H&R Block Inc.’s (HRB) first quarter (ended July 31) results were two cents below the Zacks Consensus Estimate as higher losses in its Tax Services segment more than offset the gains from improved pre-season results from Business Services and lower corporate expenses. For the quarter, the company reported a net loss from continuing operations of 39 cents per share compared to the Zacks Consensus loss estimate of 37 cents. Revenues were up 1.3% year-over-year to $275.5 million. Tax Services revenues increased 7.7% year-over-year to $88.0 million. Favorable results from the company’s Australian tax operations resulted in a 14.2% increase in tax preparation fees. However, expenses were high due to the Southwest franchise acquisition, severance costs and increased expenses for information technology projects to prepare for the forthcoming tax season. As a result, the Tax Services segment reported a pretax loss of $172.0 million compared to ...

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Yesterday, H&R Block Inc. (HRB), the market leader in tax preparation services, posted better-than-expected results for the fourth quarter of fiscal 2009. The results were prompted by higher fees that offset the decrease in tax returns prepared by the company.

Net income for the fiscal fourth quarter ended April 30 increased to $706.9 million, or $2.09 per share on a diluted basis, from $543.6 million, or $1.66 reported a year ago. This was above the consensus estimate of $2.05 per share. Though revenue for the quarter was down 3%, H&R Block's cost containment initiatives have benefited the bottom line.

Consolidated net income for fiscal 2009 was $485.7 million or $1.45 per share, compared to a loss of $308.6 million or $0.94 per share in the prior-year period.

Overall tax returns prepared in retail offices fell 5.8% in fiscal 2009, which was partially offset by a 21.1%

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Jackson Hewitt Tax Service Inc (JTX) shares are trading on an unusually high volume. Shares dropped more than 1% at $11.22 in the morning session.

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