Struggles at its subprime lending unit have resulted in tax-prep giant H&R Block Inc. posting a fourth-quarter loss of $85.5 million and a full-year loss of $433.6 million for the period ended April 30. The company said its latest quarter included roughly $677 million in losses from discontinued operations - the majority of that stemming from its Option One mortgage subsidiary.
In April, the company announced its intention to divest Option One to private equity concern Cerberus Capital. The deal is expected to close by October 31.
Revenues during the fourth quarter rose nearly 8 percent to $2.35 billion and climbed 12 percent for the year, to $4.02 billion.
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