Intuit Reports First Quarter Results; Revenue Grew 46% Versus Year Ago - 1st qtr 2000 - Company Financial Information

Edge: Work-Group Computing Report, Nov 29, 1999

Quicken Launch Sees Early Strength

Quicken continues to be the most popular personal finance software product, with over 70% share of dollars at US retail.

Quicken 2000, which was launched in August 1999, is seeing increased, early demand, with first quarter revenue up over the same period last year. The Quicken 2000 product family offers a broad range of powerful features, including asset allocation analysis tools, integrated tax planning features that enable consumers to evaluate the tax implications of their financial and investing decisions, financial planning capabilities, and streamlined navigation and user interface.

During the first quarter, Intuit launched 249 new financial institutions with electronic connectivity to Quicken through OFX-based Web technology. That brings the total to 995 financial institutions connecting to Quicken, up from 746 in August, continuing Quicken's leadership in electronic finance.

Although initial success has been solid, it is too early in the launch to assess the overall success of the entire Quicken 2000 season.

Tax Products On Track

With the tax season rapidly approaching, Intuit remains on track with its development efforts, both for Internet-based and desktop products. This season's TurboTax software products are scheduled to launch in December.

The Company anticipates increasing competition due to Microsoft's expected entry into the personal tax market.