UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D. C. 20549
______________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (date of earliest event reported): December 11,
2009
H&R BLOCK,
INC.
(Exact
name of registrant as specified in charter)
|
Missouri
(State
of Incorporation)
|
1-6089
(Commission
File Number)
|
44-0607856
(I.R.S.
Employer
Identification
Number)
|
One H&R Block Way,
Kansas City, MO 64105
(Address
of Principal Executive Offices) (Zip Code)
(816)
854-3000
(Registrant's
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
8.01. Other
Events.
On
December 11, 2009, H&R Block, Inc. (the “Company”) issued a press release
announcing the agreement between RSM McGladrey, Inc., a wholly-owned subsidiary
of the Company, and McGladrey & Pullen LLP to renew their business
relationship. A copy of the press release is attached hereto as
Exhibit 99.1 and is incorporated herein by reference.
Item
9.01. Financial
Statements and Exhibits.
(d)
Exhibits
|
Exhibit Number
|
Description
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
Date: December
11, 2009
|
H&R
BLOCK, INC.
By:
/s/ Andrew J.
Somora
Andrew J. Somora
Assistant Secretary
|
EXHIBIT
INDEX
Exhibit
99.1
H&R
Block Announces Agreement Between RSM McGladrey, Inc.
and
McGladrey & Pullen, LLP
|
·
|
Agreement
resolves issue with McGladrey & Pullen,
LLP
|
|
·
|
Renewable
five-year extension of existing
arrangements
|
|
·
|
No
material financial impact
|
For Immediate
Release: December 11, 2009
KANSAS
CITY, Mo. - H&R Block, Inc. (NYSE:HRB) today announced that its
wholly-owned subsidiary RSM McGladrey, Inc. (“RSM”) has reached an agreement on
terms (the “Renewal Agreement”) with McGladrey & Pullen, LLP (“M&P”), an
independent partner-owned public accounting firm delivering audit and attest
services. The Renewal Agreement, which was approved by a vote of the M&P
partners subject to definitive documentation, will extend the current
collaboration of the two firms through an alternative practice structure until
May 1, 2015. Thereafter, the collaboration will renew automatically
for additional five-year terms absent withdrawal by either of the parties under
clearly defined circumstances. The Renewal Agreement largely retains
the existing restrictive covenants, as interpreted in a recently concluded
arbitration proceeding.
“This
agreement provides a stable foundation for future growth of RSM McGladrey,” said
Russ Smyth, president and chief executive officer of H&R
Block. “The discussions were ultimately healthy to review the needs
of both firms and to identify how we can best manage our respective operations
to improve client service, accelerate growth initiatives, improve partner wealth
creation and increase shareholder returns while preserving and protecting the
independence of M&P. We believe the real winners from this
agreement will be our clients and future clients, as the new arrangement will
facilitate taking this collaboration to an entirely new level,” added
Smyth. “We look forward to building our joint business and despite
the current economic pressures, we see enormous opportunities for the
future.”
Under the
Renewal Agreement, the core alternative practice structure remains
intact. In this structure M&P is solely responsible for the
attest practice and related professional responsibilities. The
parties have agreed to enhance cooperation in various areas with the goal of
more completely aligning both firms’ short and long-term strategies to
facilitate enhanced client service, and to improve operating efficiency and
profitability.
While
this agreement contains important changes in both the operational and financial
relationship between RSM and M&P, and is subject to definitive
documentation, the net financial impact of these changes has no material effect
on H&R Block’s earnings guidance for fiscal
2010. Specifically, there is no impairment charge resulting from
these changes.
# #
#
Forward
Looking Statements
This
announcement may contain forward-looking statements, which are any statements
that are not historical facts. These forward-looking statements, as well as the
Company’s guidance, are based upon the Company’s current expectations and there
can be no assurance that such expectations will prove to be correct. Because
forward-looking statements involve risks and uncertainties and speak only as of
the date on which they are made, the Company’s actual results could differ
materially from these statements. These risks and uncertainties relate to, among
other things, uncertainties regarding the ability of RSM and M&P to put the
agreed terms into definitive documents; uncertainties regarding the Company’s
ability to attract and retain clients; meet its prepared returns targets;
uncertainties and potential contingent liabilities arising from our former
mortgage loan origination and servicing business; uncertainties in the
residential mortgage market and its impact on loan loss provisions;
uncertainties pertaining to the commercial debt market; competitive factors; the
Company’s effective income tax rate; litigation; uncertainties regarding the
level of share repurchases; and changes in market, economic, political or
regulatory conditions. Information concerning these risks and uncertainties is
contained in Item 1A of the Company’s 2009 annual report on Form 10-K
and in other filings by the Company with the Securities and Exchange
Commission.
About
H&R Block
H&R
Block Inc. (NYSE: HRB) is the world’s preeminent tax services provider, having
prepared more than 500 million tax returns since 1955. In fiscal 2009,
H&R Block had annual revenues of $4.1 billion and prepared more than 24
million tax returns worldwide, utilizing more than 120,000 highly trained tax
professionals. The Company provides tax return preparation services in
person, online through H&R Block Online, through its H&R Block At Home™
software and through other channels. The Company is also one of the
leading providers of business services through RSM McGladrey. For more
information visit our Online Press Center at www.hrblock.com.
For
Further Information:
Investor
Relations Derek
Drysdale, 816.854.4513, derek.drysdale@hrblock.com
Media
Relations Gene
King, 816.854.4672, gene.king@hrblock.com