CBIZ reported revenue of $234.8 million for the first-quarter ended March 31, 2013, an increase of $14.0 million, or 6.3%, compared with $220.8 million reported for the first quarter of 2012. Newly acquired operations contributed $14.3 million, or 6.4% to revenue in the 2013 first quarter, compared with the same period a year ago. Same-unit organic revenue decreased by $0.3 million, or 0.1% for the first quarter 2013, compared with the same period a year ago. Income from continuing operations was $18.3 million, or $0.37 per diluted share, compared to $18.8 million, or $0.38 per diluted share reported in the first quarter of 2012. First quarter 2012 results included a gain of $2.5 million, or $0.03 earnings per diluted share, on the sale of the Company’s wealth management business. Adjusted EBITDA for the quarter ended March 31, 2013 was $41.5 million, compared to $38.9 million for the 2012 first quarter.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Non-GAAP earnings per diluted share, which includes certain non-cash charges and credits to income from continuing operations, was $0.54 per diluted share for the first-quarter ended March 31, 2013, compared with $0.49 per diluted share a year ago. First quarter 2012 Non-GAAP earnings excluded a $0.03 per diluted share gain on the sale of the Company’s wealth management business that was sold in 2011. A schedule which reconciles Non-GAAP earnings per diluted share with GAAP earnings per diluted share is attached.
The outstanding balance on the Company’s $275.0 million unsecured bank line of credit at March 31, 2013 was $223.0 million compared with a balance of $208.9 million at December 31, 2012. During the quarter, the Company used $1.1 million for acquisition-related payments and made no share repurchases.
Steven L. Gerard, CBIZ Chairman and CEO stated, "The acquisition activity that occurred in 2012 was consistent with our growth strategy and is having a very positive impact in 2013 as the results are in line with expectations. Organic revenue growth was slower than expected in the first quarter primarily due to weather-related closures we experienced in several major offices in the Midwest and Northeast regions combined with a late start to tax-related work within our Financial Services group. Some of this work was deferred until April and we expect to recover the balance of this revenue throughout the remainder of the year. We continue to expect improving trends in organic revenue growth this year with a total revenue growth in a range of 7% to 9% compared with 2012. In addition, we continue to expect a 12% to 15% increase in earnings per diluted share compared with the normalized $0.58 reported for 2012," concluded Mr. Gerard.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
