CBIZ Reports Third-Quarter And Nine-Month 2017 Results

Grisko continued, "Going forward, the work related to the government healthcare consulting contracts has resumed and we expect the full-year performance of this business will be consistent with expectations. In addition, the IRS has granted an extension for the tax filing due dates for those areas impacted by Irma, which should allow us to capture a portion of the revenue generated by the impacted offices. Notwithstanding these events, we expect total revenue, income from continuing operations and earnings per share to be near the low end of our 2017 outlook."

Grisko concluded, "Aside from the temporary delays and storms in Florida, we are generally pleased with the performance of our core business throughout the first nine months of this year. We are also very pleased with the performance of the three acquisitions made this year that are expected to contribute approximately $23 million of annualized revenue. We continue to pursue an active pipeline of strategic acquisitions to further position and strengthen our core business and provide opportunities for enhanced growth in 2018 and beyond."

2017 Outlook

For full-year 2017, CBIZ continues to expect total revenue growth within a range of 6% to 8% compared with last year.

The Company's effective tax rate for the first nine months was 36.5% with the adoption of new stock compensation accounting under ASU 2016-09 in 2017. A number of factors could cause volatility in the effective tax rate from time to time pursuant to ASU 2016-09. Although the effective tax rate for the third quarter was 38.5%, the Company continues to expect a full-year 2017 effective tax rate of approximately 36%. 

As a result of the reduction in the effective tax rate for 2017, the Company expects income from continuing operations to grow within a range of 16% to 20%, compared to 2016, and earnings per diluted share from continuing operations are expected to grow within a range of 12% to 15% over the $0.76 per diluted share reported for 2016. Fully-diluted weighted average share count for the 2017 full-year is expected to be approximately 55.5 million shares.

Conference Call

CBIZ will host a conference call at 11:00 a.m. (ET) today to discuss its results. The call will be webcast live 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/10112910 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), November 2, through 5:00 p.m. (ET), November 6, 2017. 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 10112910.

About CBIZ

CBIZ, Inc. provides professional business services that help clients better manage their finances, employees and insurance needs. CBIZ provides its clients with financial services including accounting, tax, financial advisory, government healthcare consulting, risk advisory, and valuation services. Benefits and insurance services include group health benefits consulting, property and casualty insurance, retirement plan consulting, payroll, and HR consulting. As a leading provider of accounting, insurance and other professional consulting services to businesses throughout the United States, the Company's services are provided through more than 100 Company offices in 33 states. For more information, please visit www.cbiz.com.

Forward-Looking Statements

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 at www.sec.gov.

CBIZ, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016
(In thousands, except percentages and per share data)
	THREE MONTHS ENDED
	SEPTEMBER 30,
	2017				%				2016				%
Revenue	$	207,723				100.0	%		$	199,794				100.0	%
Operating expenses (1)		184,723				88.9	%			174,069				87.1	%
Gross margin		23,000				11.1	%			25,725				12.9	%
Corporate general and administrative expenses (1)		7,979				3.8	%			8,679				4.4	%
Operating income		15,021				7.3	%			17,046				8.5	%
Other income (expense):
Interest expense		(1,777)				-0.9	%			(1,760)				-0.9	%
Gain on sale of operations, net		-				0.0	%			329				0.2	%
Other income, net (1) (2)		2,792				1.3	%			2,632				1.3	%
Total other income, net		1,015				0.4	%			1,201				0.6	%
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