Higher Revenue Narrows H&R Block 3Q Loss

KANSAS CITY, Mo. -- H&R Block Inc., the nation's largest tax preparer, said its third-quarter loss shrunk on higher revenue and smaller losses from the windup of its subprime mortgage lending subsidiary and other charges, The Associated Press reported.

The Kansas City-based company said late Wednesday it lost $47.4 million, or 14 cents per share, in the three months that ended Jan. 31, compared with a loss of $60.3 million, or 18 cents per share, during the same period a year ago, the AP reported.

The company said it earned $9.3 million, or 3 cents per share, from continuing operations, compared with $21.9 million, or 7 cents per share, during the year-ago period, the AP reported.

H&R Block said it saw a 3.5 percent decline in the number of clients coming to its retail tax preparation office during the third quarter, but overall tax revenue is up 5.4 percent from a year ago thanks to higher fees, the AP reported. The company blamed the drop on a slow start to the tax season, which was delayed by a last-minute change to federal tax laws dealing with the Alternative Minimum Tax.

-- NYSSCPA.org News Staff

Posted on 3/6/08