H&R Block Fails to Announce Earnings

From the "it's news because it didn't happen" department, today H&R block failed to announce Q2 earnings at market close, as promised back on Nov. 29. We aren't just imagining this -- here is the press release from H&R's own site:

H&R Block to Release Fiscal 2008 Second Quarter Results Dec. 10; Will Host Conference Call Dec. 11

KANSAS CITY, Mo.--(BUSINESS WIRE)--Nov. 29, 2007--H&R Block Inc. (NYSE: HRB) will report fiscal 2008 second quarter financial results on Monday, Dec. 10, 2007, at the close of the NYSE market, when it also plans to file its quarterly report on Form 10Q. A copy of the press release will be available on the company's Web site at www.hrblock.com.

At 8 a.m. EST on Tuesday, Dec. 11, 2007, the company will host a conference call for analysts, institutional investors and shareholders to discuss the results and future expectations as well as respond to analysts' questions.

To access the call, please dial the number below approximately five to 10 minutes prior to the scheduled starting time:

U.S./Canada (888) 679-8018- Participant Passcode: 11822905

International (617) 213-4845- Participant Passcode: 11822905

Pre-registration is available for the conference call on H&R Block's Investor Relations Web site at http://investor-relations.hrblock.com. Those who pre-register will receive a PIN to minimize connection time when accessing the live call.

The call also will be webcast in a listen-only format for the media and public. The link to the webcast and a supporting slide presentation can be accessed directly at http://investor-relations.hrblock.com.

A replay of the call will be available beginning at 10 a.m. EST Dec. 11 and continuing until 12 p.m. EST Dec. 21, 2007, by dialing (888) 286-8010 (U.S./Canada) or (617) 801-6888 (international). The replay passcode is 34107081. The webcast will be available for replay on the company's Investor Relations Web site at http://investor-relations.hrblock.com.

Maybe the conference call will still happen. If so, expect them to be doing some 'splainin'.

We expect there to be some fallout from the fall-through of the Option One/Cerberus sell-off deal; and potentially an announcement of greater exposure to subprime and other mortgage loan liability than previously announced (or expected by analysts). Along those lines, here are some interesting statistics:

OPTION ONE SUBPRIME LOAN VOLUME

Q3 2006 7.8 BILLION
Q4 2006 7.4 BILLION
Q1 2007 6.2 BILLION
Q2 2007 4.5 BILLION
Q3 2007 3.2 BILLION

TOTAL LAST 5 QUARTERS $28.9 BILLION

Hat tip to Mark Hanson for bringing all of this to our attention.