| CCH Customer Tax Spending Nearly Doubles |
|
| Written by Bob Scott | |||
| Thursday, 04 March 2010 04:33 | |||
|
Asked about the average customer spend, Chief Executive Nancy McKinstry pointed to the Amercian tax and accounting business as an area in which the company was able to convince end users to increase spending by adding features to modules and getting them to buy new modules.
The company's U.S. tax software applications were cited as factors in Wolters Kluwer's performance for the most recent year. One was the impact of its acquisition of the IntelliTax line (the former Orrtax). That deal had a positive effect because it was a higher-margin product, executives said, although the product itself was discontinued. Executives pointed to sales growth in its tax software packages, along with ProSystem fx Document and Scan software and its TeamMate line as factors in producing strong growth in its U.S. Tax and Accounting and Canadian operations in 2009. Revenue for Tax, Legal & Accounting, which includes the results for CCH, grew to about $1.2 billion, up 2 percent from 2008 results. The percentage was based on change in revenue measured in euros. Companywide revenue was about $4.64 billion for 2009, up 2 percent from 2008, while ordinary net income reached about $579 million for the year just ended, virtually unchanged from the prior year. | |||
|
About the Author: Brett Owens is CEO and Co-Founder of Chrometa, a Sacramento, Calif.-based provider of software that records activity in real time. Previously marketed to the legal community, Chrometa is branching out to accounting prospects; gains include the ability to discover previously undocumented billable time, save time on billing reconciliation and improve personal productivity. Brett is also blogger and founder at CommodityBullMarket.com and ContraryInvesting.com, as well as a regular contributor to two leading financial media sites, SeekingAlpha.com and BeforeItsNews.com. |