Summary
Intuit Inc. (INTU) filed an 8-K on February 28, 2001, reporting its second-quarter fiscal year 2001 financial results for the period ending January 31, 2001. The company reported a modest revenue increase of 8% year-over-year to $457.6 million. However, net income saw a significant decline, falling to $26.6 million from $57.3 million in the prior year's second quarter. The primary driver for the decreased profitability was a substantial pre-tax loss of $71.9 million on marketable securities and other investments, a marked increase from the $2.8 million loss in the comparable prior-year quarter. This highlights a significant impact from market volatility on Intuit's investment portfolio during the period. Despite this investment loss, operational performance showed growth in income from operations.
Key Highlights
- 1Reported Q2 FY2001 revenue of $457.6 million, an 8% increase compared to $425.5 million in Q2 FY2000.
- 2Net income for Q2 FY2001 was $26.6 million, or $0.12 per diluted share, a significant decrease from $57.3 million, or $0.27 per diluted share, in Q2 FY2000.
- 3The substantial decline in net income was primarily due to a $71.9 million pre-tax loss on marketable securities and other investments in Q2 FY2001, compared to a $2.8 million loss in the prior year's quarter.
- 4Income from operations increased to $94.6 million in Q2 FY2001, up from $82.6 million in Q2 FY2000, indicating underlying business strength despite investment losses.
- 5Total assets grew to $3.18 billion as of January 31, 2001, from $2.88 billion as of July 31, 2000.
- 6Goodwill and intangibles, net, increased significantly to $542.7 million from $438.9 million, suggesting recent acquisitions or expanded intellectual property.