WK U.S. OPS UP With acquisitions driving top-line growth, Wolters Kluwer's Tax and Accounting U.S. produced 5 percent organic growth for the first quarter ended March 31.
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However, the U.S. results were offset in other TAL operations and organic growth rose only 3 percent. TAL, whose biggest component is CCH, had $328 million in revenue, up 21.1 percent from $270 million a year earlier. Ordinary EBITA hit $94 million, a 42 percent increase from $66 million. Worldwide revenue was about $1.15 billion, up from $818 million.
INTUIT NET UP 23 PERCENT
Intuit reported that net income rose 23 percent in the third quarter ended April 30, and revenue rose by 21.2 percent from last year's corresponding period.
Net income hit $399.1 million in the most recently ended quarter, up from $318.3 million a year earlier. Revenue in the most recently completed period was $1.15 billion. QuickBooks revenue hit $155 million, a 22 percent rise, while consumer tax revenue increased by 14 percent, despite efiling problems.
CCH PROMOTES DIAS
CCH has named Robert Dias, a longtime executive at the tax and accounting company, as vice president of product and segment management.
Dias, who joined the company in 1979, was most recently CCH director of segment management. The new position brings together tax and accounting segment and product management teams into one new organization.
QUICKBOOKS PAYROLL TO EXPAND
Although Intuit has sold off its payroll service bureau operations to ADP, the Mountain View, Calif.-based company plans to expand the capabilities of QuickBooks Payroll.
QuickBooks Payroll currently operates only with the QuickBooks accounting package. However, Intuit will introduce a version later this year that can be used as a stand-alone product. That plan was disclosed by CFO Kiran Patel in comments made in late May at the JP Morgan Technology Conference.
EGLWORKS OFFERS LIVE PAYROLL
eGLWorks, an online accounting and write-up product from TaxWorks, now offers live payroll for 21 states.
The capability was made available earlier this year by TaxWorks, whose parent company changed its named to Red Gear Technologies, following its March acquisition by H&R Block. The system enables accountants and their clients to have simultaneous real-time access. The accounting system is available on a monthly subscription basis.
PAYCYCLE CHANGES PROGRAM HEAD
Online vendor PayCycle has named Julie Lubetkin, formerly the company's marketing director, as director of the accounting professionals program.
Meanwhile, Anu Sanghvi, who had lead the accounting effort for the Palo Alto, Calif.-based company, has transferred to another department.
Cook Sells shares Intuit founder Scott Cook in May exercised options on 500,000 shares at an exercise price of $4.50 per share.
The day after the option exercise Cook executed an automatic sale of 583,000 shares for roughly $17.4 million in gross proceeds.
PAYCHEX STARTS TAX CREDIT SERVICES
Payroll processor Paychex has launched Tax Credit Services, which helps businesses identify and apply for wage-based tax credits offered by the federal and state governments.
The service identifies opportunities involving location-based credits such as Empowerment Zones and Renewal Communities and job-creation tax credits such as the Work Opportunity Tax Credit and Welfare to Work Tax Credit.
BNA MAKES WOJCIK CHAIRMAN
Paul Wojcik, who has served as CEO of BNA for 10 years, has been selected as chairman, replacing Sandra Deglar, who will become vice chair.
Meanwhile, Greg McCaffery, who has been chief operating officer since 2003, will add the title of president to his portfolio. He will remain BNA's publisher and editor-in-chief, and president of BNA subsidiary Tax Management.