Jackson Hewitt Announces Closing of Public Offering

Business Wire, August 5, 1997

VIRGINIA BEACH, Va.--(BUSINESS WIRE)--Aug. 5, 1997--Jackson Hewitt Inc. (NASDAQ:JTAX), today announced the closing of a public offering in which 1,322,500 shares of Common Stock were sold by Jackson Hewitt at a public offering price of $21.25 per share. The net proceeds to Jackson Hewitt in the offering were approximately $25.8 million. In the offering, certain shareholders of Jackson Hewitt also sold an aggregate of 178,945 shares of Common Stock at price of $21.25 per share. Janney Montgomery Scott Inc. and Scott & Stringfellow, Inc. acted as managing underwriters in the offering.

Jackson Hewitt is the second largest tax preparation service in the United States, with a 41 state network comprised of 1,296 franchised and 76 company-owned offices operating under the trade name "Jackson Hewitt Tax Service."

For further information, contact Keith E. Alessi, Chairman, President and Chief Executive Officer of Jackson Hewitt, at (757)473-3300.

CONTACT: Jackson Hewitt Tax Service

Keith E. Alessi, 757/473-3300