TaxActTaxAct had $12.8 million in pro forma income of $19.8 million in pro forma revenue. The tax operation was purchased in January 2011 by InfoSpace after the Department of Justice blocked the effort by H&R Block to buy TaxAct. The company changed its name after completing the acquisition to reflect a broader product line.
In an earnings webcast, the company discussed few details about the tax season experience, but CEO William Ruckelshaus said TaxAct and its search engine business, which took the InfoSpace name, both exceeded expectations.
Search net income was up $15.1 million, a 31-percent increase over the second quarter of 2011. Revenue rose to $81.8 million in the most recently ended period, up 51 percent from $54.3 million a year earlier. The company earned $9.7 million for the period, compared to a year-ago loss of $4.7 million. Revenue of $100.9 million for the June quarter represented an 86-percent increase from $54.3 million.