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): February 24,
2010
H&R BLOCK,
INC.
(Exact
name of registrant as specified in charter)
|
Missouri
(State
of Incorporation)
|
001-6089
(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
2.02. Results of Operations and Financial Condition.
On
February 24, 2010, H&R Block, Inc. (the “Company”) issued a press release
providing interim tax season volume results through February 15, 2010, and
stating that in light of these interim volume results, the Company’s previously
announced guidance for fiscal year 2010 will not be reached. A
copy of the press release which includes the interim volume results is furnished
herewith 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: February
24, 2010
|
H&R
BLOCK, INC.
By:
/s/
Andrew J.
Somora
Andrew
J. Somora
Assistant
Secretary
|
EXHIBIT
INDEX
Exhibit 99.1
H&R
BLOCK ANNOUNCES TAX SEASON RESULTS THROUGH FEB. 15
For
Immediate Release February 24, 2010
KANSAS
CITY, Mo. – H&R Block Inc. (NYSE: HRB) today announced preliminary tax
season results for the interim period through Feb. 15, 2010. Same-office tax
returns prepared in retail operations fell 5.6 percent compared to the
prior-year period. Total tax returns prepared through Feb. 15 were down 6.3
percent.
Total
retail returns prepared year-to-date fell 8.2 percent, while the net average
retail fee per tax return increased 1.9 percent. Total digital returns prepared
by H&R Block (consisting of H&R Block At Home™ online and desktop
software products, excluding Free File Alliance returns) were down 1.8 percent.
Total online return growth of 3.1 percent was more than offset by a 7.6 percent
decline in software-based returns. Total digital returns including the Free File
Alliance fell 1.4 percent.
In light
of the foregoing preliminary tax season results, the company’s previously
announced guidance for fiscal 2010 will not be reached.
“We
believe industry filings are down significantly due to the recession and
sustained, high levels of unemployment,” said Russ Smyth, president and chief
executive officer of H&R Block. “The weak economic conditions have also
contributed to a greater shift to do-it-yourself tax preparation methods among
first-half clients. We still have millions of clients to serve in the
second-half of the tax season, which we are aggressively targeting,” added Mr.
Smyth.
Additional
commentary will be available when the company reports fiscal 2010 third quarter
financial results on Monday, March 8, after the New York Stock Exchange market
closing.
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 100,000 highly trained tax professionals.
The Company provides tax return preparation services in person, through H&R
Block At Home™ online and desktop software products, 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
TABLE
FOLLOWS
|
(in
thousands, except net average fee)
|
YTD
1/31/10
|
YTD
1/31/09
|
%
Change
|
YTD
2/15/10
|
YTD
2/15/09
|
%
Change
|
|||||||||||||||||||
|
Total
returns prepared: (1)
|
|||||||||||||||||||||||||
|
Company-owned
operations
|
2,292 | 2,467 | -7.1 | % | 4,402 | 4,854 | -9.3 | % | |||||||||||||||||
|
Franchise
operations
|
1,347 | 1,451 | -7.2 | % | 2,638 | 2,815 | -6.3 | % | |||||||||||||||||
|
Total
retail operations
|
3,639 | 3,918 | -7.1 | % | 7,040 | 7,669 | -8.2 | % | |||||||||||||||||
|
Digital
software
|
635 | 780 | -18.6 | % | 1,138 | 1,231 | -7.6 | % | |||||||||||||||||
|
Digital
online
|
719 | 643 | 11.8 | % | 1,469 | 1,425 | 3.1 | % | |||||||||||||||||
|
Sub-total
|
1,354 | 1,423 | -4.8 | % | 2,607 | 2,656 | -1.8 | % | |||||||||||||||||
|
Digital
Free File Alliance
|
201 | 178 | 12.9 | % | 412 | 406 | 1.5 | % | |||||||||||||||||
|
Total
digital tax solutions
|
1,555 | 1,601 | -2.9 | % | 3,019 | 3,062 | -1.4 | % | |||||||||||||||||
| 5,194 | 5,519 | -5.9 | % | 10,059 | 10,731 | -6.3 | % | ||||||||||||||||||
|
Net
tax preparation fees - retail: (2)
|
|||||||||||||||||||||||||
|
Company-owned
operations
|
$ | 469,911 | $ | 498,470 | -5.7 | % | $ | 876,271 | $ | 953,282 | -8.1 | % | |||||||||||||
|
Franchise
operations
|
244,184 | 251,818 | -3.0 | % | 463,598 | 478,051 | -3.0 | % | |||||||||||||||||
| $ | 714,095 | $ | 750,288 | -4.8 | % | $ | 1,339,869 | $ | 1,431,333 | -6.4 | % | ||||||||||||||
|
Net
average fee - retail: (1,3)
|
|||||||||||||||||||||||||
|
Company-owned
operations
|
$ | 205.06 | $ | 202.15 | 1.4 | % | $ | 199.06 | $ | 196.56 | 1.3 | % | |||||||||||||
|
Franchise
operations
|
181.20 | 173.60 | 4.4 | % | 175.70 | 169.85 | 3.4 | % | |||||||||||||||||
| $ | 196.23 | $ | 191.58 | 2.4 | % | $ | 190.31 | $ | 186.75 | 1.9 | % | ||||||||||||||
|
Same-Office
returns prepared: (1,4)
|
|||||||||||||||||||||||||
|
Company-owned
operations
|
2,249 | 2,335 | -3.7 | % | 4,339 | 4,606 | -5.8 | % | |||||||||||||||||
|
Franchise
operations
|
1,292 | 1,376 | -6.1 | % | 2,530 | 2,672 | -5.3 | % | |||||||||||||||||
|
Total
retail operations
|
3,541 | 3,711 | -4.6 | % | 6,869 | 7,278 | -5.6 | % | |||||||||||||||||
|
Same-Office
tax preparation fees: (1,4)
|
|||||||||||||||||||||||||
|
Company-owned
operations
|
$ | 466,519 | $ | 482,530 | -3.3 | % | $ | 876,677 | $ | 925,252 | -5.2 | % | |||||||||||||
|
Franchise
operations
|
235,255 | 241,324 | -2.5 | % | 451,161 | 461,215 | -2.2 | % | |||||||||||||||||
|
Total
retail operations
|
$ | 701,774 | $ | 723,854 | -3.1 | % | $ | 1,327,838 | $ | 1,386,467 | -4.2 | % | |||||||||||||
(1) Prior
year numbers have been reclassified between company-owned and franchise
operations for offices which were refranchised during either year.
(2) Amounts
include gross tax preparation fees less coupons and discounts.
(3) Amounts
are calculated as net retail tax preparation fees divided by retail tax
returns.
(4) Same-office
returns represent returns prepared at 6,997 company and 4,160 franchise offices
open in both fiscal year 2010 and fiscal year
2009.