, as well as a $14.3 million charge related to accounting changes for derivatives. Intuit noted that these results are in line with its historical seasonal pattern, which typically results in lower revenue and net losses outside of the peak tax season. Despite the net loss, the results represent an improvement compared to the net loss of $65.9 million, or $0.33 per share, reported in the first quarter of fiscal year 2000. The company's pro forma net loss, which excludes certain acquisition-related charges, reorganization costs, investment losses, and accounting changes, also narrowed to $21.4 million ($0.10 per share) from $25.3 million ($0.13 per share) year-over-year, indicating operational improvements when these non-recurring or specific items are excluded.
Key Highlights
- 1Revenue for Q1 FY2001 increased 6% to $187.5 million, compared to $176.9 million in Q1 FY2000.
- 2Reported a net loss of $33.8 million ($0.16 per share) for Q1 FY2001.
- 3The net loss includes $3.9 million in pre-tax losses from marketable securities and other investments.
- 4A $14.3 million charge (net of tax) was recorded due to changes in accounting for derivatives.
- 5The reported net loss improved significantly from a $65.9 million loss ($0.33 per share) in Q1 FY2000.
- 6Pro forma net loss, excluding certain charges, narrowed to $21.4 million ($0.10 per share) from $25.3 million ($0.13 per share) year-over-year.