H&R Block revenues and loss up in Q1

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H&R Block announced that for its fiscal 2018 first quarter ended July 31 its total revenues were $137.8 million, up from the prior-year $125.2 million. However, the company reported a net loss of $130.6 million, up from the prior-year $123.7 million.

The prep-chain giant said in a statement that revenues were impacted by increased tax preparation fees and revenues from its Peace of Mind Extended Service Plan product.

"Our fiscal first quarter results were in line with expectations and reflect the seasonality of our business," said chief financial officer Tony Bowen in a statement. "Our preparation for the upcoming tax season is progressing well."

The company’s pretax loss increased primarily due to a decline in other income related to the sale of the mortgage loan portfolio in fiscal 2017, the company added.

Block’s total operating expenses increased to $323 million, from the prior-year $309.9 million.

Block’s basic and diluted loss per share from continuing operations increased $0.07, to $0.62.

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