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Pre-tax income for RSM McGladrey dropped sharply to $174,000 in the second quarter ended October 30, down from $13.1 million in last year's corresponding period as the H&R Block subsidiary saw drops in revenue in its tax services, business consulting, accounting services and capital markets operating areas.
Revenue dropped to $206.6 million in the most recently ended period, down 11.5 percent a year ago. The sharpest decline came in the small capital markets business, which reported revenue of just over $1 million, down from just under $5 million in the second quarter of fiscal 2009. The numbers were reported as H&R Block filed its form 10-Q with the SEC.
The unit's largest income producer, tax services, saw revenue fell to $100.7 million, a decline of 8.9 percent from $110.6 million. Block attributed that to fewer chargeable hours and a decline in hourly rates
RSM had business consulting revenue of $61.2 million in the most recently ended period, off 16.1 percent from $73.2 million. Accounting services revenue was $12.5 million a decrease of 6.7 percent from $13.4 million a year ago.
The company cut operating expenses to $206.4 million, down 6.2 percent from just under $220 million. The greatest savings came in compensation and benefit expense, which fell to $149.3 million, down from $161.4 million a year ago.
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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Pre-tax income for
