Intuit Reports TurboTax Unit Sales Through Feb. 16
MOUNTAIN VIEW, Calif. – Feb. 21, 2008 – Intuit Inc. (Nasdaq: INTU) today released the first of three unit sales updates for its fiscal year 2008 consumer tax products. Through Feb. 16, total TurboTax federal unit sales increased 12 percent over the same period last year. TurboTax Online is off to a strong start with a growth of 35 percent.
"Our continued focus on ease and effective early-season execution has resulted in a strong start to the tax season," said Kiran Patel, senior vice president and general manager of Intuit's consumer tax group. "We've accelerated unit growth over last year and are well positioned for another successful tax year."
Intuit will issue two additional updates in March and April.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation software suites for professional accountants. The company's financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.
Founded in 1983, Intuit had annual revenue of $2.67 billion in its fiscal year 2007. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom and other locations. More information can be found at www.intuit.com.
Forward Looking Statements
Intuit's statements regarding our belief that Intuit is well positioned for another successful tax year are forward-looking statements. Our actual results may differ materially from our expectations due to a number of risks and uncertainties, including the inherent difficulty in accurately predicting consumer behavior; competition from other desktop software providers, Web-based competitors and tax preparation services; and the impact of competition from federal and state government supported initiatives that offer tax preparation services at no charge. In addition, we could experience operational difficulties in receiving, processing or filing customer submissions and consumers may not respond as we expect to our advertising and promotional activities. More information on potential factors that could impact our results are included in our public reports filed with the SEC, including our Form 10-K for the fiscal year ended July 31, 2007 and in our other SEC filings. You can locate these reports through our website at http://www.intuit.com/about_intuit/investors/. Forward-looking statements are based on information as of Feb. 21, 2008, and we do not undertake any duty to update any forward-looking statements or other information in this press release.
Sales Data and Estimates Used
The unit numbers reported are based on weekly sales reports received by Intuit from its retailers and distributors as well as the number of units sold directly by Intuit. The numbers included in these updates are preliminary and include estimates, including estimates of sales by merchants that do not report their sales to Intuit. Although Intuit takes steps to verify the reliability of the sales data, Intuit believes that errors in the sales data reported by its retailers and distributors may impact its reported retail unit numbers on an immaterial basis.
Intuit, the Intuit logo and TurboTax are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.
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