HR Block 2008 Annual Report Download - page 4

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2
RICHARD C. BREEDEN
Chairman of the Board
2
Dear Fellow Shareowners This 2008 Annual Report covers a pivotal year in
H&R Block’s history, as well as an extraordinari-
ly turbulent period in the fi nancial markets. The
Company went through enormous change during
the year; yet we were able to perform well and to re-
build strength for the future despite the considerable
national economic turbulence. Our improved results
during the second half of last year came from focusing
intently on business fundamentals, and seeking to
draw upon our strengths as a company.
In this letter, I hope to recap our Fiscal Year 2008
results, which are set forth in much greater
detail in our Form 10-K for the year, and to provide
additional perspective on where we see future
opportunities. I hope that you will concur that the
Company is now on a much better path strategically
and operationally than it was a year ago. While we
are encouraged by our accomplishments since the
management changes late in calendar 2007, we also
recognize that sustained results are the most impor-
tant in creating value.
FINANCIAL RESULTS
Fiscal years 2007 and 2008 were the fi rst years
in which the Company ever experienced net loss-
es in its history, let alone back-to-back money-
losing years. We had a consolidated net loss after