There was no explanation of the ballooning loss, but it suggests some kind of writedown, although nothing is obviously shown in that category. QuickBase, by contrast, was improving. Its $11 million in pre-tax income for 2015 was up from $7 million for 2014 and compared to $10 million for 2013. Revenue for the most recently ended year was $70 million, an increase of 22.8 percent from $57 million for 2014 and up from $47 million in 2013. Demandforce showed both increasing revenue and losses. Its pre-tax loss for the most recently ended year was $63 million, compared to $51 million in red ink the prior year and $41 million down the chute in 2013. Revenue for 2015 was $115 million, up 7.5 percent from $107 million a year earlier and from $80 million in 2013. I guess you could say in good corporate-ease that these operations lacked scale compared to Intuit's core businesses, a reason for the pending sales.
INTUIT RESULTS: QUICKEN TANKS Featured
Intuit's form 10-K for the year ended July 31 show that its Quicken business was sinking badly. In announcing results for 2015, Intuit said it will divest Quicken, DemandForce and QuickBase. The SEC report, filed this week, shows Quicken, perhaps not surprisingly, was the weakest of the lot. Revenue for the most recently ended year was $51 million, down 48 percent from 2014. Revenue for 2013 was $99 million. The product line lost $136 million before taxes in 2015 ($140 million after), compared to pre-tax earnings of $57 million the prior year.
