Attached files
file | filename |
---|---|
EX-99.1 - LETTER, DATED DECEMBER 31, 2009, FROM SANTA BARBARA BANK & TRUST - JACKSON HEWITT TAX SERVICE INC | dex991.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
January 5, 2010 (December 31, 2009)
(Date of Report (date of earliest event reported))
Jackson Hewitt Tax Service Inc.
(Exact name of Registrant as specified in its charter)
Delaware | 1-32215 | 20-0779692 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File No.) | (I.R.S. Employer Identification Number) |
3 Sylvan Way Parsippany, New Jersey |
07054 | |
(Address of principal executive office) | (Zip Code) |
(973) 630-1040
(Registrants telephone number, including area code)
None
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 7.01 | REGULATION FD DISCLOSURE |
On December 31, 2009, we received a letter from Santa Barbara Bank & Trust (SBBT), a division of Pacific Capital Bank, N.A. A copy of the letter is attached hereto as Exhibit 99.1, which is incorporated by reference in its entirety.
The Company is continuing to cooperate with SBBT in their efforts to prevent any interruption in the Companys financial product program for the 2010 tax season. At this time, the Company does not believe that arrangements of sufficient size other than SBBT will be available to address the Companys remaining requirements for additional financial products for the upcoming tax season.
No assurances can be given regarding the outcome of any efforts to ensure the Company has secured a sufficient source of refund anticipation loans (RALs) and Assisted Refunds for the 2010 tax season. If a sufficient source is not obtained, it would have a material adverse effect on the Companys business, financial condition and results of operations.
The information in this Item 7.01 of this Current Report on Form 8-K is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act. Additionally, the submission of the information in this Item 7.01 of this Current Report on Form 8-K is not intended to constitute a representation that such furnishing is required by Regulation FD or that the information it contains includes material investor information that is not otherwise publicly available.
Forward-Looking Statements
This Current Report on Form 8-K contains statements, including, without limitation, those statements related to (i) sources of RALs and Assisted Refunds for the 2010 tax season and (ii) the anticipated impact of an insufficient supply of RALs and Assisted Refunds on our business, financial condition and results of operations, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Because these forward looking statements involve risks and uncertainties, actual results may differ materially from those expressed or implied in the forward-looking statements due to a number of factors, including but not limited to: the Companys ability to execute on its strategic plan and reverse its declining profitability, improve its distribution system or reduce its cost structure; the Companys ability to successfully attract and retain key personnel; government initiatives that simplify tax return preparation or reduce the need for a third party tax return preparer, improve the timing and efficiency of processing tax returns or decrease the number of tax returns filed; delays in the passage of tax laws and their implementation; the success of the Companys franchised offices; the Companys responsibility to third parties, regulators or courts for the acts of, or failures to act by, the Companys franchisees or their employees; government legislation and regulation of the tax return preparation industry and related financial products, including refund anticipation loans, and the failure by the Company, or the financial institutions which provide financial products to the Companys customers, to comply with such legal and regulatory requirements; the effectiveness of the Companys tax return preparation compliance program; increased regulation of tax return preparers; the Companys exposure to litigation; the failure of the Companys insurance to cover all the risks associated with its business; the Companys ability to protect its customers personal and financial information; the effectiveness of the Companys marketing and advertising programs and franchisee support of these programs; disruptions in the Companys relationships with its franchisees; changes in the Companys relationships with financial product providers that could reduce the revenues the Company derives from its agreements with these financial institutions as well as affect the Companys customers ability to obtain financial products through its tax return preparation offices; changes in the Companys relationship with Wal-Mart or other large retailers and shopping malls that could affect the Companys growth and profitability; the seasonality of the Companys business and its effect on the Companys stock price; competition from tax return preparation service providers, volunteer organizations and the government; the Companys reliance on technology systems and electronic communications to perform the core functions of its business; the Companys ability to protect its intellectual property rights or defend against any third party allegations of infringement by the Company; the Companys reliance on cash flow from subsidiaries; the Companys compliance with credit facility covenants; the Companys exposure to increases in prevailing market interest rates; the Companys quarterly results not being indicative of its performance as a result of tax season being relatively short and straddling two quarters; certain provisions that may hinder, delay or prevent third party takeovers; changes in accounting policies or practices and the Companys ability to maintain an effective system of internal controls; impairment charges related to goodwill; and the effect of market conditions, general conditions in the tax return preparation industry or general economic conditions.
Additional information concerning these and other risks that could impact the Companys business can be found in the Companys Annual Report on Form 10- K for the fiscal year ended April 30, 2009, and other public filings with the SEC. Copies are available from the SEC or the Companys website. The Company assumes no obligation, and the Company expressly disclaims any obligation, to update or alter any forward-looking statements.
ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
(d) Exhibits.
See Exhibit Index.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
JACKSON HEWITT TAX SERVICE INC. | ||
By: | /s/ DANIEL P. OBRIEN | |
Daniel P. OBrien | ||
Executive Vice President and Chief Financial Officer |
Date: January 5, 2010
3
JACKSON HEWITT TAX SERVICE INC.
CURRENT REPORT ON FORM 8-K
Report Dated January 5, 2010
EXHIBIT INDEX
Exhibit No. |
Description | |
99.1 | Letter, dated December 31, 2009, from Santa Barbara Bank & Trust |
4