Tax Preparer H&R Block Posts Wider Loss

H&R Block posted a slightly wider fiscal first-quarter loss as it incurred costs from the acquisition last year of a franchise operation.
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KANSAS CITY, Mo. (

TheStreet

) -- Tax prepaper

H&R Block

(HRB) - Get Report

reported a slightly wider fiscal first-quarter loss as it incurred expenses on the acquisition of a southwestern franchise operation last year.

The loss in the first quarter was $133.6 million, or 40 cents a share, compared with a year-earlier loss of $132.7 million, or 41 cents a share. H&R Block traditionally loses money in its first two fiscal quarters of the year as they fall out of tax season.

Excluding discontinued operations, H&R Block posted a loss of $130.6 million, or 39 cents a share, wider than the loss of 37 cents a share forecast by analysts polled by Thomson Reuters.

Revenue in the first quarter rose 1.3% to $275.5 million.

"First-quarter results were in-line with our expectations and reflected our continuing success in driving out non-value added costs while making the necessary investments to ensure our success in fiscal 2010 and beyond," said Russ Smyth, president and CEO, in a statement.

H&R Block continues to expect fiscal 2010 earnings from continuing operations of $1.60 to $1.80 a share.

-- Reported by Joseph Woelfel in New York

.

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