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H&R Block: Q4, Fiscal 2012 Earnings Fall

The company prepared a record 25.6 million tax returns this year


H&R Block (NYSE:HRB) posted fiscal fourth-quarter net income of $586.1 million, down 11% from $658.2 million during the same time last year. EPS for the quarter was $1.99, compared to $2.14 last year.

That disappointed analysts who were looking for EPS of $2.05, the Associated Press noted.

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Revenue for the fourth quarter slid 2.2% to $2 billion, meeting expectations.

For the fiscal year, H&R posted net income of $265.9 million, down 35% from last year on revenues that slipped 1.7% to $2.89 billion.

The company shuttered 200 stores in April, eliminating 350 jobs, incurring quarterly severance and shut down costs. The closures are expected to save the company between $85 and $100 million in this fiscal year.

For the 2012 tax season, H&R Block said it prepared 25.6 million tax returns, up 4.3% from last year.

The company said it spent $200 million to repurchase 14.6 million shares during fiscal 2012. It anticipated spending $315 million to repurchase 21.3 million shares in the current fiscal year.

Shares of H&R Block rose more than 2% in early Wednesday trading.

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