H&R Block reported its third straight year of revenue growth when it announced its 2015 results on Monday. CEO Bill Cobb said he was proud of the top-line performance, even though the tax-preparer posted a slight decline on the bottom line. ‘Our earnings were down primarily due to some increased depreciation and amortization. When I came in four years ago we had to do some catch-up capex. We also bought a lot of our franchises back last year,’ said Cobb. H&R Block said Monday that revenue for the fiscal year ended April 30 rose 1.8% to $3.08 billion, up from $3.02 billion last year. Net income for the 12-month period fell 2.6% to $487 million, or $1.75 per share, from $500 million, or $1.81, a year ago. Shares of the company are down 9% year-to-date. Cobb said he was far more frustrated with the delay in the company’s sale of H&R Block Bank to BofI Federal Bank than the slight dip in earnings. That said, he did sound positive that the transaction is on the right track. ‘I think everything is going well. The transaction on its merits should be approved. We’ve had good relations with the regulators. They have asked good questions. It’s pretty much in their hands at this point but we look forward to a positive outcome,’ said Cobb. Once the sale is finally complete, Cobb said he will have a number of options due to the ‘billion dollars of excess capital sitting on our balance sheet.’ He said once the deal closes on the bank he will be able to inform investors as to his plans.
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet visit:
Check out all our videos:
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+:
source
