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H R Block Inc

BUSINESS
January 9, 2003 | From Associated Press
H&R Block said it no longer will own any part of the loans it offers clients awaiting tax refunds, a move expected to cost the company $50 million a year in revenue. The change is part of a one-year pact between Block and the company that provides the loans, Household Tax Masters Inc. In the past, the lender has paid Block a fee for each refund loan. Block also retained as much as a 49.9% interest in the loans.
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BUSINESS
August 29, 2001 | Bloomberg News
AOL Time Warner Inc. agreed to promote services from H&R Block Inc., the world's biggest tax preparer, on its Internet and television networks, including America Online and Time Warner Cable. H&R Block will offer America Online service to clients at its 10,400 offices worldwide. Terms of the agreement weren't disclosed. Separately, H&R Block said its fiscal first-quarter losses narrowed to $30.8 million, or 17 cents a share, from $51.
BUSINESS
June 21, 2001 | Reuters
H&R Block Inc. said its fiscal fourth-quarter net profit rose 10% to $374 million, or $4 a share, in line with expectations, as it charged customers more for its main tax preparation services. But the firm warned that its revenue growth over the next 12 months probably would be lower than its target of 10% to 15%, as its investment management operation continues to struggle with ailing stock markets. The Kansas City, Mo.
BUSINESS
March 1, 2001 | Associated Press
A federal judge barred H&R Block, the nation's largest income tax preparer, from using misleading phrases to advertise its Rapid Refund loan program and ordered it to pay more than $500,000 to an upstart rival. U.S. District Judge Raymond Jackson in Norfolk, Va., accused H&R Block of deliberately and maliciously using deceptive advertising to draw customers in the Hampton Roads, Va., area just as a competing tax preparation service was launching its business there.
BUSINESS
July 25, 2000 | Associated Press
A federal judge in Illinois has rejected a proposed $25-million settlement in a class-action lawsuit that accuses H&R Block and a lender of being unfair to customers who got tax refund anticipation loans. U.S. District Judge James Zagel said in his 25-page opinion, however, that he would reconsider if the settlement were redrawn to make sure that eligible loan customers got all of the $25 million.
BUSINESS
May 3, 2000 | Reuters
H&R Block Inc. reported lower-than-expected tax preparation revenue and said its e-commerce operation sustained losses for the year. The Kansas City, Mo.-based firm, which in mid-June will report its results for its fiscal year ended April 30, said preliminary figures for Jan. 1 through April 17 show tax preparation fees rose 13.2% to $1.082 billion from a year ago. Fees in franchised offices increased 10.7% to $589.2 million, for a total $1.671 billion, or about 12.3% up from a year ago.
BUSINESS
January 13, 2000 | Bloomberg News
H&R Block Inc., the world's largest tax preparation company, said it will offer online trading and some mortgage services as part of its Internet operations. The Kansas City, Mo.-based company also will expand the number of its U.S. financial services centers, which offer mortgage services, investment advice and tax preparation, for a total of 94 this year. E-Loan Inc. is working with H&R Block on providing mortgage rates for its online service.
BUSINESS
July 23, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
H&R Block Inc. says it is looking to sell its Irvine-based wholesale mortgage unit, Option One, in an effort to focus on its retail businesses. Founded in 1992, Option One specializes in mortgages to customers with bad credit, originating about $3.6 billion in loans over the last year. That makes the company--which employs 1,500 people nationwide, including 600 in Orange County--slightly larger than Orange-based rival Long Beach Financial Corp.
BUSINESS
July 23, 1999 | Edmund Sanders
H&R Block Inc. says it is looking to sell its Irvine-based wholesale mortgage unit, Option One, in an effort to focus on its retail businesses. Option One, founded in 1992, specializes in mortgages to customers with bad credit, originating about $3.6 billion in loans in the last year. That makes the company--which employs 1,500 people nationwide--slightly larger than Orange-based rival Long Beach Financial Corp.
BUSINESS
June 30, 1999 | Bloomberg News
H&R Block Inc., the world's largest tax preparer, said it will pay $290 million for accounting firm McGladrey & Pullen's non-audit business, expanding its accounting and consulting practice fourfold as it builds a full-range financial services company. The transaction would make H&R Block the nation's sixth-largest accounting firm, with about $400 million in revenue.
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