H&R Block posts smaller 1Q loss as costs decline
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Posted: 09/06/2012
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By: Associated Press
KANSAS CITY, Mo. (AP) - H&R Block is reporting a smaller loss for its fiscal first quarter, as the nation's largest tax preparer cut its spending.
Kansas City-based Block says it stemmed its loss through cost-cutting plans. Its year-ago results also included large charges related to its sale of its former business consulting unit, RSM McGladrey, and a litigation charge.
H&R Block usually reports a loss in its first quarter, when revenue drops after tax season ends.
The company lost $107.4 million, or 39 cents per share, compared with a loss of $175.1 million, or 57 cents per share, last year. Excluding one-time charges, it lost 38 cents per share.
Revenue slipped 4 percent, to $96.5 million.
Analysts were expecting a loss of 37 cents per share, and $101.2 million in revenue, according to FactSet.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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