- Current report filing (8-K)
10 December 2010 - 12:09AM
Edgar (US Regulatory)
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
December 9, 2010 (December 8,
2010)
(Date of Report (date of earliest event reported))
Jackson Hewitt Tax Service Inc.
(Exact name of Registrant as specified in
its charter)
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Delaware
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1-32215
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20-0779692
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(State or other jurisdiction of
incorporation or organization)
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(Commission File No.)
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(I.R.S. Employer
Identification Number)
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3 Sylvan Way
Parsippany, New Jersey
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07054
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(Address of principal executive office)
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(Zip Code)
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(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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 1.01
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ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
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On December 8, 2010, Jackson Hewitt Inc. (JHI), a subsidiary of Jackson Hewitt Tax Service Inc. (the Company), entered into a
Program Agreement with Santa Barbara Tax Products Group, LLC (TPG) for TPG to be the Assisted Refund provider at certain Jackson Hewitt Tax Service locations for the 2011 tax season. The terms of the Program Agreement provide:
(i) the agreement is for the 2011 tax season; (ii) TPG will be the Assisted Refund provider for locations designated by JHI; (iii) JHI shall receive no compensation from TPG unless otherwise agreed by the parties; and (iv) a
transmitter fee is permitted to be charged to the customer.
ITEM 7.01
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REGULATION FD DISCLOSURE
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The Company
believes that it has now secured 100% Assisted Refund coverage for the 2011 tax season. 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, the statement related to expected Assisted Refund coverage for the 2011 tax season, which 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 the its strategic plan and reverse its declining profitability; the Companys ability to improve its distribution system; 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 its customers, to comply with such legal and regulatory
requirements; the success of the Companys franchised offices; the Companys customers ability to obtain financial products through the Companys 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 Companys compliance with credit facility covenants; compliance with the NYSEs continued listing standards; the
Companys ability to continue to operate as a going concern; the Companys ability to 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
Companys ability to exercise control over the operations of its franchisees; the Companys responsibility to third parties, regulators or courts for the acts of, or failures to act by, its franchisees or their employees; 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 the Companys 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; the
seasonality of the Companys business; 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 the Companys business; the Companys` ability to protect its intellectual property rights or defend against any third party allegations of infringement by the Companys; the Companys reliance on cash flow from
subsidiaries; 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; the Companys ability to maintain an effective system of internal controls; impairment charges related to goodwill; the credit market crisis; 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 Jackson Hewitts Annual Report on Form 10-K/A for the fiscal year ended April 30, 2010, and other public filings with the SEC. Copies are available from the SEC
or the Companys website. The Company assumes no obligation, and it expressly disclaims any obligation, to update or alter any forward-looking statements.
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.
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JACKSON HEWITT TAX SERVICE INC.
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By:
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/S/ D
ANIEL
P. OB
RIEN
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Daniel P. OBrien
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Executive Vice President and Chief Financial Officer
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Date: December 9, 2010
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