Revenue rose to $193.7 million for the quarter, up from $157.8 million for last year’s corresponding period. Expenses from the acquisition depressed operating income leading to net income of $31 million for the most recently ended period, off 12.1 percent from $35.3 million a year earlier.
During the company’s recent earnings webcast CEO John Clendening said the purchase of 1st Global for $180 million “our position with large accounting firms” and noted six accounting firms had joined the financial planning program during the quarter.
With the addition of 1st Global, revenue for the wealth management business was $127.8 million, up 39 percent from $92 million a year earlier. The remainder of revenue, $65.9 million from the TaxAct business, virtually unchanged from a year ago since the total reflects operations outside of tax season.
Blucora said there was a $21.4 million increase in the advisory business over a year go with about $17.6 million from 1st Global, based on the increase in beginning-of-the-period advisory assets. Asset-based revenue of $5.9 million included approximately $2.4 million from 1st Global.Last modified on Monday, 12 August 2019