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November 3, 2010

CBIZ reports rise in revenue, eyes acquisitions

CBIZ has reported third quarter earnings of $176.5m, an increase from of $175.8m in the same quarter last year as it reviews more acquisitions.

Newly acquired operations contributed $4.5m to revenue whilst same-unit revenue declined by $3.8m, a 2% decrease compared to the same period a year ago.

The consolidator reported income from continuing operations for quarter stands at $5.3m.

The firm’s nine-month 2010 results reported a decrease in revenue of $9.8m to $567.6m, compared with $577.4m for the prior-year period; same-unit revenue for the nine-month period decreased by 4.4% to $25.5m.

The firm recently repurchased approximately 7.7m shares from founder Michael DeGroote and closed a $130m senior subordinated Convertible Notes transaction during the third quarter, using a portion of the net proceeds to repurchase around 4.6m shares of its common stock.

CBIZ chief executive Steven Gerard said the firm has a “pipeline” of potential future acquisitions under review.

“With one acquisition in the third quarter, we have closed three transactions so far this year, and we continue to have an active pipeline of potential acquisitions under review” Gerard said.


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