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Thomson Tax/Accting: Good Quarter

Thomson Reuters Tax & Accounting Professional segment reporting a 17-percent increase in EBIDTA for the first quarter ended March 31 on a 3-percent increase in revenue. That growth was despite the extension of the tax deadline to May 15, which will shift revenue to the second quarter.

 The increase also came in spite of Thomson’s decision to release its UltraTax state tax software in December instead of January to bring it in line with the usual availability of federal forms.

CFO Mike Eastwood noted  during this week’s earnings webcast the company expects Tax & Accounting revenue will rise from 10 percent to 15 percent for the June quarter

EBITA increased to $98 million for the most recently ended quarter from $84 million a year ago. Revenue was $225 million up from $215 million in last year’s corresponding period. Without the earlier release of the state tax software, the unit’s increase in organic revenue would have been 8 percent, Eastwood said.

Company revenue rose to $1.58 billion for the recently ended period, up 4 percent from $1.52 billion a year ago. Operating profit reached $387 million, rising 34 percent from $290

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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