Posted: 13 month(s) and 10 days(s) ago   |   0 Comment(s)   |   Rating: 0 0
Posted by: ToddShriber

It was a taxing day for shares of Jackson Hewitt (JTX.NYSE), the No. 2 tax preparer in the U.S. behind H&R Block (HRB.NYSE). Jackson Hewitt tumbled 91 cents, or 15%, to $5.05 on dour profit news and that made the stock the biggest loser on the New York Stock Exchange today.

Jackson Hewitt said profits for its fiscal fourth quarter fell to $41.3 million, or $1.45 per share, from $57.5 million, or $2.02 per share a year ago. Sales plunged 17% to $141.2 million from $169.4 million a year earlier.

Jackson Hewitt said it had a double-digit decline in tax returns prepared for the 2008 tax year. That's not good news because tax returns are getting increasingly complex and one would think this would lead more folks to seek professional help from a firm like Jackson Hewitt. In fact, the company prepared 13% fewer returns last year than it did in 2007. Ouch.

For more on Jackson Hewitt, please go here: http://www.jacksonhewitt.com

Member Rating: 0 0