As JTH, the parent of "We continue to take steps as a Company to prepare for the next stage of our growth, such as expanding our relationship with Walmart and expanding our executive team to guide and manage our growth," Hewitt said in a prepared statement.
There were no details about the Walmart statement. But Hewitt often parcels out information as a build up to an announcement.
JTH was forced to restate financial results for fiscal results for 2013 because of the SEC's position on its accounting for franchisee and area developer fees. The work caused JTH to be late in filing its 10-K for 2013 and the 10-Q for the most recently ended quarter. The company said restatement work cost it about $100,000 in that quarter with total restatement expenses expected to reach $700,000 to $800,000
For the first quarter – normally a money-losing period because it is outside of tax season, JTH had a loss of $5.9 million, compared to $6.4 million in last year's corresponding period. Revenue for the most recently ended quarter was $8.1 million, an 11.3-percent rise from a year go
The rise in revenue stemmed primarily from increased franchise fees as operators increased payments on their outstanding franchise fee note balances. Operating expenses increased because of the reclassification of stock options, back to being classified as an equity instrument. That result in a one-time decrease of expense in that area by about $872,000
