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Intuit meets 2Q estimates
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February 24, 2000: 5:05 p.m. ET
Revenue growth hampered by pricing strategy, office closures
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NEW YORK (CNNfn) - Financial software vendor Intuit Inc. on Thursday reported a fiscal second-quarter operating profit that was in line with Wall Street's expectations on sales that were up 14 percent from the same period last year.
Before one-time items, Intuit (INTU: Research, Estimates), whose products include "Quicken" personal-finance software, and "TurboTax" tax preparation software, said its net income for the quarter ended Jan. 31 was $91.4 million, or 44 cents per share, matching the consensus estimate of analysts polled by earnings tracker First Call.
Including charges, the Mountain View, Calif.-based company said it earned $57.3 million, or 27 cents per diluted share during the quarter. Sales rose 14 percent to $425.5 million.
That's a substantially lower growth rate than its fiscal first-quarter, when Intuit reported year-over-year revenue growth of 46 percent.
The company said its revenue growth during the second quarter was lower because of a more aggressive marketing and pricing strategy for some of its products; tax-bundling programs which caused it to defer roughly $30 million in revenue; and the shuttering of branch offices it obtained with its recent acquisition of Rock Financial Corp.
Even so, Intuit executives said they are on track to post strong growth in fiscal 2000.
"We remain on track to deliver our targeted 20 percent operating income growth over the $121 million Intuit reported for fiscal 1999," Greg Santora, the company's chief financial officer, said in a prepared statement.
For the first six months of fiscal 2000, Intuit recorded a net loss of 8.6 million, or 4 cents per diluted share.
Intuit provides content to CNNfn.com 
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