November 24, 1999 - 8-K: Current report filing | Intuit Inc. (INTU)

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

---------------

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

NOVEMBER 23, 1999
Date of Report (Date of earliest event reported)

INTUIT INC.
(Exact Name of Registrant as Specified in its Charter)

-----------------------------------------------------

DELAWARE 000-21180 77-0034661
(State or other (Commission File Number) (I.R.S. Employer
Jurisdiction of Identification No.)
Incorporation)

----------------------------------------

2535 GARCIA AVENUE
MOUNTAIN VIEW, CA 94043

(Address of Principal Executive Offices)
(Zip Code)

Registrant's telephone number, including area code: (650) 944-6000

-----------------------------------------------------

ITEM 5. OTHER EVENTS.

PRESS RELEASE ANNOUNCING FIRST QUARTER RESULTS

On November 23, 1999, Intuit Inc. ( the "Company" or "Intuit") announced
its financial results for fiscal quarter ended October 31, 1999.

Intuit reported revenue of $163.1 million for its first quarter 2000, an
increase of 46% over the same quarter a year ago. Revenue from CRI, the payroll
processing company acquired in the fourth quarter of fiscal 1999, was included
in these results but not in the first quarter of fiscal 1999. Excluding this
revenue, Intuit posted a 38% increase compared to the same quarter a year ago.
Strong market demand for QuickBooks, sales from the launches of new versions of
Quicken and continued growth in Internet-based revenue were largely responsible
for this growth.

The Company reported a net loss for the quarter of $61.7 million, or
$0.33 per share, consistent with Intuit's seasonal revenue pattern which
produces lower revenue and profits outside of the tax season. This quarter
included an unrealized loss on the Company's investment in Excite@Home of
approximately $17.3 million resulting from the re-measurement of this marketable
security. The results for the same fiscal quarter last year reflected a net loss
of $49.2 million, or $0.28 per share. All per share figures reflect the 3-for-1
stock split effective September 30, 1999.

(Financial statements follow)

INTUIT INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

Three Mos. Ended
October 31,
---------------------------
1998 1999
--------- ---------

Net revenue $ 111,968 $ 163,058
Costs and expenses:
Cost of goods sold:

Product 35,215 54,667
Amortization of purchased
software and other 1,804 2,432
Customer service &
technical support 29,823 34,275
Selling & marketing 45,092 57,555
Research & development 33,668 41,713
General & administrative 13,467 18,676
Charge for purchased research
and development -- 1,312
Acquisition related costs,
including amortization of goodwill and
purchased intangibles 20,970 36,359
Acquisition related costs - amortization
of deferred compensation -- 740
--------- ---------

Total costs & expenses 180,039 247,729
--------- ---------

Loss from operations (68,071) (84,671)

Interest and other income and
expense, net 3,348 8,486
Gain/loss from marketable securities -- (17,309)
--------- ---------
Loss before income taxes (64,723) (93,494)
Income tax benefit (15,533) (31,765)
--------- ---------

Net loss $ (49,190) $ (61,729)
========= =========

(1 of 2)

INTUIT INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

Three Mos. Ended
October 31,
----------------------
1998 1999
------- -------

Basic net loss per share $ (0.28) $ (0.33)
======= =======

Shares used in per share amounts 178,236 188,633
======= =======

Diluted net loss per share $ (0.28) $ (0.33)
======= =======

Shares used in per share amounts 178,236 188,633
======= =======

(2 of 2)

INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)

July 31, October 31,
1999 1999
---------- ----------

ASSETS:

Current assets:
Cash, cash equivalents and
short-term investments $ 823,430 $ 666,665
Payroll tax deposits 131,148 128,559
Marketable securities 431,319 575,219
Accounts receivable, net 63,045 86,766
Deferred income taxes 64,925 65,041
Inventories 4,931 7,174
Prepaid expenses and other current assets 66,982 34,819
---------- ----------
Total current assets 1,585,780 1,564,243

Property and equipment, net 108,851 128,515
Intangibles, net 98,004 106,370
Goodwill, net 382,888 429,600
Other assets 7,549 7,806
Investments 45,473 35,549
Restricted investments 36,028 39,619
Long-term deferred income taxes 63,675 63,218
---------- ----------
Total assets $2,328,248 $2,374,920
========== ==========

LIABILITIES AND STOCKHOLDERS EQUITY:

Current liabilities:

Accounts payable $ 63,003 $ 87,591
Accrued compensation and related liabilities 37,414 39,996
Payroll tax obligations 131,148 128,559
Deferred revenue 65,994 84,541
Income taxes payable 146,847 11,878
Deferred income taxes 136,694 194,993
Other accrued liabilities 200,030 206,570
---------- ----------
Total current liabilities 781,130 754,128

Long-term obligations 36,308 38,588
Stockholders' equity 1,510,810 1,582,204
---------- ----------
Total liabilities and stockholders' equity $2,328,248 $2,374,920
========== ==========

(1 of 1)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.

INTUIT INC.
/s/ GREG J. SANTORA
-------------------------------
By: Greg J. Santora
Senior Vice President and
Chief Financial Officer

Date: November 23, 1999