AP News

News Summary: H&R Block takes smaller 1Q loss

NARROWS LOSS: Tax preparer H&R Block Inc. reported a smaller loss in its fiscal first quarter because of cost cuts and a decrease in one-time charges.

SAVINGS: The company usually takes a loss in the first quarter because its revenue drops after tax season ends. Block said it expects to save $85 million to $100 million in fiscal 2013, as it spends less on items like salaries, benefits and rent.

SPECIAL ITEMS: A year ago, the company took an $89.7 million charge after selling its business consulting unit, and it took a $15 million litigation charge.

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