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With fees from sales of franchises up sharply and costs down, JTH Holding, the parent of franchisor Liberty Tax Service, reported a 47.4-percent rise in net income on a 12.7-percent increase in revenue for the year ended April 30. That contrasted with the results of rivals, a 2.5-percent decrease at H&R Block, and Chapter 11 bankruptcy at Jackson Hewitt.
With expenses falling, operating income reached $28.5 million, an increase of 74.3 percent from $16.4 million in 2010.
Liberty is still dwarfed by Block and Jackson Hewitt. For fiscal 2011, Block had net income of $406.1 million, a decline of 15.3 percent from $479.2 million the prior year. Its revenue fell to $3.77 billion for the most recently ended year, down from $3.87 billion the prior year.