2007-12-11 — forbes.com
H&R Block Inc.... said in a preliminary earnings report Tuesday that it expected a huge second-quarter loss as it continued to wrestle with its disintegrating mortgage arm.
In a securities filing, the company said it was submitting its quarterly report late, citing a decision earlier this fall to change accounting firms. The company was scheduled to file late Monday.
But it said it expected a net loss of $502.3 million, or $1.55 per share, for the quarter ending Oct. 31, compared with a loss of $156.5 million, or 49 cents per share, during the same period a year ago.
Ah, yes, it's all about "changing auditors". Nothing to do with all those subprime loans stuck on its books (something like $20-30 billion worth?). Maybe H&R didn't like the quotes Cerberus was giving on that paper?
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