CBIZ Reports 1Q 2011 Results.(Financial report)

CBIZ, Inc. announced results for the first quarter ended March 31.

In a release on April 26, the Company noted details:

CBIZ reported revenue of $209.9 million for the first quarter ended March 31, compared with $209.4 million reported for the first quarter of 2010. Revenue from newly acquired operations, net of divestitures, contributed $3.0 million or 1.4 percent to revenue growth in the first quarter compared with the same period a year ago. Same-unit revenue declined by 1.2 percent, or $2.5 million in the first quarter. CBIZ reported income from continuing operations for the quarter of $18.1 million, or $0.36 per diluted share, compared with $16.9 million, or $0.27 per diluted share in the first quarter of 2010. First quarter results for 2010 included a charge of $0.02 per share for lease restructuring activities in connection with the acquisition of Goldstein Lewin & Company in Boca Raton, Florida.

Cash earnings per share from continuing operations, a non-GAAP measure that includes the impact of major non-cash charges to earnings, was $0.49 per diluted share for the first quarter 2011, compared to $0.40 per diluted share from continuing operations for the first quarter 2010. EBITDA for the quarter was $38.9 million. The calculations of these items are outlined in the schedules attached.

At March 31, the amount outstanding on the Company's $275.0 million unsecured credit facility was $132.8 million compared with $118.9 million at December 31, 2010. The Company used approximately $11.3 million of funds for acquisition-related earn out payments in the first quarter. During the first quarter, the Company made no share repurchases.

Steven L. Gerard, CBIZ Chairman and CEO stated "We are pleased to report a 24 percent growth in diluted earnings per share from continuing operations in the first quarter of 2011 when you adjust 2010 first-quarter results for the lease restructuring charge of $0.02 that we reported last year. Our businesses are generally performing in line with our expectations and, as we have indicated earlier this year, we anticipate modest revenue growth in 2011 as the economy slowly improves. However, the actions we have taken to manage our costs and rationalize our business have resulted in increased operating and pre-tax margins in the first quarter and continued improvement in EBITDA and cash flow. We continue to assess a pipeline of potential acquisitions and, as we have done in previous years, we expect to close another three to five transactions during 2011."

CBIZ will host a conference call later this morning to discuss its results. The call will be webcast in a listen-only mode over the Internet for the media and the public, and can be accessed at www.cbiz.com . Investors and analysts can participate in the conference call by dialing 1-800-559-9370 several minutes before 11 a.m. (ET). If you are dialing from outside the United States, dial 1-847-619-6819. A replay of the call will be available starting at 1 p.m. (ET) April 26, through midnight (ET), April 29. The dial-in number for the replay is 1-877-213-9653. If you are listening from outside the United States, dial 1-630-652-3041. The access code for the replay is 29553534. A replay of the webcast will also be available on the Company's web site at www.cbiz.com.

CBIZ, Inc. provides clients with financial services including accounting and tax, internal audit, merger and acquisition advisory, and valuation services.

More information:

cbiz.com

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