TAL SALES GROW Revenue for the Tax, Accounting and Legal division of Wolters Kluwer, which includes CCH, was up 8 percent for the half ended June 30 in constant currencies, although the declining dollar turned that into a 5 percent decline.
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Organic growth for TAL was 3 percent over last year’s first half, as revenue reached about $668.6 million. EBIT was up 14 percent in constant currencies, but was flat in euros, which translated into $176.1 million in the most recently ended period. Chief executive Nancy McKinstry noted electronic products now comprise 50 percent of company revenue. She cited strong sales in the CCH Small Firm Services.
INTUIT SETS CEO’S PAY
Intuit gave its new CEO, Brad Smith, a substantial hike in bonus for 2007, during which he served as senior vice president.
Smith, who took over in January, received a salary of $600,000 and a bonus of $765,000 for 2006. For 2007, his bonus was $1.7 million, while his base salary increased to $800,000. The company had increased his base pay when he took over the CEO’s job in January.
MORNINGSTAR NET SWELLS
Morningstar saw net income jump 50 percent on a 20.7 percent rise in revenue for the second quarter ended June 30, based on strong international sales.
Net income reached $28 million in the most recently ended quarter, up from $18.3 million a year ago. Revenue rose to $132.2 million from $109.7 million.
GOFILEROOM GETS NEW SEARCH
The Tax & Accounting Business of Thomson Reuters has provided a new search utility that enables users of third-party applications to search documents and folders stored in GoFileRoom ES.
The QuickLaunch utility enables users of applications such as Thomson’s CPAS Professional Suite and Enterprise Suite to search documents without having to launch GoFileRoom ES.
PAYCYCLE ADDS VP
PayCycle has named Vinay Pai as vice president of product development. Pai joins PayCycle from Cassatt, where he was vice president of product engineering.
Co-founder Martin Gates, has assumed the role of Chief Technology Officer.
ADVENT NET UP 44 PERCENT
Advent Software reported net income of $7.4 million for the second quarter ended June 30, up 44 percent from $5.1 million a year earlier. Revenue for the period was $64 million, up 22 percent from $52.4 million.
Advent cited sales of its Advent Portfolio Exchange and Geneva portfolio accounting systems as factors in the quarter. It also announced the departure of CFO Craig Collins. VP and controller Jim Cox was named as principal accounting officer.
CCH ENHANCES ENGAGEMENT
CCH has introduced Knowledge-based Single Audits for CCH ProSystem fx and its Accounting Research Manager.
The module assists auditors in performing financial statement audits for state and local government and nonprofit corporations that receive federal grants or contracts in accordance with federal standards and regulations.
SMARTPROS BUYS LOSCALZO
SmartPros has acquired Loscalzo Associates, which provides live accounting and auditing-related CPE programs, conferences and seminars.
SmartPros paid Margaret Loscalzo, the sole shareholder, $4.4 million in cash. Loscalzo’s average net income, before officer’s salaries for the two years ended Dec. 31, 2007, was in excess of $1.2 million and average revenue was more than $3 million a year.
CROSSLINK GETS TEXTING ABILITIES
Petz Enterprises has given preparers the ability text clients from with the company’s CrossLink tax preparation software.
Preparers will be able to query databases and send bulk and individual text messages to notify taxpayers of items such as IRS acknowledgment of their returns or the need to pick up a RAL The company also has added support for digital signature pads to enabling preparers to capture taxpayer signatures. The pads can be bought through an arrangement with Topaz, a manufacturer.