CBIZ Reports Second-Quarter And First-Half 2016 Results

"We were also pleased to complete two additional acquisitions since our last earnings report. The first, Flex-Pay Business Services, is a full-service payroll processing company located in Winston-Salem, N.C.  In addition to an outstanding team of professionals and reputation for client service, Flex-Pay provides us the opportunity to expand the scope of services provided to the 3,600 clients that came with the transaction and is expected to bring total revenue in our payroll services business to over $40.0 million.  The acquisition of Ed Jacobs and Associates, located in Cleveland, Tenn., brings strong talent and advances our commitment to building out a strong employee benefits practice that now represents over $100.0 million in revenue to CBIZ," stated Grisko.

"The four acquisitions completed to date this year are expected to contribute approximately $34.0 million of revenue on an annual basis. In the past 12 months, we have completed six acquisitions that are expected to contribute approximately $42.0 million of annualized revenue.  Our cash flow remains strong, our pipeline of potential acquisitions is very active, and we have the financial capacity to continue pursuing our strategic acquisition program, as well as conducting opportunistic share repurchases," continued Grisko.

2016 Outlook
Grisko added, "Results for the first half are in line with our expectations and our outlook for full year 2016 continues to be very positive.  To affirm our prior guidance, for full year 2016 we expect:

• "Total revenue growth within a range of 6% to 8% over 2015;
• "Fully diluted earnings per share to increase 12% to 15% over the reported $0.66 for 2015, or 9% to 12% over the normalized earnings per share of $0.68, which eliminates the impact of share equivalents related to the 2010 Convertible Notes that were fully retired in 2015; and
• "Adjusted EBITDA* growth is projected to be within a range of 7% to 9% over $87.0 million reported for 2015."

*With respect to the Company's full year guidance, the Company is unable to provide a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to operating income because interest expense, income tax expense, depreciation and amortization for the remainder of 2016, that would be included in such a reconciliation, have not yet occurred or are out of the Company's control and/or cannot be reasonably predicted at this time.  Therefore, pursuant to the "unreasonable efforts" exception in Item 10(e)(1)(i)(B) of Regulation S-K, the Company is not required to provide such a quantitative reconciliation.  

Conference Call
CBIZ will host a conference call at 11:00 a.m. (ET) today to discuss its results.  The call will be webcast in a listen-only mode over the Internet for the media and the public, and can be accessed at www.cbiz.com. Shareholders and analysts who would like to participate in the call can register at http://dpregister.com/10089855 to receive the dial-in number and unique personal identification number. Participants may register at any time, including up to and after the call start time.

A replay of the webcast will be made available approximately two hours following the call on the Company's web site at www.cbiz.com. For those without Internet access, a replay of the call will also be available starting at approximately 1:00 p.m. (ET), August 2, through 5:00 p.m. (ET), August 5, 2016. The toll-free dial-in number for the replay is 1-877-344-7529.  If you are listening from outside the United States, dial 1-412-317-0088.  The access code for the replay is 10089855.

About CBIZ
CBIZ, Inc. provides professional business services that help clients better manage their finances and employees.  CBIZ provides its clients with financial services including accounting, tax, financial advisory, government health care consulting, risk advisory, and valuation services.  Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, and HR consulting.  As one of the largest accounting, insurance brokerage and valuation companies in the United States, the Company's services are provided through more than 100 Company offices in 33 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 and sustain 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 the Company's 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.

CBIZ, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
THREE MONTHS ENDED JUNE 30, 2016 AND 2015
(In thousands, except percentages and per share data)
						THREE MONTHS ENDED
						JUNE 30,
						2016		%			2015		%
Revenue					$	197,015		100.0%		$	185,042		100.0%
Operating expenses (1) (2)						173,996		88.3%			163,117		88.2%
Gross margin						23,019		11.7%			21,925		11.8%
Corporate general and administrative expenses (1)						8,346		4.2%			6,615		3.6%
Operating income						14,673		7.5%			15,310		8.2%
Other income (expense):
	Interest expense					(1,733)		-0.9%			(2,848)		-1.5%
	Gain on sale of operations, net					50		0.0%			45		0.0%
	Other income (expense), net (1) (3)					703		0.4%			(1,126)		-0.6%
			Total other expense, net			(980)		-0.5%			(3,929)		-2.1%
Income from continuing operations before income tax expense						13,693		7.0%			11,381		6.1%
Income tax expense						5,306					4,696
Income from continuing operations						8,387		4.3%			6,685		3.6%
Loss from operations of discontinued businesses, net of tax						(258)					(330)
Gain on disposal of discontinued businesses, net of tax						-					290
Net income					$	8,129		4.1%		$ Werbung Mehr Nachrichten zur Cbiz Inc. Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 24.04.24 - PR Newswire Fidelity Japan Trust Plc - Transaction in Own Shares 24.04.24 - PR Newswire Fidelity Japan Trust Plc - Monthly Factsheet 24.04.24 - PR Newswire Fidelity European Trust Plc - Monthly Factsheet Solarboom 2024:    5 Gründe die für diese Aktie sprechen… weiterlesen» Anzeige wo-site-teaser-box-16746_site-teaser-box_2024-04-24_08%253A00%253A00_2024-04-25_09%253A00%253A59