{"id":22359,"date":"2014-09-03T22:11:30","date_gmt":"2014-09-03T22:11:30","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/newsroom\/hr-block-announces-fiscal-2015-first-quarter-results\/"},"modified":"2023-03-02T13:05:08","modified_gmt":"2023-03-02T19:05:08","slug":"fiscal-2015-first-quarter-results","status":"publish","type":"newsroom","link":"https:\/\/www.hrblock.com\/tax-center\/newsroom\/around-block\/financial-statements\/fiscal-2015-first-quarter-results\/","title":{"rendered":"H&#038;R Block Announces Fiscal 2015 First Quarter Results"},"content":{"rendered":"<p>H&amp;R Block, Inc. (NYSE: HRB), the world\u2019s largest consumer tax services provider, today announced its financial results for the fiscal 2015 first quarter ended July 31, 2014. The company typically reports a first quarter operating loss due to the seasonality of its core U.S. tax business.<\/p>\n<h2><b>First Quarter 2015 Highlights<\/b><sup>1<\/sup><\/h2>\n<ul>\n<li><i>Total revenues increased $6 million, or 5.0%, to $134 million<\/i><\/li>\n<li><i style=\"line-height: 1.5em;\">Net loss from continuing operations improved 4% to $109 million, or $0.40 per share<sup>2<\/sup><\/i><\/li>\n<li><i style=\"line-height: 1.5em;\">Non-GAAP adjusted loss per share<sup>3<\/sup> from continuing operations unchanged at $0.40<\/i><\/li>\n<\/ul>\n<p>Revenues increased 5 percent, to $134 million, primarily due to a 5-day extension by the Canadian Revenue Agency of the completion of the Canadian tax season this year from April 30, our fiscal year end, to May 5. Loss per share from continuing operations improved to $0.40. On an adjusted non-GAAP basis, earnings per share from continuing operations was unchanged at $0.40.<\/p>\n<h2><b>CEO Perspective<\/b><\/h2>\n<p>\u201cI am pleased with the progress we\u2019ve made this offseason in preparation for tax season 2015. This year, we\u2019ll continue our Tax Plus strategy to drive profitable growth and maximize the value offering to our clients,\u201d said Bill Cobb, H&amp;R Block\u2019s president and chief executive officer. \u201cI like our competitive position and believe that we have the right people, resources, and expertise to continue to provide best-in-class service to our clients, and to take advantage of the long-term opportunities that lie ahead.\u201d<\/p>\n<h2><b>First Quarter Results From Continuing Operations<\/b><\/h2>\n<p><a href=\"https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/08\/2015q1-results-from-continuing-operations.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24472\" src=\"https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/08\/2015q1-results-from-continuing-operations.jpg\" alt=\"\" width=\"761\" height=\"245\" srcset=\"https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/08\/2015q1-results-from-continuing-operations.jpg 761w, https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2017\/08\/2015q1-results-from-continuing-operations-300x97.jpg 300w\" sizes=\"auto, (max-width: 761px) 100vw, 761px\" \/><\/a><\/p>\n<h2><b>Business Segment Results and Highlights<\/b><\/h2>\n<h3><b>Tax Services<\/b><\/h3>\n<ul>\n<li>Revenues increased 6 percent to $129 million, driven by the aforementioned extension of the completion of the Canadian tax season<\/li>\n<li>Total operating expenses increased 5 percent to $280 million, driven by depreciation and amortization from planned office and technology upgrades, increased wages, and higher occupancy costs, partially offset by lower foreign exchange currency losses and legal fees<\/li>\n<li>Adjusted non-GAAP pretax loss increased 4 percent to $149 million<\/li>\n<\/ul>\n<h3><b>Corporate<\/b><\/h3>\n<ul>\n<li>Total operating expenses declined $16 million to $30 million, primarily due to lower provisions for losses on mortgage loans held for investment and lower expenses related to the pending exit of HRB Bank<\/li>\n<li>Pretax loss improved by $15 million to $25 million<\/li>\n<\/ul>\n<h3><b>Discontinued Operations<\/b><\/h3>\n<ul>\n<li>Net loss of $7 million compared to $2 million in the prior year<\/li>\n<li>Sand Canyon Corporation (SCC), a separate legal entity of H&amp;R Block, Inc., continued to engage in constructive settlement discussions with counterparties that represent a significant majority of previously denied and expected future representation and warranty claims. Based on these actions, SCC recorded a provision of $10 million during the first quarter, increasing its accrual for contingent losses related to representations and warranty claims to $194 million at July 31.<\/li>\n<\/ul>\n<h2><b>Dividends<\/b><\/h2>\n<p>A previously announced quarterly cash dividend of 20 cents per share is payable on Oct. 1, 2014 to shareholders of record as of Sept. 9, 2014. The October 1 dividend payment will be H&amp;R Block\u2019s 208<sup>th<\/sup> consecutive quarterly dividend since the company went public in 1962.<\/p>\n<h2><b>Conference Call<\/b><\/h2>\n<p>In conjunction with the announcement of first quarter fiscal 2015 first quarter results, the company will host a conference call at 4:30 p.m. Eastern time on Sept. 3, 2014. During the conference call the company will discuss fiscal 2015 first quarter results, future outlook and a general business update. To access the call, please dial the number below approximately 10 minutes prior to the scheduled starting time:<\/p>\n<p>U.S.\/Canada (888) 895-5260 or International (443) 842-7595<\/p>\n<p>Conference ID: 77437530<\/p>\n<p>The call will also be webcast in a listen-only format for the media and public. The link to the webcast can be accessed directly at <span style=\"text-decoration: underline;\">http:\/\/investors.hrblock.com<\/span>.