Mortgage Slowdown Pushes H&R BlockInto The Red
KANSAS CITY, Mo. - (08/26/04) -- Tax preparers H&R Block Inc.said lower revenues from its vast mortgage lending operations andoff-season expenses following tax season forced it to post a $44million, or 26 cents a share, loss for its fiscal first quarter,ended July 31. That compares to a profit of $5.2 million, or threecents a share, for the same period last year. Revenues for thequarter fell 2.6% to $482.7 million, with mortgage-related revenuesfalling 8.4% to $268.1 million. The company is also the parent ofRSM McGladrey, the leading auditor for credit unions.