NEW YORK (TheStreet) -- H&R Block (HRB) CEO Bill Cobb expressed pride in his company's top-line 2015 performance in an interview with The Street, even though the bottom line had declined. For its fiscal 2015 results released Monday, the company reported its third straight year of revenue growth.
"Our earnings were down primarily due to some increased depreciation and amortization," Cobb said. "When I came in four years ago, we had to do some catch-up CAPEX," he said, referring to capital expenditures. "We also bought a lot of our franchises back last year."
H&R Block said Monday that revenue for its 2015 fiscal year (which ended April 30) rose 1.8% to $3.08 billion, a spike from $3.02 billion last year. Net income for the 12-month period declined 2.6% to $487 million, or $1.75 per share, from $500 million, or $1.81 a share, a year ago. Shares of the company are down 10% thus far this year
Cobb said he was more frustrated by the delay in his company's proposed sale of H&R Block Bank to BofI Federal Bank than the slight dip in earnings. That said, he sounded positive that the transaction will be on the track.
"I think everything is going well," Cobb said. "The transaction on its merits -- this should be approved. We've had good relations with the regulators. They've asked good questions."
Added Cobb: "It's pretty much in their hands at this point, but we look forward to a positive outcome."
Once the sale is finally complete, Cobb said he will have a number of options due to the "billion dollars of excess capital sitting on our balance sheet." Once the bank deal closes, he will be able to inform investors about future plans, he said.