<\/p>\n<p>A replay of the call will be available beginning at 6:30 p.m. Eastern time on Sept. 3, 2014, and continuing until Oct. 3, 2014, by dialing (855) 859-2056 (U.S.\/Canada) or (404) 537-3406 (International). The conference ID is 77437530. The webcast will be available for replay September 4, 2014 at http:\/\/investors.hrblock.com.<\/p>\n<p><b>About H&amp;R Block<\/b><br \/>\nH&amp;R Block, Inc. (NYSE: HRB) is the world\u2019s largest consumer tax services provider. More than 650 million tax returns have been prepared worldwide by and through H&amp;R Block since 1955. In fiscal 2014, H&amp;R Block had annual revenues over $3.0 billion with 24.2 million tax returns prepared worldwide. Tax return preparation services are provided in approximately 12,000 company-owned and franchise retail tax offices worldwide by professional tax preparers, and through H&amp;R Block Tax Software products. H&amp;R Block Bank provides affordable banking products and services. For more information, visit the H&amp;R Block Newsroom at <span style=\"text-decoration: underline;\">http:\/\/newsroom.hrblock.com\/<\/span>.<\/p>\n<p><b>About Non-GAAP Financial Information<\/b><br \/>\nThis press release and the accompanying tables include non-GAAP financial information. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with generally accepted accounting principles, please see the section of the accompanying tables titled \u201cNon-GAAP Financial Information.\u201d<\/p>\n<p><b>Forward-Looking Statements<\/b><br \/>\nThis press release may contain forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201cforecasts,\u201d \u201ctargets,\u201d \u201cwould,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201ccould\u201d or \u201cmay\u201d or other similar expressions. Forward-looking statements provide management\u2019s current expectations or predictions of future conditions, events or results. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. They may include estimates of revenues, income, earnings per share, capital expenditures, dividends, liquidity, capital structure or other financial items, descriptions of management\u2019s plans or objectives for future operations, products or services, or descriptions of assumptions underlying any of the above. All forward-looking statements speak only as of the date they are made and reflect the company\u2019s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, the company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data or methods, future events or other changes, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are beyond the company\u2019s control and which are described in our Annual Report on Form 10-K for the fiscal year ended April 30, 2014 in the section entitled \u201cRisk Factors,\u201d as well as additional factors we may describe from time to time in other filings with the Securities and Exchange Commission. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.<\/p>\n<p><b>For Further Information<\/b><\/p>\n<p>Investor Relations: Colby Brown, (816) 854-4559, colby.brown@hrblock.com<\/p>\n<p>Media Relations: Gene King<b>, <\/b>(816) 854-4672, gene.king@hrblock.com<\/p>\n<p>1 All amounts in this release are unaudited. Unless otherwise noted, all comparisons refer to the current period compared to the corresponding prior year period.<br \/>\n2 All per share amounts are based on fully diluted shares.<br \/>\n3 The company reports adjusted financial performance, which it believes is a better indication of the company\u2019s recurring operations. The company also reports EBITDA (earnings before interest, taxes, depreciation and amortization), a non-GAAP financial measure, which the company finds relevant when measuring its performance. See \u201cAbout Non-GAAP Financial Information\u201d below for more information regarding financial measures not prepared in accordance with generally accepted accounting principles (GAAP).<\/p>\n<p>To view PDF with tables, visit <a href=\"https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2014\/09\/hr-block-announces-q1-2015-earnings-with-tables.pdf\">H&amp;R Block Announces Fiscal 2015 First Quarter Results with Tables<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>H&amp;R Block, Inc. (NYSE: HRB), the world\u2019s largest consumer tax services provider, today announced its financial results for the fiscal 2015 first quarter ended July 31, 2014. The company typically reports a first quarter operating loss due to the seasonality of its core U.S. tax business. First Quarter 2015 Highlights1 Total revenues increased $6 million, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26965,"menu_order":0,"template":"","tags":[],"news-categories":[23376,23379],"class_list":["post-22359","newsroom","type-newsroom","status-publish","has-post-thumbnail","hentry","news-categories-around-block","news-categories-financial-statements"],"acf":{"post_rest_thumbnail_alt_id":null},"yoast_head":"<title>Fiscal 2015 First Quarter Results Announced | H&amp;R Block<\/title>\n<meta name=\"description\" content=\"H&amp;R Block announced its financial results for the fiscal 2015 first quarter ended July 31, 2014.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hrblock.com\/tax-center\/newsroom\/around-block\/financial-statements\/fiscal-2015-first-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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