H&R; Block Reports Revenue Rise of 12.1%

Leading U.S. tax preparer H&R; Block Inc. said its tax business revenue for the season through March 15 was up 12.1% from a year ago to $1.4 billion, boding well for its earnings, while customers also are seeing more money in their pockets.

Total clients served increased 3.6% to 13.2 million, and the average fee per client served rose 9.1% to $117.03, the Kansas City, Mo.-based company said.

“The average refund is running in excess of $2,000; that is up 20%,” said Chief Executive Mark Ernst.

Consumers are paying far less in capital gains taxes because of 2001’s slumping markets, he said.

The company also said it’s on track to meet 2002 earnings guidance. Ernst cautioned, however, that the remaining weeks before the April 15 tax filing deadline are critical and unpredictable.

The company’s shares closed down 22 cents at $42.85 on the NYSE.