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H&R Block, Inc. Message Board

  • bluecheese4u bluecheese4u Sep 5, 2012 5:50 PM Flag

    H&R Block's Net Loss From Continuing Operations Improves 11 Percent; Improves 6 Percent on Adjusted Basis

    H&R Block's Net Loss From Continuing Operations Improves 11 Percent; Improves 6 Percent on Adjusted Basis

    KANSAS CITY, MO--(Marketwire - Sep 5, 2012) - H&R Block, Inc. (NYSE: HRB) today announced financial results for its fiscal first quarter ended July 31, 2012. The company typically reports a first quarter operating loss due to the seasonality of its core U.S. tax business.

    First Quarter 2013 Highlights(1)
    •Net loss from continuing operations improves 11 percent to $106 million, or $0.38 per share(2)
    •Adjusted net loss from continuing operations improves 6 percent to $105 million, or $0.38 per share
    •Company on pace to deliver $85 to $100 million of pretax earnings from cost reduction initiatives in fiscal 2013
    •Repurchased and retired 21.3 million shares at an aggregate price of $315 million, or $14.82 per share
    •Completed H&R Block's first tax season in Brazil and India

    First Quarter Results From Continuing Operations...

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    • Talk about spin. Net loss "improves" by 11 percent. Sure, we all know HRB loses money in this quarter due to it being a seasonal business, but the wording just struck me as deceptive. The conference call transcript struck me too. Do those bigwigs speak English? There was so much "you know" and other words that were totally noncommunicative that I couldn't believe they were actually the heads of a major corp. I'm no public speaker myself, but I would think that by the time someone got so high up in the corporate hierarchy that would be a lot better at speaking than they came across.

      They attributed their spectacular results to cost-cutting and reduced payroll. They said so many times, you know. I fear for the tax pros when the new contracts come out. Watch for spin (you know, like how the buckets were supposed to give us the opportunity to make so much more). I do hope corporate realizes that with the IRS RTP requirements, people who can actually meet them are going to be in a sweet spot for job opportunities. So read those contracts carefully and don't be afraid to go where you might actually get like, you know, a transparent salary offer.

      • 1 Reply to wishfulthinkin27
      • So let me get this straight. Up until now they have been wasting money by spending it on unnecessary payroll expenses. No productive work was being done with that payroll expense, so they eliminated it. What genius. Without compromising any value added services they simply lowered payroll expense. That's marvelous. I think the federal government should do the same thing, balance the budget simply by eliminating the wasted expenses. Why did I go to MBA school, this is all so simple!!

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