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Liberty Tax Service Reports U.S. Systemwide Revenue Increased 5.2% Through February 28

Stocks in this article: TAX

JTH Holding, Inc. (NASDAQ:TAX) (the “Company”), the parent company of Liberty Tax Service, today reported that systemwide revenue in the U.S. for the 2013 calendar year through February 28, 2013 increased 5.2% versus the same period last year.

“This season had the latest start that I have ever seen in my 44 years in the industry. As we expected, this shifted the early filing season later and we adjusted our office hours and customer service accordingly to accommodate these changes,” said John Hewitt, Chairman and CEO. “We are pleased that our customers continue to recognize the value in having a Liberty Tax office prepare their tax return for them.”

Through January 31, 2013, the number of U.S. customers the Company and its franchisees had served in the calendar year had declined 27.0% versus the same period in the prior year. By February 28, 2013, the number of U.S. customers the Company and its franchisees had served in the calendar year was lower by 1.4% versus the same period in the prior year.

“We are encouraged by our strong February numbers,” said Hewitt. “With the IRS beginning to accept the last of the tax forms in early March, finally all taxpayers can have their return filed. According to the IRS, total U.S. tax returns received were down 12.9% for the calendar year as of March 1, 2013, versus the calendar year of 2012 through March 2, 2012. Based upon the tax season to date and the change the IRS implemented with regard to the Earned Income Tax Credit form, we believe total tax returns in the United States will be flat to up 1% this filing season instead of up 1-2%.”

Third Quarter of Fiscal 2013 Results

Net income for the fiscal third quarter ended January 31, 2013, was $1.1 million, or $0.08 per share, compared to net income of $4.7 million, or $0.33 per share, in the prior year period. Net loss for the nine months ended January 31, 2013 was $11.7 million, or $0.92 per share, compared to a net loss of $4.6 million, or $0.41 per share, for the nine months ended January 31, 2012.

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