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Jackson Hewitt Tax Service (NYSE: JTX) Reports Earnings Results

Submitted by Mike Swanson on Wed, 2010-07-14 09:50.

Today Jackson Hewitt tax serviced released 2010 annual earnings results and reported earnings results which smashed through analyst estimates.

For fiscal year 2010, which ended on April 30, 2010 for Jack Hewitt, the company reported a net loss of $9.52 a share companied with net income of $0.68 cents a share. Many thought the losses would be greater.

What had such a bad impact on the company was the loss of 50% of their refund anticipation loan product.

Despite those losses shares of Jackson Hewitt rose 20% after the stock market opened on Wednesday as traders bet that the worst news is behind the tax preparation company.

Jackson Hewitt owns and operates 5,610 tax franchises in the United States. Top officers of the company include Harry Buckley who serves as its Chief Executive Officer and Daniel O’Brien who sits as its Chief Financial Officer, Treasurer, and Executive Vice President. Both are viewed as strong corporate leaders in the tax industry.

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