Summary
Intuit Inc. reported strong financial results for its second fiscal quarter ended January 31, 2002. The company announced a significant 20% increase in total net revenue to $547.2 million compared to the prior year's second quarter. Net income surged by an impressive 351%, reaching $119.9 million, or $0.55 per share, compared to $26.6 million, or $0.12 per share, in the same period last year. This robust performance was driven by a 29% increase in operating income. While the quarter benefited from favorable investment gains, it also incurred higher acquisition-related charges, including a $17 million impairment charge related to its Internet-based advertising revenue business. Despite these charges, the overall financial improvement indicates strong operational execution and growth for Intuit during this period. Investors should note the significant year-over-year improvement in profitability and revenue.
Key Highlights
- 1Total net revenue for the second fiscal quarter of 2002 increased 20% year-over-year to $547.2 million.
- 2Net income for the quarter grew significantly by 351% to $119.9 million, or $0.55 per share, up from $26.6 million, or $0.12 per share, in the prior year's quarter.
- 3Operating income saw a 29% increase year-over-year.
- 4The company reported a $1.6 million gain on marketable securities and other investments this quarter, a substantial improvement from a $71.9 million net pre-tax loss in the prior year's second quarter.
- 5Acquisition-related charges increased by $19 million compared to the prior year's quarter.
- 6A $17 million impairment charge was recognized for Intuit's Internet-based advertising revenue business.
- 7Total assets grew to $3.15 billion as of January 31, 2002, up from $2.96 billion as of July 31, 2001.