H&R Block Announces Expansion of Stock Repurchase Plan
KANSAS CITY, Mo., Sept. 14 /PRNewswire/ -- The Board of Directors of H&R Block, Inc. (NYSE: HRB) has approved the repurchase of an additional 15 million shares of H&R Block common stock. The authorization is in addition to a 12 million-share repurchase approved in March 2000, of which only 235,000 shares remain. Since July 31, 2001, the company has purchased 2.5 million shares.
"Over the last 18 months, the company has returned approximately $400 million to shareholders in the form of stock repurchases," said Mark A. Ernst, president and chief executive officer. "The increase in repurchase authorization reflects the confidence that the Board of Directors and management have in H&R Block's future. Given our strong cash position, share repurchase continues to be a great way for us to invest in the continuing success of H&R Block and enhance shareholder value."
The company indicated that ongoing share repurchases would depend on the price of the stock, availability of excess cash, the ability to maintain financial flexibility, and other investment opportunities available.
Except for historical information contained herein, the matters set forth in this press release are forward-looking statements subject to risks and uncertainties, which could cause actual results to differ materially. Such differences could be caused by a number of factors, including, but not limited to: the uncertainty of the company's ability to purchase shares of its common stock pursuant to the Board's authorization; the uncertainty of the effect of any share repurchases upon the company and its shareholders; changes in economic, political or regulatory environments; changes in competition; and risks described from time to time in reports and registration statements filed by H&R Block Inc. and its subsidiaries with the Securities and Exchange Commission.
About H&R Block:
H&R Block, Inc. is a diversified company with subsidiaries providing a wide range of financial services and products. In 2001, H&R Block served 19.2 million taxpayers - more than any tax or accounting firm -- through its more than 10,400 offices located in the United States, Canada, Australia and the United Kingdom. H&R Block served another 2.3 million tax clients through its award-winning TaxCut(R) software program and its online tax preparation services. Investment services and securities products are offered through H&R Block Financial Advisors, Inc., member NYSE, SIPC. H&R Block, Inc. is not a registered broker-dealer. H&R Block Mortgage Corporation and Option One Mortgage Corporation offer a wide range of home mortgage products. RSM McGladrey, Inc. is a national accounting, tax and consulting firm with more than 100 offices nationwide, as well as an affiliation with 550 offices in 75 countries as the U.S. member of RSM International. Additional information is available on the company's Web site at www.hrblock.com .
SOURCE H&R Block, Inc.
CONTACT: Linda McDougall, Media Relations, +1-816-932-7542 or Mark Barnett, Investor Relations, +1-816-701-4443, both of H&R Block, Inc./