Intuit's acquisition expenses cited in loss
Article Abstract:
Intuit Inc is reporting 3rd qtr losses of $3.8 million compared with losses of $6.3 million in the previous year's quarter. Company officials attribute the losses to costs associated with acquisition expenses. After these special acquisition charges are removed from the company's results, its operating earnings were almost doubled from the previous year's quarter. Analysts agree that Intuit had an excellent quarter and that its products continue to sell very well. The company's challenge will be to continue its growth while competing with Microsoft, which aborted a proposed acquisition of Intuit after the U.S. Department of Justice filed a lawsuit challenging the deal. Microsoft is now expected to aggressively compete for market share in the personal finance software market, where Intuit is the market leader with its Quicken software.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1995
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Misys and Medic Computer set $922.8 million merger
Article Abstract:
Misys announced the acquisition of Medic Computer Systems for $922.8 million in cash, or $35 a share. Medic has succeeded in the competitive medical billing software manufacturing market by focusing on doctors-group systems. Medic reported more than $6.2 million in profit and $60.3 million in revenue for the quarter ended Jun 30, 1997. Misys seeks to expand beyond the banking and finance software market that presently totals more than 90% of its revenue. The large British computer firm recorded $191.8 million in 1996 sales and $477 million in revenue for the year ended May 31, 1997. Analysts said Medic's recent unveiling of Vision, a high-end product, made the company's quarter-to-quarter earnings less stable. Medic's average selling price soared from $90,000 to $900,000 since the Vision introduction.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1997
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