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CBIZ Reports Second-Quarter and First-Half 2011 Results

CLEVELAND July 27, 2011 June 30, 2011

$183.1 million June 30, 2011 $180.1 million $1.7 million $1.3 million $6.9 million $0.14 $7.0 million $0.11

June 30, 2011 $393.0 million $389.5 million $1.7 million $5.3 million $25.0 million $0.50 $23.9 million $0.39 $0.02 Goldstein Lewin Boca Raton, Florida

$0.29 $0.23 $0.78 $0.63 $21.3 million June 30, 2011 $60.2 million

June 30, 2011 $275.0 million $149.0 million $118.9 million December 31, 2010 $11.3 million $39.2 million

Steven L. Gerard $60.2 million

$15.0 million Memphis, Tennessee

$0.52

www.cbiz.com 1-800-559-9370 11:00 a.m. (ET) the United States 1:00 p.m. (ET) July 27 July 29, 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.com

CBIZ, INC.

FINANCIAL HIGHLIGHTS (UNAUDITED)

THREE MONTHS ENDED JUNE 30, 2011 AND 2010

(In thousands, except percentages and per share data)

THREE MONTHS ENDED

JUNE 30,

2011

%

2010 (1)

%

Revenue

$

183,110

100.0%

$

180,074

100.0%

Operating expenses

159,931

87.3%

158,260

87.9%

Gross margin

23,179

12.7%

21,814

12.1%

Corporate general and administrative expenses (2)

6,850

3.8%

6,638

3.7%

Operating income

16,329

8.9%

15,176

8.4%

Other income (expense):

Interest expense

(4,407)

-2.4%

(3,411)

-1.9%

Gain on sale of operations, net

2

0.0%

2

0.0%

Other income (expense), net (3)

27

0.0%

(2,047)

-1.1%

    Total other expense, net

(4,378)

-2.4%

(5,456)

-3.0%

Income from continuing operations before income tax expense

11,951

6.5%

9,720

5.4%

Income tax expense

5,095

2,711

Income from continuing operations

6,856

3.7%

7,009

3.9%

Loss from operations of discontinued businesses, net of tax

(335)

(991)

Gain (loss) on disposal of discontinued businesses, net of tax

30

(596)

Net income

$

6,551

3.6%

$

5,422

3.0%

Diluted earnings (loss) per share:

Continuing operations

$

0.14

$

0.11

Discontinued operations

(0.01)

(0.02)

Net income

$

0.13

$

0.09

Diluted weighted average common shares outstanding

49,958

61,837

Other data from continuing operations:

EBIT (4)

$

16,356

$

13,129

EBITDA (4)  

$

21,321

$

18,217

(1)  Certain amounts in the 2010 financial data have been reclassified to conform to the current year presentation and revised to reflect the impact of discontinued operations.    

(2)  Includes a benefit of $3 and $198 for the three months ended June 30, 2011 and 2010, respectively, in compensation expense associated with gains and losses from the Company’s deferred compensation plan (see note 3).  Excluding this item, corporate general and administrative expenses would be $6,853 and $6,836, or 3.8% of revenue, for the three months ended June 30, 2011 and 2010, respectively.  

(3)  Includes a net gain of $38 and a net loss of $2,188 for the three months ended June 30, 2011 and 2010, respectively, attributable to assets held in the Company’s deferred compensation plan. These net gains and losses do not impact "income from continuing operations before income tax 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)  EBIT represents earnings from continuing operations before income taxes, interest expense, and gain on sale of operations, net. EBITDA represents EBIT before depreciation and amortization expense of $4,965 and $5,088 for the three months ended June 30, 2011 and 2010, respectively. The Company has included EBIT and 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. EBIT and 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)

SIX MONTHS ENDED JUNE 30, 2011 AND 2010

(In thousands, except percentages and per share data)

SIX MONTHS ENDED

JUNE 30,

2011

%

2010 (1)

%

Revenue

$

393,001

100.0%

$

389,455

100.0%

Operating expenses

329,359

83.8%

329,709

84.7%

Gross margin

63,642

16.2%

59,746

15.3%

Corporate general and administrative expenses (2)

16,511

4.2%

15,622

4.0%

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