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CNNfn after the bell
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August 26, 1999: 8:28 p.m. ET
Autodesk misses Street and cuts staff; Intuit does better than expected
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NEW YORK (CNNfn) - One software maker missed estimates and announced job cuts after the bell Thursday, while another beat Wall Street's estimates.
Autodesk Inc.
PC software maker Autodesk Inc. (ADSK) had a tough day after the office, missing analysts' earning estimates and announcing a 10 percent cut in its work force.
The San Rafael, Calif.-based company reported second-quarter profits of $5.7 million, or 9 cents per diluted share, missing First Call's estimate of 11 cents per share. Autodesk reported profits of $38.4 million or 64 cents per diluted share in the year ago period.
Net revenues were $202.9 million down from $226.8 million for the same quarter last year. The company also said it would trim 10 percent of its work force. Autodesk employees about 2,700 people.
"In light of our financial results, the actions taken today, while painful, are necessary to recalibrate the business and move forward with our strategic direction," said Carol Bartz, chairman and CEO.
Proforma profit for the first six months of the year was $14.7 million, or 24 cents per diluted share, compared to $72 million or $1.20 per diluted share. Revenues reached $397 million compared to $449 million in the year ago period.
Intuit Inc.
Intuit Inc. (INTU), the No.1 maker of personal finance software, posted a smaller-than-expected fiscal fourth quarter loss.
On a pro forma basis, the Mountain View, Calif.-based company reported a net loss of $16.3 million, or 26 cents per share, beating estimates of a 33 cent per share loss. Pro forma income for the same period last year was $1.6 million or 3 cents per share.
Fourth quarter 1999 profitability was hurt by one-time expenses related to the transition of the company's German operations to a licensing business. Also, Intuit encountered incremental marketing expenses to support the early Quicken 2000 launch.
Intuit reported fourth quarter revenues of $149.9 million, a 28 percent increase over the year ago period. Strong demand for QuickBooks, continued growth in Internet-based revenue and sales from the launches of new versions of Quicken and QuickBooks in Europe were largely responsible for this growth.
For the fiscal year, the company reported proforma net income of $88.9 million, a 90 percent increase, or $1.39 per diluted share. Revenue was $847.6 million, a 43 percent increase from the previous year.
Intuit's Quicken is a partner with CNNfn.
Starbucks Corp.
Seattle-based java giant Starbucks Corp. (SBUX) served up its August revenues.
The No. 1 U.S. specialty coffee retailer reported consolidated net revenues of $135 million for the four-week period ending Aug. 22, up 25 percent from the same fiscal period last year.
On a comparable store sales basis--stores that have been open for at least 13 months-sales at company-operated stores increased 8 percent for the month.
For the 47 weeks ended Aug. 22, consolidated net revenues were $1.47 billion, 27 percent over the same period in fiscal 1998. Comparable store sales increased 6 percent.
J.B. Hunt Transport Services Inc.
Transportation company J.B. Hunt Transport Services Inc. (JBHT) and Freightliner Corp., a subsidiary of DaimlerChrysler AG (DCX), kept on trucking as the two companies announced a five-year exclusive agreement for delivery of up to 15,000 trucks.
The deal, expected to exceed $1 billion, will see J.B. Hunt, the No. 1 publicly held truckload carrier in the nation, will change all its highway tractors from cab-over-engine models to Freightliner Century Class conventionals.
"The Freightliner Century Class will enhance J.B. Hunt's ability to attract drivers and retain a high quality workforce behind the wheel," said Hunt President and Chief Executive Kirk Thompson in a statement.
Check S&P futures trading on Globex
Friday Preview
On Friday, investors will digest some important economic information. The July personal income report is due, with the consensus estimate at 0.5 percent and the prior report coming in at 0.7 percent. July personal consumption is also due, with the consensus estimate at 0.4 percent and the prior report at 0.3 percent.
On the corporate side, investors may want to keep an eye on Walt Disney Co. (DIS) stock after Jamie Tarses resigned as president of ABC Entertainment.
Also, General Motors (GM) was in the news after a judge slashed more than $3 billion from a $4.9 billion judgment against the company in a lawsuit over the explosion of a Chevrolet Malibu gas tank in a crash.
And finally, Toys "R" Us Inc. (TOY) announced after the bell that chief executive officer Robert C. Nakasone resigned due to "differing views regarding the direction of the company." 
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