Press Releases

Intuit Completes Sale of IT Solutions Business
MOUNTAIN VIEW, Calif., - Dec. 12, 2005 - Intuit Inc. (Nasdaq: INTU) today announced it has completed the sale of its Intuit Information Technology Solutions business, or ITS, to TA Associates, a leading private equity and buyout firm, for approximately $200 million in cash. Intuit entered the technology solutions business when it acquired Blue Ocean Software Inc. in September 2002.

Intuit expects to report a pre-tax net gain on the sale of approximately $40 million in its second-quarter 2006 GAAP (Generally Accepted Accounting Principles) results and expects that the sale will add approximately $0.13 per share to its GAAP diluted earnings per share (EPS) for the second-quarter and fiscal year 2006. Intuit has therefore updated its GAAP diluted EPS guidance for the second quarter of 2006 from a range of $0.80 to $0.90, to a range of $0.93 to $1.03. GAAP diluted EPS guidance for fiscal year 2006 has changed from a range of $1.99 to $2.07, to a range of $2.12 to $2.20. Intuit reaffirms its earlier non-GAAP EPS guidance issued on Nov. 16, 2005.

Intuit has treated ITS as a discontinued business for accounting purposes since it announced its decision to sell the business in May 2005. Since then, ITS has been excluded from all of Intuit's revenue guidance and all its non-GAAP operating income and EPS guidance.

 
About Intuit Inc.
Founded in 1983, Intuit had annual revenue of more than $2 billion in its fiscal year 2005. The company has nearly 7,000 employees with major offices in 13 states across the United States, and offices in Canada and the United Kingdom. More information can be found at www.intuit.com .
 
Intuit and the Intuit logo, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.

Cautions About Forward-Looking Statements
This press release contains forward-looking statements, including Intuit's expectations regarding the impact of the sale of the ITS business on Intuit's financial statements and Intuit's financial guidance for the second quarter and fiscal 2006. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those in the forward looking statements. These risks include, without limitation, the following: the effects of any post-closing adjustments related to the sale of the ITS business, changes in expected tax rates, and changes in the number of Intuit shares outstanding, could affect the expected financial impact of the sale; product introductions and price competition from our competitors, including Microsoft, can have unpredictable negative effects on our revenue, profitability and market position; governmental encroachment in our tax businesses or other governmental activities regulating the filing of tax returns could negatively effect our operating results and market position; current and future products and services, including the 2006 edition of QuickBooks, may not adequately address customer needs and may not achieve broad market acceptance, which could harm our operating results and financial condition; our participation in the Free File Alliance may result in lost revenue due to cannibalization of our traditional paid franchise; our revenue and earnings are highly seasonal and the timing of our revenue between quarters is difficult to predict, which may cause significant quarterly fluctuations in our financial results; predicting tax-related revenues is challenging due to the heavy concentration of activity in a short time period; we may not be able to successfully introduce new products and services to meet our growth and profitability objectives; our new product or service offerings may not attract customers or they may negatively impact our profitability if the business models for new offerings are not successful or if customers elect to purchase lower-priced alternatives; we have implemented, and are continuing to upgrade, new information systems and any problems with these new systems could interfere with our ability to ship and deliver products and gather information to effectively manage our business; our financial position may not make repurchasing shares advisable or we may issue additional shares in an acquisition causing our number of outstanding shares to grow; litigation involving intellectual property, antitrust, shareholder and other matters may increase our costs; and our failure to maintain reliable and responsive service levels for our offerings could cause us to lose customers and negatively impact our revenues and profitability. More details about risks that may affect Intuit's business are included in our Form 10-K for fiscal 2005 and in our subsequent 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 December 12, 2005, and we do not undertake any duty to update any forward looking statement or other information in this press release.