yep..
The market really likes this news that JH released yesterday evening and I personally like the lean and mean and back to basics on focusing on our core customer products approach by ol' Harry. He didn't sugar coat and speak glossy CEO BS talk about the declining number of returns for 2010 and was very upfront in the first 2 paragraphs about those facts. But then followed with the focus about the future and what they are working on to improve the state of affairs for the company.
On the stock we may see some slow momentum and pps increase build up through the earnings conference call July 14th. There will be profit taking from today and consolidation beofre attacking and holding the 2.00ish level. Enough value buyers move in and she may have a really nice sustained run for the next several weeks. We'll see.
DD22
Jackson Hewitt Reports Preliminary 2010 Tax Filing Results
PARSIPPANY, N.J., May 27, 2010 /PRNewswire via COMTEX/ --Jackson Hewitt Tax Service Inc. ("Jackson Hewitt") (NYSE: JTX) today reported preliminary tax filing results for the fiscal year ending April 30, 2010.
Jackson Hewitt's network of franchised and company-owned offices prepared 2.530 million tax returns in 2010, versus 2.955 million tax returns prepared in the prior fiscal year, or a decline of 14.4%. This year-over-year decline in returns prepared was favorable compared to the previously communicated guidance of a decline in the range of 17% to 19% due to better than forecasted performance in the second half of the tax season.
"The 2010 tax season was a disappointing one for Jackson Hewitt," said Harry W. Buckley, Jackson Hewitt's president and chief executive officer. "Despite the solid efforts of our employees and franchisees, the headwinds from a soft economy, high unemployment, competitive pressure and the absence of a RAL product, resulted in a year of declining tax returns prepared, revenues and earnings."
"Our focus at this time is steadfastly on the future," continued Buckley. "In an effort to position Jackson Hewitt for an improved 2011 tax season, we, along with franchisee representatives, are working toward completion of a detailed strategic business plan, as well as completion of a mutually beneficial new franchise agreement. We are continuing our intensive efforts to identify a resolution of the RAL product issue, which is our top off-season priority. Our dedicated Walmart team is working closely with Walmart to plan for the 2011 tax season and to optimize the opportunity presented by this exclusive arrangement. We rolled out our first ever online product this past tax season, and look to further grow this distribution channel in 2011. We also completed an organizational restructuring on April 30 that reduced our full-time staff by 15% and will result in a streamlined, more efficient organization that we believe will lead to enhanced accountability and improved results."
AI
