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RSM McGladrey Posts $400K Loss, Revs Drop E-mail
Written by The Progressive Accountant   
Friday, 03 September 2010 14:18

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RSM McGladrey had an operating loss of $400,000 in the first quarter ended July 31 compared to pre-tax income of $1.3 million a year earlier. Those numbers came as its parent H&R Bock reported its results for the quarter ended July 31. The accounting unit also saw revenue drop 1.6 percent to $174.7 million from $177.6 million.

The only other detail that emerged in an earnings conference call was that the purchased of Boston-based Caturano would add $30 million in revenue for fiscal 2011, but would have no material impact on earnings. Block normally adds more detail with the filing of its SEC reports. CEO Alan Bennett said the company continues to consider acquisitions in this area.

Overall, the company lost $130.7 million for the most recently ended period, down from $133.6 million in last year's corresponding quarter. First quarter revenue was $275.5 million, down just under 1 percent from $275.5 million a year earlier.

Although the first quarter is outside of the general tax season, tax revenue rose to $91.6 million compared to just under $88 million in the year ago quarter. The company attributed that to New England states that had extended tax seasons.


The Progressive Accountant
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