April 17, 2003 |
H&R Block Inc. said an Illinois judge rejected a $25-million settlement the tax preparer had negotiated to resolve claims over high-interest-rate loans issued to its customers in advance of tax refunds. The proposed Illinois settlement would have resolved all U.S. claims against the firm's refund-anticipation loan program. Shares of Block, which said it would not meet its goal for tax customers this year because of a slow tax season, dropped $3.64 to $37.98 on the New York Stock Exchange.
February 25, 2003 |
H&R Block Inc., the largest U.S. tax preparer, said fiscal third-quarter earnings more than quadrupled to $132 million as it sold assets related to its mortgage business. The Kansas City, Mo.-based company earned 73 cents a share, compared with $29.6 million, or 16 cents, in the year-earlier period. Revenue increased 30.7% to $958.4 million. The company said it expected to earn $3.10 to $3.25 a share in fiscal 2003, an increase of its previous forecast. H&R Block shares fell 42 cents to $37.
January 9, 2003 |
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.
August 29, 2001 |
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.
June 21, 2001 |
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.
March 1, 2001 |
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.
June 22, 2000 |
H&R Block Inc., the world's biggest tax preparation company, named Chief Executive Frank L. Salizzoni chairman to replace Henry W. Bloch, 77, who will retire in the fall. Bloch, who founded the Kansas City company in 1955 with his brother Richard, will stay with the company as honorary chairman. Salizzoni will become chairman Sept. 13 and will retire as chief executive Dec. 31, to be replaced by Mark A. Ernst, the current president and chief operating officer.
May 3, 2000 |
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.
January 13, 2000 |
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.