H&R Block subprime mortgage unit asset value falls

H&R Block Inc., which has agreed to sell its money-losing subprime mortgage unit to investment firm Cerberus Capital Management LP, said on Thursday the unit's net asset value fell to $1.1 billion during the quarter ended April 30.

Chief Financial Officer Bill Trubeck, speaking to analysts, said mortgage operations at April 30 had $1 billion of current assets, $705 million of noncurrent assets, and $610 million of liabilities. That yielded an estimated tangible net asset value of $1.1 billion for the unit, Option One Mortgage Corp.

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- Posted: 2007-06-21 10:32:47

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