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Block Revenue Drops As McGladrey Results Dip E-mail
Written by Kurt Martin   
Tuesday, 08 December 2009 13:43

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H&R Block, which normally loses money outside of tax season, reported a loss of $128.6 million for the second quarter ended October 31 down from $135.9 million a year earlier as it cut operating expenses. The company saw revenue drop to $326.1 million, down 7.2 percent from $351.5 million, on weaker results in its business services segment, the RSM McGladrey business.

 

The company did not provide more specifics about RSM McGladrey, referring only to the decline in the business services segment. However, the accounting firm comprises all of that segment's operations. Meanwhile, tax services revenue rose to $109.3 million, up 4.4 percent from $104.7 million, a year ago.

Operating expenses fell to $540.6 million for the quarter just ended, down 6.3 percent from $576.8 million in last year's corresponding period. Block also reported a $9.7 million reduction in mortgage loan loss provisions.


Kurt Martin
About the author:
Kurt Martin is a Founder and Group Publisher of Progressive Media Group (PMG) and the Publisher of The Progressive Accountant. During his tenure as Publisher of The NonProfit Times, he grew the imprint from a single newspaper to a community of websites, online job boards, email newsletters and digital editions of the print editions.  Prior to taking the role of Publisher he was the East Coast Sales Manager for Broad Daylight, Inc. a knowledgebase company. He also held management roles in advertising and ciruculation sales at American Banker/Bond Buyer (Thomson), Faulkner & Gray (Thomson) and SourceMedia's Accountants Media Group (Investcorp.) Kurt graduated from Montclair State University with a B.A. in Political Science and Public Administration.   

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