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Intuit shows loss on vastly increased turnover

Seeks to remodel itself as wider software firm

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Software company Intuit made a net loss in its fourth quarter of $39 million on turnover of $117.3 million. In the same quarter last year, Intuit made a loss of $19.8 million on $79.1 million turnover. The company said the results included a once only charge of $53.8 million, after it bought Lacerte Software. According to the company president and CEO, Bill Harris, its Quicken software product showed good profits during the quarter, while he said Intuit was succeeding in bettering its operating performance. The company is shifting its emphasis to relying not just on Quicken but on Internet based products too. Earlier this year, Intuit sought to protect itself from acquisition by introducing so-called "poison pill" measures. Sources said that American Express had taken an interest in acquiring Intuit. ®

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