AOL Time Warner to Promote H&R; Block
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AOL Time Warner Inc. agreed to promote services from H&R; Block Inc., the world’s biggest tax preparer, on its Internet and television networks, including America Online and Time Warner Cable. H&R; Block will offer America Online service to clients at its 10,400 offices worldwide. Terms of the agreement weren’t disclosed.
Separately, H&R; Block said its fiscal first-quarter losses narrowed to $30.8 million, or 17 cents a share, from $51.7 million, or 28 cents, a year ago, as the company benefited from new accounting rules and higher profit in its mortgage business. Analysts on average expected a 22-cent loss. Revenue rose 6.6% to $324.1 million.
On the NYSE, shares of New York-based AOL Time Warner fell 95 cents to close at $40.70, and shares of Kansas City, Mo.-based H&R; Block rose 29 cents to $37.74.
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