EXHIBIT 99.01
Published on August 16, 2006
Exhibit 99.01
Contacts: | Investors | Media | ||
Bob Lawson | Diane Carlini | |||
Intuit Inc. | Intuit Inc. | |||
650-944-6165 | 650-944-6251 | |||
robert_lawson@intuit.com | diane_carlini@intuit.com |
Intuit Independent Review on Stock Options Completed
Review Finds No Evidence of Fraud;
Company Concludes no Anticipated Restatement of
Previous Financial Statements
Company Concludes no Anticipated Restatement of
Previous Financial Statements
MOUNTAIN VIEW, Calif. Aug. 16, 2006 Intuit Inc. (Nasdaq: INTU) announced today that the special
committee composed of independent members of its Board of Directors has completed the previously
announced independent review of historical options granting practices. The comprehensive review,
conducted with the assistance of independent counsel and external forensic accountants, uncovered
no evidence of fraud or intentional wrongdoing in the companys historical stock option granting
practices. The primary scope of the review covered the period from Aug. 1, 1997 to the present.
Based on the findings of the independent review, the company has concluded that it does not
anticipate any restatement of its previously filed financial statements. The company has reported
this conclusion to the Securities and Exchange Commission and the United States Attorney for the
Northern District of California and will cooperate with any further inquiries.
As previously announced, on Aug. 22, 2006 Intuit will issue the companys financial results
for the fiscal quarter and year ended July 31, 2006.
more
Intuit Investigation Completed
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About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and
mid-sized businesses, consumers and accounting professionals. Its flagship products and services,
including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and
payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are
Intuits leading tax preparation software suites for professional accountants.
Founded in 1983, Intuit had annual revenue of more than $2 billion in its fiscal year 2005.
The company has nearly 7,000 employees with major offices in 13 states across the United States,
and offices in Canada and the United Kingdom. More information can be
found at www.intuit.com.
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Caution About Forward Looking Statements
This press release contains forward-looking statements, including that the company does not
anticipate any restatement of previously filed financial statements. This statement is subject to
risks and uncertainties that could cause actual results to differ materially, including but not
limited to risks and uncertainties associated with the ongoing audit of the companys financial
statements by its independent auditors in connection with the Form 10-K for the fiscal year ended
July 31, 2006. More details about other risks that may affect Intuits business are included in
the Form 10-K for fiscal 2005 and in other SEC filings. You can locate these reports through
Intuits Web site at <http://www.intuit.com/about_intuit/investors>. Forward-looking
statements are based on information as of the date of the press release, and Intuit does not
undertake any duty to update any forward-looking statement or other information in this press
release.