{"id":22469,"date":"2012-09-05T21:41:06","date_gmt":"2012-09-05T21:41:06","guid":{"rendered":"https:\/\/www.hrblock.com\/tax-center\/newsroom\/hr-blocks-net-loss-from-continuing-operations-improves-11-percent-improves-6-percent-on-adjusted-basis\/"},"modified":"2023-03-02T12:20:05","modified_gmt":"2023-03-02T18:20:05","slug":"2012-fiscal-first-quarter-results-announced","status":"publish","type":"newsroom","link":"https:\/\/www.hrblock.com\/tax-center\/newsroom\/around-block\/financial-statements\/2012-fiscal-first-quarter-results-announced\/","title":{"rendered":"H&#038;R Block\u2019s Net Loss From Continuing Operations Improves 11 Percent; Improves 6 Percent on Adjusted Basis"},"content":{"rendered":"<p>H&amp;R Block, Inc. (NYSE: <a title=\"HRB\" href=\"http:\/\/www.marketwire.com\/news_room\/Stock?ticker=HRB\">HRB<\/a>) 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.<\/p>\n<h2><strong>First Quarter 2013 Highlights<\/strong>(1)<\/h2>\n<ul>\n<li>Net loss from continuing operations improves 11 percent to $106 million, or $0.38 per share(2)<\/li>\n<li>Adjusted net loss from continuing operations improves 6 percent to $105 million, or $0.38 per share<\/li>\n<li>Company on pace to deliver $85 to $100 million of pretax earnings from cost reduction initiatives in fiscal 2013<\/li>\n<li>Repurchased and retired 21.3 million shares at an aggregate price of $315 million, or $14.82 per share<\/li>\n<li>Completed H&amp;R Block\u2019s first tax season in Brazil and India<\/li>\n<\/ul>\n<h2><strong>First Quarter Results From Continuing Operations<\/strong><\/h2>\n<div>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><\/td>\n<td colspan=\"5\"><\/td>\n<td><\/td>\n<td colspan=\"5\"><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td colspan=\"5\"><strong>Actual<\/strong><\/td>\n<td><\/td>\n<td colspan=\"5\"><strong>Adjusted*<\/strong><\/td>\n<\/tr>\n<tr>\n<td>$ in millions, except EPS<\/td>\n<td><\/td>\n<td><strong>Q1<br \/>\nFY13<\/strong><\/td>\n<td><\/td>\n<td><strong>Q1<br \/>\nFY12<\/strong><\/td>\n<td><\/td>\n<td><strong>Change<\/strong><\/td>\n<td><\/td>\n<td><strong>Q1<br \/>\nFY13<\/strong><\/td>\n<td><\/td>\n<td><strong>Q1<br \/>\nFY12<\/strong><\/td>\n<td><\/td>\n<td><strong>Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Revenue<\/strong><\/td>\n<td><\/td>\n<td>$96<\/td>\n<td><\/td>\n<td>$101<\/td>\n<td><\/td>\n<td>-4%<\/td>\n<td><\/td>\n<td>$96<\/td>\n<td><\/td>\n<td>$101<\/td>\n<td><\/td>\n<td>-4%<\/td>\n<\/tr>\n<tr>\n<td><strong>EBITDA*<\/strong><\/td>\n<td><\/td>\n<td>($127)<\/td>\n<td><\/td>\n<td>($156)<\/td>\n<td><\/td>\n<td>19%<\/td>\n<td><\/td>\n<td>($129)<\/td>\n<td><\/td>\n<td>($139)<\/td>\n<td><\/td>\n<td>7%<\/td>\n<\/tr>\n<tr>\n<td><strong>Pretax Income (Loss)<\/strong><\/td>\n<td><\/td>\n<td>($169)<\/td>\n<td><\/td>\n<td>($201)<\/td>\n<td><\/td>\n<td>16%<\/td>\n<td><\/td>\n<td>($172)<\/td>\n<td><\/td>\n<td>($184)<\/td>\n<td><\/td>\n<td>6%<\/td>\n<\/tr>\n<tr>\n<td><strong>Net Income (Loss)<\/strong><\/td>\n<td><\/td>\n<td>($106)<\/td>\n<td><\/td>\n<td>($119)<\/td>\n<td><\/td>\n<td>11%<\/td>\n<td><\/td>\n<td>($105)<\/td>\n<td><\/td>\n<td>($111)<\/td>\n<td><\/td>\n<td>6%<\/td>\n<\/tr>\n<tr>\n<td><strong>EPS<\/strong><\/td>\n<td><\/td>\n<td>($0.38)<\/td>\n<td><\/td>\n<td>($0.39)<\/td>\n<td><\/td>\n<td>3%<\/td>\n<td><\/td>\n<td>($0.38)<\/td>\n<td><\/td>\n<td>($0.37)<\/td>\n<td><\/td>\n<td>-3%<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>*Adjusted amounts and EBITDA (earnings before interest, taxes, depreciation and amortization) are non-GAAP financial measures. See \u201cAbout Non-GAAP Financial Measures\u201d below for more information regarding financial measures not prepared in accordance with generally accepted accounting principles (GAAP).