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Liberty Tax fiscal Q2 loss widens 16.5% YOY

Liberty Tax Inc. said its normalized net income for the fiscal second quarter ended Oct. 31 amounted to a loss of 71 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 74 cents per share.

The per-share loss widened 19.4% year over year from 60 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $9.7 million, compared with a loss of $8.3 million in the year-earlier period.

The normalized profit margin dropped to negative 125.5% from negative 113.8% in the year-earlier period.

Total revenue grew 5.7% on an annual basis to $7.7 million from $7.3 million, and total operating expenses grew 11.8% from the prior-year period to $22.7 million from $20.3 million.

Reported net income came to a loss of $11.3 million, or a loss of 83 cents per share, compared to a loss of $8.5 million, or a loss of 61 cents per share, in the prior-year period.