H&R Block Inc. (NYSE: HRB) reported its third-quarter financial results after the markets closed on Thursday. The company posted a net loss of $0.34 per share on $474.5 million, compared to consensus estimates that called for a net loss of $0.26 per share on revenue of $504.9 million. In the same period of last year, it reported a net loss of $0.13 per share on $509 million in revenue.

The decline in revenues was primarily due to lower client volumes in its U.S. assisted tax offices, the impact of the divestiture of H&R Block Bank, and the impact of foreign currency exchange rate fluctuations. The decline in volume was offset by improved pricing and form mix in both assisted and DIY categories.

It is worth noting that a majority of this company’s revenues and all of its fiscal 2016 earnings will occur during its fiscal fourth quarter, and thus fiscal third quarter financial results are not indicative of expected performance for the full year.

Bill Cobb, president and CEO of H&R Block, commented on earnings:

This tax season has been marked by the continued impact of fraud on the industry, the continuing trend of taxpayers filing their returns later in the season and tax refunds taking longer to process. Significant initiatives by both federal and state governments to combat tax fraud are creating material changes in the industry. While we believe that there are additional efforts that need to be taken, such as EITC form parity and minimum standards for tax return preparers, we fully support the efforts being made this season.

Chief Financial Officer Greg Macfarlane added:

As we are no longer regulated as a savings and loan holding company, we have been able to return to our historical practice of repurchasing shares opportunistically to create shareholder value. In the last two fiscal quarters, we repurchased 52.5 million shares, or $1.9 billion of H&R Block stock, representing 19 percent of total outstanding shares. We are confident in the future of H&R Block and look forward to continuing as the leading tax preparation company for years to come.

Shares of H&R Block were trading down 17% at $27.29 on Friday, with a consensus analyst price target of $40.33 and a 52-week trading range of $28.50 to $37.53.

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