H&R; Block Profit Rises 6.9%; Stock Split Is Set
H&R; Block Inc. said fiscal fourth-quarter profit rose 6.9% on an increase in mortgage lending, after adjusting for a restatement that boosted year-earlier earnings. It also set a 2-for-1 stock split.
Net income rose to $616.5 million, or $3.66 a share, from $576.9 million, or $3.24, a year earlier, the Kansas City, Mo.-based company said.
The company restated earnings for fiscal 2004 and 2003, adjusting for changes in the way it accounts for acquisitions, leases and other items.
The changes added 6 cents a share to profit in fiscal 2004 and subtracted 8 cents a share from the prior year’s results.
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