Liberty Tax Service Reports Preliminary Financial Results

VIRGINIA BEACH, VIRGINIA (Wednesday, May 22, 2002) - Liberty Tax Service, the fastest growing international retail tax preparation company, today reported preliminary financial results for the 12 months that ended April 30, 2002.
Total revenues increased to over $17.0 million, which is a gain of 63% over fiscal 2001. Net income for the year was $2.5 million. System-wide revenues doubled again during the 2002 tax season. The company prepared almost 500,000 tax returns in the United States and Canada.

"In our fifth year, Liberty Tax Service has continued to firmly establish its growing presence and increased market share in the tax industry," said John T. Hewitt, CEO and founder of Liberty Tax Service. "During the past year, 130 new franchisees have joined our operating system, and we've opened 160 new offices."

Liberty Tax Service is the fastest growing international tax service ever, with 611 offices operating in the United States and Canada. In five short years, Liberty Tax Service has grown to the size it took the other national tax franchises ten years to realize. The company specializes in computerized tax preparation, electronic filing, and refund anticipation loans. In the January 2002 issue, Liberty Tax Service was ranked as #50 on Entrepreneur magazine's list of top franchises. Black Enterprise named the Liberty Tax Service franchise opportunity as one of the most affordable in its September 2001 issue.

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