H&R Block Reports Fourth Quarter and Fiscal Year Results; Record Revenues for Quarter and Year; Earnings Reduced by Lower Mortgage Results and Litigation Settlement Costs.
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H&R Block Reports Fourth Quarter and Fiscal Year Results; Record Revenues for Quarter and Year; Earnings Reduced by Lower Mortgage Results and Litigation Settlement Costs.
KANSAS CITY, Mo. -- H&R Block Inc. (NYSE: HRB):
Fiscal 2007 Earnings Guidance at $1.80 to $2.05 per Share Board Increases Quarterly Dividend and Share Repurchase Authorization H&R Block Inc. (NYSE: HRB) today reported that revenues increased 6 percent to $2.5 billion in the fourth quarter of fiscal 2006, and rose 10 percent to $4.9 billion for the fiscal year ended April 30. Both were records for the company. Net income for the quarter was $587.5 million, or $1.77 per diluted share, including an after tax charge of $6.4 million, or 2 cents per share, for a previously announced restructuring of its mortgage operations to further lower the cost of origination in the coming year. For the fiscal year, net income was $490.4 million, or $1.47 per diluted share. The results include after tax charges totaling $49.1 million, or 15 cents per diluted share, for the previously announced settlement of refund anticipation loan litigation and associated legal costs, and the mortgage restructuring. "With significant industry change occurring in each of our three leading businesses, we demonstrated the importance of our multi-channel tax services strategy, took decisive action in our mortgage business, and emerged as the clear middle-market leader in business services," said Mark A. Ernst, chairman and chief executive officer. "Our Tax Services business recovered from a poor start to the season to finish the year strongly, while positioning H&R Block for growth and leadership through coming industry change," Ernst said. "Mortgage Services mai...See the full content of this document
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