H&R Block Reports 59 Cents Per Share Third Quarter Profit; Early Tax Season Results Consistent with Full Year Guidance.
Business Wire › February 24, 2004
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H&R Block Reports 59 Cents Per Share Third Quarter Profit; Early Tax Season Results Consistent with Full Year Guidance.
Business Editors
KANSAS CITY, Mo.--(BUSINESS WIRE)--Feb. 24, 2004 H&R Block Inc. (NYSE:HRB) today reported net income of $106.7 million, or 59 cents per diluted share, and record revenues of $977.2 million for the third quarter ended Jan. 31. Third quarter revenues increased 2 percent from $958.4 million last year. Third quarter net income declined $25.6 million or 19.3 percent compared with last year when the company reported third quarter earnings of $132.3 million, or 73 cents per diluted share. Third quarter 2004 results include a $17 million gain on sale of certain mortgage assets. Third quarter 2003 results include a $130.9 million gain on a similar transaction. Excluding the effect of these gains, third quarter net income increased $42.9 million or 80.2 percent over the prior year. The profitable third quarter marks the first time in the company's history that it has reported a profit in each of the first three quarters of its fiscal year. H&R Block typically reports losses in its first and second quarters, and often in its third quarter as well, due to the seasonal nature of its tax and business services units. "All of our business segments executed effectively and delivered improved performance. We saw double-digit revenue growth in each of our businesses, excluding the mortgage asset sales that we've noted," said Chairman and Chief Executive Officer Mark A. Ernst. "Performance in the tax filing season thus far is consistent with our overall expectations for a good, but not great, tax season," Ernst said. "After a slow start, growth in retail tax filing has accelerated in the month of February and our digital tax services are growing very well." ...See the full content of this document
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