Liberty Tax Service Continues Pace As Fastest Growing Tax Service Now And Ever

(Saturday, July 23, 2005) - Liberty Tax Service's solid growth has established the third largest tax company as the fastest growing now and ever. The company prepared over 1 million tax returns in fiscal 2005. This represents an increase of over 200,000 returns which was the highest in the industry. Liberty Tax outperformed industry giants H&R Block (NYSE:HRB) and Jackson Hewitt (NYSE:JTX) combined in increase in raw number of returns prepared.

In the last 2 years, Liberty Tax has opened over 700 new offices, of which 311 were opened in 2005. H&R Block opened over 1800 new offices in the last two years, more than 1300 in 2005. Jackson Hewitt opened over 1000 new offices in the last two years, more than 500 of these were opened this year.

"It is particularly meaningful to compare the growth of returns prepared to the increase in number of new offices for the three top industry contenders," said John Hewitt, CEO and Founder of Liberty Tax Service. "It's been a very gratifying year in many ways. Our competitive team of franchisees and employees shares our vision to reach the pinnacle of this industry. Our much larger competitors have been trying to stop us. Now they must switch gears and try to catch us."

Liberty Tax Service welcomes over 1000 franchisees to its largest company-wide convention May 18th- 20th in the Virginia Beach area. The company has 1735 offices operating in the United States and Canada in 2005. In January 2005, Entrepreneur magazine ranked Liberty Tax Service 8th fastest growing and #15 overall on its Franchise 500 list of best franchises. Accounting Today magazine ranked Liberty fastest growing on its list of top 100 tax & accounting companies released in March 2005. Liberty Tax Service is ranked for the second consecutive year on Inc. magazine's annual ranking of the 500 fastest growing private companies in the United States (Fall 2004).

7/23/2005 - Source: Liberty Tax Service

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