"

Estimated reading time: 1 minute, 15 seconds

Block Revenue Drops As McGladrey Results Dip

Tuesday, Dec 08 2009
News
Written by 

H&R Block, which normally loses money outside of tax season, reported a loss of $128.6 million for the second quarter ended October 31 down from $135.9 million a year earlier as it cut operating expenses. The company saw revenue drop to $326.1 million, down 7.2 percent from $351.5 million, on weaker results in its business services segment, the RSM McGladrey business.

 

The company did not provide more specifics about RSM McGladrey, referring only to the decline in the business services segment. However, the accounting firm comprises all of that segment's operations. Meanwhile, tax services revenue rose to $109.3 million, up 4.4 percent from $104.7 million, a year ago.

Operating expenses fell to $540.6 million for the quarter just ended, down 6.3 percent from $576.8 million in last year's corresponding period. Block also reported a $9.7 million reduction in mortgage loan loss provisions.

Kurt Martin
Kurt Martin is a Founder and Group Publisher of Progressive Media Group (PMG) and the Publisher of The Progressive Accountant. During his tenure as Publisher of The NonProfit Times, he grew the imprint from a single newspaper to a community of websites, online job boards, email newsletters and digital editions of the print editions.  Prior to taking the role of Publisher he was the East Coast Sales Manager for Broad Daylight, Inc. a knowledgebase company. He also held management roles in advertising and ciruculation sales at American Banker/Bond Buyer (Thomson), Faulkner & Gray (Thomson) and SourceMedia's Accountants Media Group (Investcorp.) Kurt graduated from Montclair State University with a B.A. in Political Science and Public Administration.   
Read 5120 times
Rate this item
(0 votes)
More in this category: « ADP: 6 Percent of Job Applicants Have Record Morningstar Enters Credit Rating Biz »
Kurt Martin

Latest from Kurt Martin

Visit other PMG Sites:
Template Settings
Theme

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Link Color
Text Color

Header

Background Color
Background Image
pattern1 pattern2 pattern3 pattern4 pattern5

Footer

Background Color
Background Image
pattern1 pattern2 pattern3 pattern4 pattern5
Layout
Select layout
Menu
Select menu
Typography
Google Font
Body Font-size
Body Font-family
Direction
Reset
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline