H&R Block (ticker: HRB, exchange: New York Stock Exchange (.N))
News Release -
H&R Block Provides Update on Option One Sale Process
KANSAS CITY, Mo.--(BUSINESS WIRE)--March 30, 2007--H&R Block Inc.
(NYSE:HRB) today said that it remains in negotiations to sell its
Option One Mortgage Corporation subsidiary.
Though the company announced in November it would explore
alternatives for its mortgage business and expected to conclude that
process in March, recent events in the subprime mortgage industry have
affected the process.
About H&R Block
H&R Block Inc. (NYSE:HRB) is a leading provider of tax, financial,
and accounting and business consulting services and products. H&R
Block is the world's largest tax services provider, having prepared
more than 400 million tax returns since 1955. The company and its
subsidiaries generated revenues of $3.6 billion and net income of $287
million from continuing operations in fiscal year 2006. The company
currently operates in three principal business segments: Tax Services
(income tax preparation and advice via in-office, online and software
solutions); Business Services (accounting, tax and business consulting
services for midsized companies); and Consumer Financial Services
(investment and financial advisory services and banking services).
Headquartered in Kansas City, Mo., H&R Block markets its continuing
services and products under two leading brands - H&R Block and RSM
McGladrey. For more information visit our Online Press Center at
The information contained in this press release may contain
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934. Such statements are based upon
current information and management's expectations regarding the
company, speak only as of the date on which they are made, are not
guarantees of future performance, and involve certain risks,
uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results could materially differ from
what is expressed, implied or forecast in such forward-looking
statements. Such differences could be caused by a number of factors
including, but not limited to, the uncertainty of the entry by the
company into an agreement regarding any sale or public market
alternative involving the separation of Option One Mortgage
Corporation; the uncertainty regarding the terms or completion of any
such transaction; the uncertainty of the impact and effect of changes
in the non-prime mortgage market, including changes in interest rates,
loan origination volume, availability of warehouse financing,
secondary market liquidity and pricing; levels of early payment
defaults and resulting loan repurchases; changes in economic,
political or regulatory environments; and risks described from time to
time in reports and statements filed by the company and its
subsidiaries with the Securities and Exchange Commission.
CONTACT: H&R Block Inc.
Nick Iammartino, 816-854-4556 (Media Relations)
Scott Dudley, 816-854-4505 (Investor Relations)
SOURCE: H&R Block Inc.