H&R Block Posts Wider 1Q Loss as Expenses Rise

3 years 4 months 2 weeks ago September 03, 2013 Sep 3, 2013 Tuesday, September 03 2013 Tuesday, September 03, 2013 2:45:44 PM CDT in News
By: The Associated Press

KANSAS CITY - H&R Block Inc.'s loss widened by 7 percent in its fiscal first quarter, as the tax preparer booked higher operating expenses and other costs, offsetting a sharp rise in revenue.

The company, based in Kansas City, Mo., typically reports an operating loss in the May-July quarter, which follows the peak U.S. tax filing season.

H&R Block reported a loss of $115.2 million, or 42 cents per share, for the quarter ended July 31. That compares with a loss of $107.4 million, or 39 cents per share, last year.

Block's adjusted loss amounted to 40 cents per share.

Analysts polled by FactSet, on average, anticipated a loss of 37 cents per share.

Revenue increased 32 percent to $127.2 million, from $96.5 million.

Analysts had forecast $100 million in revenue.

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