H&R Block Records Lower Losses


The nation’s largest tax preparer, H&R Block Inc. reported lower losses by 2% for its first quarter in the fiscal year ended July 31, 2010. In the midst of a flurry of cost cutting measures, the Kansas City, Missouri based tax preparer posted a net loss of $130.7 million. This is lower than last year’s loss year-on-year of $133.6 million. But although the amount of loss dipped slightly compared to last year, the loss per share nudged upwards. Last year’s loss per share was 40 cents whereas the first quarter’s loss this year was 41 cents per share. This was due to the reduction of the number of outstanding shares by 4% because of company repurchases.

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