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Liberty Tax profit holds relatively steady YOY in fiscal Q1

Liberty Tax Inc. said its normalized net income for the fiscal first quarter ended July 31 came to a loss of 65 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 69 cents per share.

In the prior-year period, the per-share result was a loss of 65 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $8.9 million, compared with a loss of $9.0 million in the year-earlier period.

The normalized profit margin declined to negative 115.4% from negative 114.2% in the year-earlier period.

Total revenue decreased year over year to $7.5 million from $7.8 million, and total operating expenses declined from the prior-year period to $21.4 million from $21.9 million.

Reported net income totaled a loss of $8.5 million, or a loss of 62 cents per share, compared to a loss of $8.6 million, or a loss of 63 cents per share, in the year-earlier period.