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CBIZ Reports Fourth-Quarter and Year-End 2010 Results

CLEVELAND Feb. 16, 2011 December 31, 2010

$165.0 million December 31, 2010 $162.2 million $4.5 million $1.6 million $1.2 million ($0.02) $1.4 million $0.02

December 31, 2010 $732.5 million $739.1 million $26.7 million $20.1 million $27.9 million $0.48 December 31, 2010 $31.9 million $0.52

$2.0 million $60.0 million $1.7 million Goldstein Lewin $0.04 $0.01

$275.0 million December 31, 2010 $118.9 million $110.0 million December 31, 2009 December 31, 2010 $40.0 million $130.0 million September 27, 2010

$1.02 December 31, 2010 $0.99 December 31, 2010 $82.0 million $1.7 million $83.7 million

Steven L. Gerard

$100 million

Outlook For 2011: $0.52 $1.02

www.cbiz.com 1-800-599-9370 11:00 a.m. (ET) the United States 1:00 p.m. (ET) February 16 February 18, 2011 the United States www.cbiz.com

the United States

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected.  Such risks and uncertainties include, but are not limited to, the Company’s ability to adequately manage its growth; the Company’s dependence on the current trend of outsourcing business services; the Company’s dependence on the services of its CEO and other key employees; competitive pricing pressures; general business and economic conditions; and changes in governmental regulation and tax laws affecting its insurance business or its business services operations.  A more detailed description of such risks and uncertainties may be found in the Company’s filings with the Securities and Exchange Commission.

For further information regarding CBIZ, call our Investor Relations Office at or visit our web site at www.cbiz.co m

CBIZ, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED)

THREE MONTHS ENDED DECEMBER 31, 2010 AND 2009

(In thousands, except percentages and per share data)

THREE MONTHS ENDED

DECEMBER 31,

2010

%

2009 (1)

%

Revenue

$

165,039

100.0%

$

162,162

100.0%

Operating expenses

157,352

95.3%

151,810

93.6%

Gross margin

7,687

4.7%

10,352

6.4%

Corporate general and administrative expenses (2)

7,085

4.3%

6,848

4.2%

Operating income

602

0.4%

3,504

2.2%

Other income (expense):

Interest expense

(4,994)

-3.0%

(3,186)

-2.0%

Gain (loss) on sale of operations, net

1

0.0%

(15)

0.0%

Other income, net (3)

2,391

1.4%

1,173

0.7%

Total other expense, net

(2,602)

-1.6%

(2,028)

-1.3%

(Loss) income from continuing operations before income tax (benefit) expense

(2,000)

-1.2%

1,476

0.9%

Income tax (benefit) expense

(780)

70

(Loss) income from continuing operations

(1,220)

-0.7%

1,406

0.9%

Loss from operations of discontinued businesses, net of tax

(526)

(122)

Gain on disposal of discontinued businesses, net of tax

22

32

Net (loss) income

$

(1,724)

-1.0%

$

1,316

0.8%

Diluted (loss) earnings per share:

Continuing operations

$

(0.02)

$

0.02

Discontinued operations

(0.01)

Net (loss) income

$

(0.03)

$

0.02

Diluted weighted average common shares outstanding

48,825

61,561

Other data from continuing operations:

Adjusted EBIT (4)

$

2,993

$

4,677

Adjusted EBITDA (4)

$

8,069

$

10,046

(1)  Certain amounts in the 2009 financial data have been reclassified to conform to the current year presentation and revised to reflect the impact of discontinued operations.  

(2)  Includes compensation expense of $236 and $121 for the three months ended December 31, 2010 and 2009, respectively, associated with net gains from the Company’s deferred compensation plan (see note 3).  Excluding this item, corporate general and administrative expenses would be $6,849 and $6,727, or 4.1% of revenue for the three months ended December 31, 2010 and 2009, respectively.  

(3)  Includes net gains of $2,268 and $952 for the three months ended December 31, 2010 and 2009, respectively, attributable to assets held in the Company’s deferred compensation plan. These net gains do not impact "(loss) income from continuing operations before income tax (benefit) expense” as they are directly offset by compensation adjustments to the Plan participants. Compensation is included in "operating expenses" and "corporate general and administrative expenses.”  

(4)  Adjusted EBIT represents (loss) income from continuing operations before income taxes, interest expense, and gain on sale of operations, net.  Adjusted EBITDA represents Adjusted EBIT before depreciation and amortization expense of $5,076 and $5,369 for the three months ended December 31, 2010 and 2009, respectively. The Company has included Adjusted EBIT and Adjusted EBITDA data because such data is commonly used as a performance measure by analysts and investors and as a measure of the Company’s ability to service debt.  Adjusted EBIT and Adjusted EBITDA should not be regarded as an alternative or replacement to any measurement of performance under generally accepted accounting principles.  

CBIZ, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED)

TWELVE MONTHS ENDED DECEMBER 31, 2010 AND 2009

(In thousands, except percentages and per share data)

TWELVE MONTHS ENDED

DECEMBER 31,

2010

%

2009 (1)

%

Revenue

$

732,505

100.0%

$

739,136

100.0%

Operating expenses

646,793

88.3%

650,973

88.1%

Gross margin

85,712

11.7%

88,163

11.9%

Corporate general and administrative expenses (2)

29,614

4.0%

30,722

4.1%

Operating income

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