Key Developments For Intuit Inc
Intuit Inc (INTU.O) (Nasdaq)
Intuit Inc. To Sell Intuit Real Estate Solutions To Vista Equity Partners; Reaffirms FY 2010 Guidance
Intuit Inc. announced that it has signed a definitive agreement to sell Intuit Real Estate Solutions to Vista Equity Partners for approximately $128 million in cash. Vista Equity Partners is a private equity firm with more than $2.5 billion in committed equity capital, focused on investments in software and technology-enabled businesses. The Company does not expect to change its fiscal 2010 non-GAAP operating income or earnings per share (EPS) guidance as a result of the sale. The Company still expects its fiscal 2010 revenue to grow between 4% and 8% when the IRES revenue is excluded from both fiscal 2009 results and fiscal 2010 guidance. Intuit expects to record an increase of approximately $0.10 to $0.12 in GAAP EPS as a result of the sale, which is not expected to have a material effect on fiscal 2011 earnings. According to Reuters Estimates, analysts are expecting the Company to report revenue of $3.38 billion for fiscal 2010.
Intuit Inc. Reaffirms FY 2010 Guidance; Issues Q2 2010 Guidance; Earnings Guidance Below Analysts' Estimates; Announces New Repurchase Program
Intuit Inc. reaffirmed fiscal 2010 guidance, inclusive of the Mint transaction, for revenue of $3.3 to $3.43 billion and non-GAAP operating income of $0.985 to $1.025 billion. For the second quarter of 2010, the Company expects revenue of $800 to $835 million and GAAP operating income of $94 to $109 million, non-GAAP operating income of $160 to $175 million, GAAP diluted earnings per share (EPS) of $0.15 to $0.18 and non-GAAP diluted EPS of $0.29 to $0.32. According to Reuters Estimates, analysts on an average were expecting the Company to report EBIT of $0.995 billion on revenue of $3.38 billion for fiscal 2010; EPS of $0.38 and EBIT of $198 million on revenue of $834 million for the second quarter of 2010. The Company also announced that its Board has approved a new repurchase program of $600 million.
Allscripts-Misys Healthcare Solutions And Intuit Inc. Team To Speed Patient Bill Payment For Physicians Nationwide
Allscripts-Misys Healthcare Solutions announced an agreement with Intuit Inc. to offer Quicken Health Bill Pay. The online service integrates with Allscripts' practice management and revenue cycle management solutions, used by 110,000 physicians, to help patients understand their medical bills and pay them online while helping physicians get paid faster. Quicken Health Bill Pay is available to any patient, regardless of insurance carrier or coverage, and creates a seamless workflow for physician practice billing staffs. Payments are received faster while the effort and cost of the collection process are reduced and accuracy and patient satisfaction are increased.
Intuit Inc. Reiterates Q1, FY 2010 Outlook
Intuit Inc. reiterated its first quarter of 2010 outlook and expects revenue of 0%-2%, GAAP operating loss of $126-$107 million, non-GAAP operating loss of $79-$60 million, GAAP diluted loss per share of $0.28-$0.24 and non-GAAP loss per share of $0.19-$0.15. It also reiterated fiscal 2010 outlook and expects revenue of 4%-8%, GAAP operating income (EBIT) of $785-$825 million, non-GAAP EBIT of $985-$1.025 billion, GAAP diluted earnings per share (EPS) of $1.49-$1.56 and non-GAAP EPS of $1.89-$1.96. According to Reuters Estimates, analysts were expecting the Company to report revenues of $488 million, operating loss of $66 million and non-GAAP loss per share of $0.15 for first quarter of 2010; revenues of $3.379 billion, EBIT of $994 million and non-GAAP EPS of $1.94 for fiscal 2010.
Chatham Financial Announces Strategic Alliance With Intuit Inc.'s Intuit Real Estate Solutions
Chatham Financial announced a strategic alliance with Intuit Real Estate Solutions (IRES). IRES, a division of Intuit Inc., provides real estate portfolio management and accounting software solutions to the real estate industry.
