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Liberty Tax fiscal Q1 loss widens 28.0% YOY

Liberty Tax Inc. said its normalized net income for the fiscal first quarter ended July 31 amounted to a loss of 63 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 54 cents per share.

The per-share loss grew 29.9% year over year from 49 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $8.7 million, compared with a loss of $6.8 million in the year-earlier period.

The normalized profit margin fell to negative 114.2% from negative 87.3% in the year-earlier period.

Total revenue climbed on an annual basis to $7.8 million from $7.7 million, and total operating expenses increased 16.7% year over year to $21.4 million from $18.3 million.

Reported net income totaled a loss of $8.6 million, or a loss of 63 cents per share, compared to a loss of $5.9 million, or a loss of 43 cents per share, in the year-earlier period.