H&R Block's Loss Widens Slightly

By Dow Jones Business News, 
A A A

H&R Block's Loss Widens Slightly


H&R Block Inc. ( HRB ) said its fiscal first-quarter loss widened slightly after a smaller tax benefit and losses at discontinued operations, while the tax-services provider's revenue benefited from a five-day extension of Canada's tax season.

For the period ended July 31, H&R Block reported a loss of $116.2 million, compared with a year-earlier loss of $115.2 million. On a per-share basis, the loss was unchanged at 42 cents after an increase in shares outstanding. The latest period included a per-share loss of two cents from discontinued operations. Adjusted earnings from continuing operations were flat at 40 cents.

Revenue increased 5% to $133.6 million, mostly owing to an extension of the Canadian tax filing season.

Analysts polled by Thomson Reuters expected a per-share loss of 40 cents and revenue of $130 million.

H&R Block reported a tax benefit of $70 million in the latest period, while the year-earlier tax benefit was $71.2 million.

The company, which generates a bulk of its revenue in the back half of the fiscal year when the U.S. tax season occurs, has renewed its focus on its tax-preparation business after shedding its brokerage and mortgage-lending operations.

In April, H&R Block agreed to sell its bank business to a unit of BofI Holding Inc., which will take the tax- preparation company out of a sector that has been hit by increasing regulation.

Write to Tess Stynes at tess.stynes@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


  (END) Dow Jones Newswires
  09-03-141705ET
  Copyright (c) 2014 Dow Jones & Company, Inc.


This article appears in: News Headlines

Referenced Stocks: HRB

Dow Jones Business News


More from Dow Jones Business News:

Related Videos

Lies Retailers Tell
Lies Retailers Tell                 

Stocks

Referenced

60%

Most Active by Volume

38,039,655
  • $42.50 ▲ 5.77%
27,201,473
  • $103.6928 ▲ 1.19%
22,248,592
  • $8.19 ▲ 0.24%
20,385,507
  • $16.64 ▲ 0.24%
15,910,136
  • $79.53 ▲ 1.07%
14,377,988
  • $12.51 ▲ 3.99%
13,987,189
  • $97.21 ▲ 0.35%
12,590,441
  • $13.325 ▲ 0.95%
As of 10/22/2014, 11:26 AM