7th Ranked CBIZ Reports Fourth Quarter Losses | AccountingWEB

7th Ranked CBIZ Reports Fourth Quarter Losses

Century Business Services, Inc. has announced fourth quarter and full-year financial results for the period ending 12/31/00.

Revenue for the year 2000 is $567.8 million, which is a 3.9% increase over the previous year. Operating income for the same period is $26.2 million, down 63.3% from the previous year. The overall loss for the year, before depreciation, amortization, interest, and taxes, is $54.2 million, compared to income of $56 million for the previous year.

The firm cites the impact of SAS 101 as being responsible for much of the change from last year, as well as a non-cash goodwill impairment charge, and charges reflecting the write-down and reserve for certain receivables, adjustments to income, and the effect of other asset write-downs, litigation settlement and reserves, and consolidation and integration charges.

CEO Steve Gerard is looking forward to a new year that will reflect the results of restructuring and management changes the firm implemented recently. "We are implementing a new management review process, focusing on leveraging our cross-serving activities, expanding our product offering, and continuing to aggressively manage our expense reduction program," stated Mr. Gerard. "With long-term debt to its lowest level since the fall of 1999, CBIZ has emerged from this difficult year as a smarter, leaner, and more focused organization."

CBIZ is the 7th largest accounting services firm (as ranked by Accounting Today magazine in April 2000), and boasts more than 200 offices in 36 states and the District of Columbia, more than 5,000 employees, and more than 50,000 clients.

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