CSI BUYS DUNPHY Thomson's Creative Solutions operation has acquired the tax software business of Dunphy Systems, the last software vendor that produced versions of its product only for the vanishing MS-DOS platform. Dunphy served about 1,000 firms.
Like what you see? Click here to sign up for Accounting Today's daily newsletter to get the latest news and behind the scenes commentary you won't find anywhere else.
Donald Dunphy, who sold his company after 25 years in business, said it was difficult to keep up with the necessary research and development costs. CEO Jon Baron said that CSI would maintain the Dunphy pricing structure through 2008. Users will also get discounts on Fixed Assets CS and other CSI products.
MORNINGSTAR NET SOARS
Net income for Morningstar reached $13.4 million for the first quarter ended March 31, more than three times the just over $4 million that the financial planning tools company reported a year earlier.
The increased earnings came on revenue of $70.1 million, up 31.7 percent from $53.2 million in last year's corresponding period. About a month's operations of the newly acquired Ibbotson results were included. Revenue for the company's advisor segment reached $21.8 million, up 37.9 percent from $16.5 million.
WK TAX RESULTS STRONG
Revenue for the Wolters Kluwer Tax and Accounting business, which includes CCH's results for the recent tax season, included double-digit revenue growth in constant currency.
Wolters Kluwer did not break out numbers, but said results for its ProSystem fx Tax software, CompleteTax, and ProSystem fx Outsource were excellent. The Tax, Accounting, and Legal division had 7 percent revenue growth for the first quarter ended March 31. TAL Revenue reached $228 million in the quarter, up from $215 million a year earlier, while EBITA rose to $65 million, up from $62 million.
ATX BRINGS SUPPORT ONSHORE
ATX/Kleinrock has stopped using support personnel in India as a result of what the company said was a reduction in support calls that eliminated its need for extra help.
The company, based in Rockville, Md., was able to reduce the number of telephone calls received in the recent filing season by 85,000 from the total in 2005, says executive vice president Ken Crutchfield. Chat support has also been returned to the Caribou, Maine office.
INTUIT NET DROPS
Intuit's net income fell to $298.6 million for the third quarter ended April 30, down slighlty from $300.5 milllion a year earler, as operating revenue rose by 14 percent.
While the bottom line was dented by increased tax expense operating income from continuing operations rose by 14 percent to $472.5 million. Meanwhile, revenue increased to $952.6 million, a 14 percent increase from $834.9 million in last year's corresponding period.
THOMSON LAUNCHES INSOURCE EXCHANGE
Thomson Tax & Accounting has introduced the reporting and analytics module, the first module of InSource Exchange, which is a set of optimization tools for importing and exporting data from its InSource Income Tax software.
Automated Excel mapping from and to InSource is available, as are automated provision footnote and journal-entry creation.
IBBOTSON RESULTS REVEALED
Ibbotson Associates, the financial tools company acquired by Morningstar in March, lost $1.3 million on $37.2 million in revenue for the year ended June 30, 2005.
Morningstar said that Ibbotson revenue for the half ended December 31 was $15.6 million, up from $13.4 million a year earlier. Ibbotson, which had an accumulated deficit of $3.8 million at the end of that year, had revenue of about $11.8 million for the quarter ended March 31, a 4.8 percent increase. Morningstar completed the $86.4 million purchase on March 1.