HR Block 2012 Annual Report Download - page 94

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Fiscal Year 2011 Apr 30, 2011 Jan 31, 2011 Oct 31, 2010 Jul 31, 2010
Revenues $ 2,944,980 $ 2,045,259 $ 680,296 $ 119,590 $ 99,835
Income (loss) from continuing operations before
taxes (benefit) $ 627,703 $ 1,044,338 $ (25,968) $ (183,516) $ (207,151)
Income taxes (benefit) 235,156 401,505 (14,934) (72,072) (79,343)
Net income (loss) from continuing operations 392,547 642,833 (11,034) (111,444) (127,808)
Net income (loss) from discontinued operations 13,563 15,728 (1,687) 2,395 (2,873)
Net income (loss) $ 406,110 $ 658,561 $ (12,721) $ (109,049) $ (130,681)
Basic earnings (loss) per share:
Net income (loss) from continuing operations $ 1.27 $ 2.10 $ (0.04) $ (0.36) $ (0.40)
Net income (loss) from discontinued operations 0.04 0.05 – – (0.01)
Net income (loss) $ 1.31 $ 2.15 $ (0.04) $ (0.36) $ (0.41)
Diluted earnings (loss) per share:
Net income (loss) from continuing operations $ 1.27 $ 2.09 $ (0.04) $ (0.36) $ (0.40)
Net income (loss) from discontinued operations 0.04 0.05 – – (0.01)
Net income (loss) $ 1.31 $ 2.14 $ (0.04) $ (0.36) $ (0.41)
Because most of our clients file their tax returns during the period from January through April of each year,
substantially all of our revenues from income tax return preparation and related services and products are
earned during this period. As a result, we generally operate at a loss through the first eight months of the fiscal
year. Results of discontinued operations for the first quarter of fiscal year 2012 included pretax goodwill
impairments of $99.7 million.
The accumulation of four quarters in fiscal years 2012 and 2011 for earnings per share may not equal the
related per share amounts for the years ended April 30, 2012 and 2011 due to the timing of the exercise of stock
options and lapse of certain restrictions on nonvested shares and share units and the antidilutive effect of stock
options and nonvested shares and share units in the first two quarters for those years, as well as the repurchase
of shares outstanding.
Fiscal Year Fourth Quarter Third Quarter Second Quarter First Quarter
Fiscal Year 2012:
Dividends paid per share $ 0.70 $ 0.20 $ 0.20 $ 0.15 $ 0.15
Stock price range:
High $ 17.75 $ 17.46 $ 17.09 $ 15.52 $ 17.75
Low 12.54 14.35 14.41 12.54 14.68
Fiscal Year 2011:
Dividends paid per share $ 0.60 $ 0.15 $ 0.15 $ 0.15 $ 0.15
Stock price range:
High $ 18.99 $ 18.00 $ 13.79 $ 15.97 $ 18.99
Low 10.13 12.46 11.15 10.13 13.44
NOTE 24: CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
Block Financial is an indirect, wholly-owned consolidated subsidiary of the Company. Block Financial is the
Issuer and the Company is the Guarantor of the Senior Notes issued on January 11, 2008 and October 26, 2004,
the CLOC and other indebtedness issued from time to time. These condensed consolidating financial statements
have been prepared using the equity method of accounting. Earnings of subsidiaries are, therefore, reflected in
the Company’s investment in subsidiaries account. The elimination entries eliminate investments in
subsidiaries, related stockholders’ equity and other intercompany balances and transactions.
80
H&R BLOCK 2012 Form 10K