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H&R Block (HRB) Posts Smaller Q1 Loss

September 2, 2010 5:18 PM EDT Send to a Friend
H&R Block Inc. (NYSE: HRB) said Thursday that it narrowed its loss in the first quarter narrowed 2 percent as the company closed 400 offices and eliminated 400 jobs, while it cut other expenses.

The tax preparation service reported a first-quarter loss of $130.7 million or 41 cents per share, compared to a loss of $133.6 million or 40 cents per share during the same quarter last year.

Excluding one-time items, the company posted a loss of 36 cents per share in the quarter, 5 cents better than the analyst estimate of a loss of 41 cents per share.

Revenue for H&R Block dropped slightly to $274.5 million in the three month period ended July 31 from $275.5 million last year, but beat the market consensus of $265.12 million.

"Our balance sheet reflects a strong position that gives us considerable financial flexibility going forward. We are working diligently to reverse the early-season client losses we have experienced in each of the past two years,” said Alan Bennett, president and chief executive officer of H&R Block. Our goal is to further innovate our best-in-class financial products, demonstrate continued client-centric service improvements, and use a more compelling marketing approach to increase traffic throughout our network."

The tax preparer usually sees a loss in the first two quarter after normal tax season.

Shares of H&R Block are up 4.61 percent to $13.15 in extended trade Thursday.




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