Spurred by a double-digit increase in its Consumer Tax unit, accounting software provider Intuit Inc. posted a 14 percent gain in third-quarter revenue, to $956 million, versus the year-ago period.
Intuit said that its revenues from its Consumer Tax arm jumped 19 percent versus the 2005 third quarter, to $499 million. Meanwhile, revenue from its QuickBooks arm rose 8 percent, to $212 million.
In addition, Intuit's board approved a two-for-one stock split payable July 6, 2006 to stockholders of record on June 21, as well as a stock repurchase plan for up to $500 million over the next three years.
The company's stock is expected to begin trading on a post-split basis on July 7, 2006.
"The Consumer Tax business had a record season, with great execution across the board, and our QuickBooks businesses continued to perform very well," said chief executive Steve Bennett, in a statement. "We're on track to deliver another year of double-digit revenue growth."
Previously on WebCPA:
Yankee Group: Accounting Software Ruled by Triumvirate ( May 16, 2006)
QuickBooks Announces First User Conference (April 28, 2006)
Intuit's 2Q Revenues Up 15 Percent (Feb. 21, 2006)
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