<\/p>\n<h2><strong>Company Perspective<\/strong><\/h2>\n<p>\u201cDuring the second half of fiscal 2012, we completed a thorough review of our organization and made some difficult decisions to reduce our cost structure and to drive efficiency,\u201d said Bill Cobb, H&amp;R Block\u2019s President and CEO. \u201cThe improvement in our first quarter results and lower operating expenses in part reflects the impact of our cost reduction initiatives. We expect these initiatives will add $85 to $100 million of pretax earnings in fiscal 2013, leading to earnings and margin expansion.\u201d<\/p>\n<h2><strong>Business Segment Results and Highlights<\/strong><\/h2>\n<h3>Tax Services<\/h3>\n<ul>\n<li>Pretax loss improved by 17 percent or $29 million, to $141 million<\/li>\n<li>Operating expenses declined by $30 million or 11 percent due to a $15 million litigation charge recorded in the prior year, as well as lower compensation and benefits, occupancy costs, and other expenses driven primarily by the company\u2019s cost reduction initiatives<\/li>\n<li>Revenues declined 1 percent to $90 million due to an extension of the prior year\u2019s Canadian tax filing season, which added revenues totaling $4 million in fiscal 2012<\/li>\n<\/ul>\n<h3>Corporate<\/h3>\n<ul>\n<li>Pretax loss improved by 9 percent to $28 million<\/li>\n<li>Total operating expenses declined $6 million or 14 percent, primarily due to cost reduction initiatives and lower loss provisions on mortgage loans at H&amp;R Block Bank<\/li>\n<li>Revenues declined $3 million due in part to lower interest income from H&amp;R Block Bank\u2019s shrinking mortgage loan portfolio<\/li>\n<\/ul>\n<h3><strong>Discontinued Operations<\/strong><\/h3>\n<ul>\n<li>Net loss of $2 million improved by $54 million due to non-cash impairment charges recorded in the prior year in connection with the sale of RSM McGladrey<\/li>\n<li>Sand Canyon (SCC), a separate legal entity from H&amp;R Block, Inc., received new claims for alleged breaches of representations and warranties in the principal amount of $142 million<\/li>\n<li>Claims in the principal amount of $527 million were reviewed by SCC; $260 million of claims remained subject to review at July 31, 2012<\/li>\n<li>SCC\u2019s accrual for contingent losses relating to representations and warranties remained essentially unchanged at $129 million<\/li>\n<\/ul>\n<h2><strong>Share Repurchases<\/strong><\/h2>\n<p>As previously announced on June 26, 2012, the company repurchased and retired 21.3 million shares during the first quarter at an aggregate price of $315 million, or $14.82 per share. At July 31, 2012, 271 million shares were outstanding compared to 306 million shares outstanding at July 31, 2011.<\/p>\n<h2><strong>Dividends<\/strong><\/h2>\n<p>A previously announced quarterly cash dividend of 20 cents per share is payable on October 1, 2012 to shareholders of record as of September 14, 2012. The October 1 payment marks the 50th anniversary of H&amp;R Block\u2019s first dividend payment and represents its 200th consecutive quarterly dividend since the company went public in 1962. H&amp;R Block has paid a total of $3.5 billion in dividends to shareholders since 1962.<\/p>\n<p>\u201cI\u2019m very proud to be affiliated with a company which has a long track record of returning capital to shareholders,\u201d added Cobb. \u201cSince Henry and Richard Bloch took the company public 50 years ago, the resiliency and consistency of our business has allowed us to generate substantial free cash flow, and that has enabled us to continue this dividend streak. We expect to deliver appropriate returns of capital to shareholders for many years to come.\u201d<\/p>\n<h2><strong>Conference Call<\/strong><\/h2>\n<p>At 4:30 p.m. Eastern today, the company will host a conference call for analysts, institutional investors and shareholders. To access the call, please dial the number below approximately 5 to 10 minutes prior to the scheduled starting time:<\/p>\n<p>U.S.