cbiz logoWeak client demand led CBIZ to just over a 2-percent drop in net income on flat revenue for its third quarter ended September 30 as hours charged to clients fell for its financial services segment, the portion of its business that includes CPA firm operations. Net income for the most recently ended quarter dropped to $4.7 million, down from $4.8 million a year ago. Revenue for the quarter was $177.1 million, less than $200,000 more than in last year's corresponding period.

 

Same unit revenue was $3.6 million, down 2.1 percent from a year earlier. The company said same-unit revenue fell because of a 5 percent decrease in aggregate hours charged to clients during the September quarter, partially offset by a 1 percent increase in effective yield. CBIZ also cited what it called lower performance in several local business units. Same unit financial services revenue was $87 million, a decrease of 2.3 percent from just over $89 million a year earlier. The segment's results were buoyed by $5.5 million in revenue from acquired businesses.

 

Last modified on Sunday, 02 June 2013
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