JTX ,,, Jackson Hewitt Boosts Year Outlook
Thursday May 12, 5:32 pm ET
Jackson Hewitt Boosts Outlook for Full-Year Profit on Strong Tax Preparations
PARSIPPANY, N.J. (AP) -- Jackson Hewitt Tax Service Inc. on Thursday said the number of tax returns it prepared in the just-completed fiscal year rose almost 6 percent from a year ago, and the company raised its outlook for net income and revenue.
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The nation's No. 2 tax preparer behind H&R Block said its network of franchised and company-owned offices prepared 3.3 million tax returns in fiscal 2005, up 5.9 percent from a year earlier, and at the high end of its previous guidance. Revenue per return increased by rough 6.7 percent, which is within the 6 percent to 8 percent range previously given by the company.
The company, which operated almost 5,500 locations at the end of tax season, said it now expects to post earnings of $1.30 to $1.33 per share for the fiscal year, up from an earlier forecast of $1.15 to $1.19. Revenue is expected to total $229 million to $232 million, above the earlier projection of $220 million to $225 million. The new estimates reflect larger-than-expected revenue and profit from financial products, primarily from an agreement with Santa Barbara Bank & Trust regarding refund anticipation loans.
Analysts surveyed by Thomson Financial were expected the company to report earnings for the year of $1.16 per share on revenue of $222.5 million.
Jackson Hewitt shares rose 13 cents to $18.75 on the New York Stock Exchange.
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