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Results for RSM McGladrey dropped for the second straight year as its parent, H&R Block, reported results for the year ended April 30. McGladrey's earnings fell by 15.5 percent on a 3.5-percent decline in revenue. And the company's new CEO says he will be looking at the unit's operations.
The company cited tough conditions in the professional services market, along with the decline in revenue from a multi-year consulting enagement. It said the drop in earnings was solely attributable to a decline in revenue.
McGladrey's earnings for the year just ended were $49 million, down from $58.7 million in fiscal 2010. Revenue for the most recently ended year was $829.8 million, a decline from $860.3 million the prior year.
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