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You're browsing: Archived News » 05 All Articles, 05 Tax Masters » Article Title: HSBC Tax Buddy Block Loses More Money
19
Nov
HSBC Tax Buddy Block Loses More Money
Research

KANSAS CITY, Mo.–(BUSINESS WIRE)–Nov. 17, 2005–H&R Block Inc. (NYSE:HRB) today reported a net loss of $72.2 million, or 22 cents per share, for the second quarter of fiscal 2006 compared with a loss of $49.9 million, or 15 cents per share, in the year-ago quarter. Revenues in the quarter rose 14 percent to $620.4 million from $542.0 million in the prior-year period, with all business segments contributing to top-line growth.

“Good performance in our Tax Services, RSM McGladrey and Financial Advisors businesses was offset by weak mortgage earnings,” said Mark A. Ernst, chairman and chief executive officer. “Though mortgage originations and revenues were up during the second quarter, industry pricing pressure and rising funding rates combined to limit mortgage earnings.”

How good can refund lending with HSBC actually be if they are still losing money, asked consumer watchdogs at Household – HSBC Watch.

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One Response
  1. Research says:
    11/20/2005 at 6:27 pm

    In an interview with Block’s public relations person, K. Rizzo, she claimed they do not do any predatory lending. The government, however, disagrees.

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