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Intuit Q1 loss widens

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Personal finance software developer Intuit, producer of the Quicken family of products, has posted a net loss of $49.2 million for its Q1 results. Sales for the quarter, ended 31 October, were $112 million, an increase of 17 per cent on the same period a year ago. Intuit blamed the loss, which included a goodwill charge of $22.8 million, on the seasonal nature of its business -- the company typically produces all of its profits in the January and April quarters, it said, as buyers prepare for the end of the financial year. However, a year ago, it lost just $12.8 million. The company noted the acquisition of tax software specialist Lacerte in June and the cost of its ongoing attempt to expand its Internet-based business as key contributors to the increased size of its quarterly loss. ®

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