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Keep an eye on Intuit
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May 30, 1997: 8:15 a.m. ET
Personal finance software company reports slower revenue growth
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NEW YORK (CNNfn) -- Weakness in the consumer software market has undermined Intuit Inc.'s financial results and, subsequently, its stock price.
The maker of the popular Quicken personal finance software after the close of trading Thursday reported third-quarter earnings of $488,000, or 1 cent a share, compared with a loss of $308,000, or 1 cent a share. The latest results included charges of $6.1 million. Excluding those charges, the earnings of $7.6 million, or 16 cents a share, were in line with expectations.
However, the stock has weakened amid concern about Intuit's slower revenue growth. In pre-opening trading, shares (INTU) were down 3/8 at 26-3/4 after dropping 1-1/4 Thursday in Nasdaq trading.
Separately, Intuit said it will sell its Parsons Technology unit to Broderbund Software Inc. for an undisclosed amount.
Elsewhere, for the second time in two weeks, Toy Biz has terminated a reorganization plan for Marvel Entertainment Group Inc. to emerge from bankruptcy.
After the market closed Thursday, Toy Biz said it was pulling out of a plan reached with Marvel's bondholders that would have given the company a 40-percent stake in the restructured entity. Toy Biz reached the deal with bondholders, led by investors Carl Icahn, on May 21 -- a day after withdrawing from a joint plan reached with Marvel management, led by rival Ronald Perelman.
Toy Biz (TBZ) closed unchanged Thursday at 8-7/8.
National Picture & Frame Co. has agreed to be sold to Colonade Capital LLC, a Virginia-based private equity firm, for $12 a share. That represents a hefty 31.5 percent premium for investors from Thursday's closing price. The stock (NPAF) ended at 9-1/8.
-- Robert Liu
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