JTH Holding (TAX) to Delay Release of Fiscal Year 2013 Results
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JTH Holding, Inc. (NASDAQ: TAX), the parent company of Liberty Tax Service, today announced that it will postpone the release of its financial results for the year ended April 30, 2013 and that it intends to file a Form 12b-25 (Notification of Late Filing) with the U.S. Securities and Exchange Commission (the "SEC") with regard to its Annual Report on Form 10-K for the year ended April 30, 2013 which is required to be filed with the SEC on or before July 29, 2013. The filing of the Form 12b-25 would provide the Company with an additional 15 calendar days to file its Form 10-K.
The Company has been in discussions with the staff (the "Staff") of the SEC's Division of Corporation Finance regarding a comment letter received from the Staff relating to the Company's Form 10-K for the fiscal year ended April 30, 2012 and Form 10-Q for the quarterly period ended January 31, 2013.
The Staff's inquiry has predominately focused on the Company's accounting policies surrounding the timing of franchise fee revenue recognition for both territory and area developer sales. Since receipt of the Staff's comment letter, the Company has been engaged with the Staff in a comment and reply process with related telephonic communications regarding these matters. As a part of this process, the Company is reviewing its revenue recognition policies in light of the Staff's comments and has engaged outside advisors to help facilitate this review. While the Company is making every effort to complete this process as quickly as possible, it can provide no assurance that the Company will complete its review or resolve the Staff's comments in time to allow for it to meet the extended filing deadline.
Based on information to date, the Company believes any impact resulting from this review process will not have an impact on its net cash position. At April 30, 2013, the Company had a zero balance on its $143 million revolving credit facility and a long-term debt balance of approximately $24 million. Cash and marketable securities were approximately $23 million as of the same date.
The Company has been in discussions with the staff (the "Staff") of the SEC's Division of Corporation Finance regarding a comment letter received from the Staff relating to the Company's Form 10-K for the fiscal year ended April 30, 2012 and Form 10-Q for the quarterly period ended January 31, 2013.
The Staff's inquiry has predominately focused on the Company's accounting policies surrounding the timing of franchise fee revenue recognition for both territory and area developer sales. Since receipt of the Staff's comment letter, the Company has been engaged with the Staff in a comment and reply process with related telephonic communications regarding these matters. As a part of this process, the Company is reviewing its revenue recognition policies in light of the Staff's comments and has engaged outside advisors to help facilitate this review. While the Company is making every effort to complete this process as quickly as possible, it can provide no assurance that the Company will complete its review or resolve the Staff's comments in time to allow for it to meet the extended filing deadline.
Based on information to date, the Company believes any impact resulting from this review process will not have an impact on its net cash position. At April 30, 2013, the Company had a zero balance on its $143 million revolving credit facility and a long-term debt balance of approximately $24 million. Cash and marketable securities were approximately $23 million as of the same date.
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