TAX & FINANCIAL PLANNING NEWS

Print
Email
Reprints

WK POSTS STRONG QUARTER Wolters Kluwer, the parent of CCH, closed out 2005 with a 31 percent increase of EBITA for the fourth quarter ended December 31 on a 12 percent rise of revenue.

Net income rose to about $178.2 million from $136 million. Fourth quarter revenue was $1.1 billion, up from slightly more than $1 billion in last year's corresponding period. That compared with a 3 percent increase in revenue for 2005 over 2004. The company had organic revenue growth of 4 percent in the Tax, Accounting & Legal Division that includes CCH's operations. Chief executive Nancy McKinstry predicted 4 percent annual organic revenue growth starting in 2007.

IMAGINETIME SPINS OUT

Partner Insights

ImagineTime, which makes time and billing and practice management software, has been separated from Both Worlds Software, a move designed to segregate product lines from different industries.

The move was also made to avoid further business interruption that affected Florida-based Both Worlds during the last two hurricane seasons. ImagineTime is located in Bostic, N.C.

INTUIT EARNINGS UP 26 PERCENT

Net income rose to $184.9 million for the second quarter ended January 31, up 26 percent from a year ago.

Revenue for the most recently ended quarter was $742.7 million, a 15 percent increase from last year's corresponding period. The company said the revenue was inflated by TurboTax pricing that shifted about $35 million that usually would have been recognized in the third quarter into the second quarter.

FOREFIELD ENHANCES NEWSLETTERS

Forefield has added authoring controls to its Forefield Newsletter service to add formatting to introductory notes and custom articles.

The Marlboro, Mass.-based company said that the enhancements also include a new graphical masthead option and read tracking of all email newsletter articles.

CCH RENAMES MILLER

CCH has rebranded its Miller Accounting and Auditing books and update services, which will now carry the CCH brand.

CCH said that the move is part of an overall branding strategy to move tax, accounting, and audit products under the CCH identity. In 2003, Miller was transferred from Aspen Publishers, which is also owned by CCH parent Wolters Kluwer, to become part of the CCH product line. The name change impacts products such as the Miller GAAP Guide Level A and Miller GAAS Guide

THOMSON REORGANIZES TTA

Thomson Tax & Accounting has reorganized the businesses that provided accounting, tax, and corporate finance products into three new units.

The units include Research & Guidance, headed by EVP Mark Schlageter, who has responsibility for the Checkpoint, Warren Gorham & Lamont, and PPC products. Creative Solutions president Jon Baron heads Professional Software and Services as EVP, and will have control over the CSI and GoSystem lines. Corporate Software & Services, under EVP Brian Peccarelli, has responsibility for products such as Fast-Tax, trust products, and probate and estate taxes.

ORACLE CUTS STAFF

Oracle has announced that as a result of its acquisition of Siebel Systems, it plans to lay off 2,000 employees this year, leaving the combined work force at about 55,000.

Oracle estimate the reduction would cost between $725 million and $800 million in expenses, primarily in cash. About $100 million to $125 million of that will be restructuring charges that relate to severance costs.

Intuit Tax: More Units, Flat Revenue
2nd quarter ended Jan. 31
FY 02
FY 2003
FY 2004
FY 2005
FY 2006
Units (thousands)
86K
89K
90K
94K
100K
Revenue (millions)
146.0
150.4
156.8
150.6
150.5
Intuit's revenue from its Pro Series and Lacerte packages held steady for the second ended January 31, although number units shipped rose by 6.4 percent The second quarter is the period in which Intuit recognizes most of its professional tax revenue. Source: Intuit

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

Register now for FREE site access and more