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Liberty Tax Service Reports Fiscal 2013 Second Quarter Results

Stocks in this article: TAX

JTH Holding, Inc. (NASDAQ:TAX) (the “Company”), the parent company of Liberty Tax Service, today reported a net loss for the fiscal second quarter ended October 31, 2012, of $6.7 million, or $0.51 per share, compared to a loss of $4.3 million, or $0.38 per share, in the prior year period. Total revenue in the quarter declined 17% mainly because more area developer (AD) sales occurred in the first quarter of fiscal 2013, compared to the previous year, when more sales occurred during the second quarter. In addition, operating expenses in the quarter included approximately $503,000 of costs associated with being a public company that were not incurred in the prior year quarter.

“Our second quarter results were in line with our expectations and we are making preparations for the upcoming tax season,” said Mark Baumgartner, CFO. “As Liberty expands, we expect the losses in our first and second quarters to reflect the increase in off-season operating expenses that correlate to a growing company such as ours.”

Net loss for the six months ended October 31, 2012 was $12.9 million, or $1.02 per share, compared to a net loss of $9.3 million, or $0.82 per share, for the six months ended October 31, 2011. Total revenue for the first six months of the year increased 3% compared to the prior year period. Operating expenses for the first six months of the fiscal year included approximately $1.0 million of costs associated with being a public company that were not incurred in the prior year.

“During the second quarter of fiscal 2013, 197 new franchisees joined our team, a 27% increase over the prior year period. Year-to-date, new franchisees have totaled 227, or 14% more than last year,” said John Hewitt, Chairman and CEO. “These are tough economic times for small business, and yet an increasing number of entrepreneurs are choosing to join Liberty. We are excited to welcome these franchisees to the team and look forward to working closely with them this coming tax season.”

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