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May 9, 2010

CBIZ reports 3% drop in first quarter revenue

US financial services company CBIZ reported revenue of $210m for the three months to 31 March, down 3 percent from $217m in the first quarter of 2009.

Revenue from new acquisitions contributed 3% to revenue growth in the first quarter compared with the same period a year ago. 

Same-unit revenue declined by 6%. 

CBIZ chairman and chief executive Steven Gerard said CBIZ’s typical mid-sized business clients are not yet experiencing a strong recovery, which presents challenges for the company’s revenue growth.

CBIZ invested about $26m of funds for acquisitions and acquisition-related earn-out payments in the first quarter.

 “We completed two acquisitions in the first quarter and are continuing to assess a number of potential acquisition opportunities for the balance of 2010,” Gerard said.

CBIZ is a member of Kreston International.

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