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Block to See Higher Q3 Loss CHICAGO, Jan. 10, 2001 (SmartPros) Marketing costs are expected to increase tax prep and financial services giant H&R Block's third quarter loss per share by $.04 to $.06 per share, the firm said during its annual investor and analyst conference this week. The marketing expenses, which relate to the company's domestic tax operations, are usually incurred during the fourth quarter. Block added that it expects no impact on full year results, since total marketing spending will be the same for the combined third and fourth period. According to news reports, analysts expect the company to post a third-quarter loss of 17 cents a share. The company has targeted annual revenue growth in the range of 10 to 15 percent, earnings per share growth of 13 to 18 percent, and return on equity to exceed 20 percent over the next several years. Block said it remains comfortable with the current range of analyst estimates for its fiscal year 2001 results. Block also announced that after about a year on the job, H&R Block Financial Advisors president Dave Kasper has decided to leave his post and pursue other opportunities. Chief operating officer Tom Fitzgerald and senior vice president of channel development Bernie Wilson will jointly lead the unit for the immediate future. -- SmartPros News Staff Send comments to information@smartpros.com 2001, Smartpros Ltd. All Rights Reserved. |
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