UPDATE 1-Intuit has loss in seasonally weak fourth quarter
August 22nd, 2008 | by admin |(Adds company’s full-year forecast)
BOSTON, Aug 21 (Reuters) - Intuit Inc (INTU.O: Quote, Profile, Research, Stock Buzz), maker ofTurboTax tax preparation software, reported on Thursday that ithad a wider loss in its seasonally weak fourth quarter, whichended July 31.
The company had a fiscal fourth-quarter loss of $61.9million, or 19 cents per share, compared with a loss of $13.6million, or 4 cents, a year earlier.
Revenue rose 11 percent to $478 million.
Intuit typically loses money in its fourth and firstquarters. It more than compensates for those losses withprofits in the second and third quarters that are generated bysales of TurboTax software.
The software maker projected that revenue would growbetween 9 percent and 12 percent this fiscal year to $3.35billion to $3.43 billion, suggesting sales could miss theforecasts of some Wall Street analysts.
Analysts on average expect the company to report full-yearrevenue of $3.43 billion, according to Reuters Estimates.
The company also forecast it will report full year profitexcluding items of $1.86 to $1.90.
Analysts expect it to report profit excluding items of$1.86. (Reporting by Jim Finkle; Editing by Phil Berlowitz and AndreGrenon)
