With its tax season hurt by the inability to get funding for all its refund loan business, The company also is working closely with Wal-Mart, where Jackson Hewitt has exclusive rights to operate retail tax centers, to optimize the opportunity, Buckley continued in a prepared statement. And he said the organization plans to expand the distribution of its first online tax preparation product, which was introduced during the recent tax season.
As the fiscal year ended on April 30, the company cut its staff by 15 percent. Coupled with a reorganization that move is expected to save about $5 million pre-tax during fiscal 2011. The company is recording a roughly $1 million charge for severance costs.
Jackson Hewitt expects fiscal 2010 revenue to be up 1 percent from the 2009 total. That would produce revenue in the range of $211 million to $214 million.