According to its quarterly financial reports, tax preparer H&R Block has posted a first-quarter loss that has barely changed from this time a year ago, but that outstripped analyst expectations for the company’s loss. H&R Block blames its results on higher costs and acquisition expenses, both of which managed to displace H&R’s slightly larger revenue for this quarter.
 
Posting a loss in its fiscal first quarter is nothing strange to H&R Block, which typically does not do as well in its first two fiscal quarters than in the second half of the fiscal year because of tax season. However, H&R Block …read more

H&R Block had its best tax season ever!
The company prepared taxes for over 23.5 million clients, bringing in $3 billion of revenue.  The influx of business allowed H&R Block to post a profit of $543 million for their fiscal fourth quarter.  This is a huge reversal from last year’s loss of $85 million for the same period.
H&R Block also benefited from the disposition of most of its mortgage business.  Loan origination services of the company’s mortgage arm, Option One, ceased in December of last year.   Option One serviced approximately $53 billion in subprime mortgages before being sold to Wilbur Ross (a frequent investor in troubled …read more