Document Management

TaxAct Revs Up 9 Percent

Parent Category: ROOT
Thursday, 10 May 2012
Published Date
Written by The Progressive Accountant

William Ruckelshaus, InfoSpaceTaxAct, the tax preparation software company purchased by InfoSpace, had pro forma revenue of $61.9 million a 9-percent increase from $56.8 million for the first quarter ended March 31. TaxAct, purchased on January 31 contributed only two months of actual results to its Bellevue, Wash.-based parent.

Actual results for the tax business included operating income of $22.1 million for the tax business on $4.4 million for the first quarter. Net income for Infospace was $11.4 million, up from $1.3 million in last year's corresponding period. TaxAct's operating margin of 55 percent was in line with the results the company had when it was independent. Infospace had $115.7 million in revenue. The rest of revenue comes from its search products, such as Metacrawler.

CEO William Ruckelshaus said TaxAct's performance exceeded expectations. He also said that performance was in line with the market's swing to online preparation such as that provided by TaxAct. "The market is coming our way," he said. TaxAct reported 5 million federal e-filed forms through April 18, up 8 percent from last year's corresponding period. Adding the paid preparers who utilize the company's software, there were 6.2 million efiled forms filed.

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