H&R Block, Inc. (NYSE: HRB) reported its financial results for the fiscal year ended April 30, 2020. The COVID-19 pandemic, along with the related extension of the US federal tax filing deadline from April 15 to July 15, resulted in lower revenue and earnings.
The finance chief Tony Bowen believes that the company has adequate liquidity to meet anticipated operating cash needs through the start of tax season 2021 and is taking measures to lower expenses to continue to fund future growth.
The company announced that its Board of Directors has declared a quarterly cash dividend of $0.26 per share, payable on July 1, 2020, to shareholders of record as of June 26, 2020. The company has paid quarterly dividends consecutively since it went public in 1962.
For the fourth quarter, earnings dropped by 48% due to lower revenues. No share repurchases were made in the fourth quarter of fiscal 2020. The company will provide an update on its complete tax season 2020 results during its fiscal 2021 first-quarter earnings call.
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