\/Canada (877) 809-6980 or International (706) 758-0071<\/p>\n<p>Conference ID: 20280160<\/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 <a href=\"http:\/\/ctt.marketwire.com\/?release=926959&amp;id=1984792&amp;type=1&amp;url=http%3a%2f%2finvestors.hrblock.com%2f\">http:\/\/investors.hrblock.com<\/a>.<\/p>\n<p>A replay of the call will be available beginning at 6:30 p.m. Eastern on September 5 and continuing until October 5, 2012, by dialing (855) 859-2056 (U.S.\/Canada) or (404) 537-3406 (International). The conference ID is 20280160. The webcast will be available for replay beginning on September 7 at <a title=\"Investors Page\" href=\"http:\/\/ctt.marketwire.com\/?release=926959&amp;id=1984795&amp;type=1&amp;url=http%3a%2f%2finvestors.hrblock.com%2f\">http:\/\/investors.hrblock.com<\/a>.<\/p>\n<p><strong>About H&amp;R Block<\/strong><br \/>\nH&amp;R Block, Inc. (NYSE: <a title=\"hrblock\" href=\"http:\/\/www.marketwire.com\/news_room\/Stock?ticker=HRB\">HRB<\/a>) is the world\u2019s largest tax services provider, having prepared more than 600 million tax returns worldwide since 1955. In fiscal 2012, H&amp;R Block had annual revenues of $2.9 billion and prepared 25.6 million tax returns worldwide. Tax return preparation services are provided in <a title=\"company-owned\" href=\"http:\/\/ctt.marketwire.com\/?release=926959&amp;id=1984798&amp;type=1&amp;url=http%3a%2f%2fwww.hrblock.com%2ftaxes%2fproducts%2f64.html\">company-owned<\/a> and <a title=\"franchise\" href=\"http:\/\/ctt.marketwire.com\/?release=926959&amp;id=1984801&amp;type=1&amp;url=http%3a%2f%2fwww.hrblock.com%2fcompany%2ftax_franchise%2fexisting%2findex.html\">franchise<\/a> retail tax offices by nearly 100,000 professional tax preparers, and through H&amp;R Block At Home\u2122 digital products. H&amp;R Block Bank provides affordable banking products and services. For more information, visit the <a title=\"Online Press Center\" href=\"http:\/\/ctt.marketwire.com\/?release=926959&amp;id=1984804&amp;type=1&amp;url=http%3a%2f%2fwww.hrblock.com%2fpress%2findex.jsp\">H&amp;R Block Online Press Center<\/a>.<\/p>\n<p><strong>About Non-GAAP Financial Measures<\/strong><br \/>\nThis press release and the accompanying tables include non-GAAP financial measures. 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 \u201cAbout Non-GAAP Financial Measures.\u201d<\/p>\n<p><strong>Forward-Looking Statements<\/strong><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, 2012 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<hr>\n<p>(1) Unless otherwise noted, all growth rates refer to the current period compared to the prior year period.<\/p>\n<p>(2) All per share amounts are based on fully diluted shares.<\/p>\n<p><strong>Investor Relations:<\/strong><br \/>\nDerek Drysdale 816-854-4513 derek.drysdale@hrblock.com<\/p>\n<p><strong>Media Relations:<\/strong><br \/>\nGene King 816.854.4287 gene.king@hrblock.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>H&amp;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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26965,"menu_order":0,"template":"","tags":[],"news-categories":[23376,23379],"class_list":["post-22469","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>2012 Fiscal First Quarter Results Announced | H&amp;R Block<\/title>\n<meta name=\"description\" content=\"H&amp;R Block announced its financial results for its fiscal first quarter ended July 31, 2012.\" \/>\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\/2012-fiscal-first-quarter-results-announced\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"H&amp;R Block\u2019s Net Loss From Continuing Operations Improves 11 Percent; 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