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July 27, 2010

CBIZ reports Q2 and first-half 2010 results

CBIZ has reported a slight revenue contraction
in the second quarter (Q2) of this year.

The firm reported revenue of $180.8 million
for the Q2 and revenue of $391.1 million for the first half.

The Q2 revenue was a decline of 2.3% compared
with the $185.2 million reported for the Q2 of 2009.

Newly acquired operations contributed $5.1
million to revenue while same-unit revenue declined by 5.1%, or
$9.5 million, in the Q2 compared with the same period a year
ago.

The consolidator reported income from
continuing operations for the quarter was $6.9 million.

The firm’s first-half 2010 results were down
$10.5 million from $401.6 million and same-unit revenue decreased
by 5.4%, or $21.7 million, for the comparable six-month period of
2009.

CBIZ chief executive Steven Gerard said he
expected the economic environment in 2010 to present revenue growth
challenges.

“Our cash flow from operations is positive for
the first six months, and our balance sheet continues to be
strong. We completed two acquisitions in the first half of
2010 and we are continuing to assess a number of potential
acquisition opportunities,” said Gerard.

 

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