CBIZ Revenue Up After First Quarter

Century Business Services, Inc. just released the financial results for the first quarter of 2000 and the news is encouraging for the seventh largest accounting firm (as ranked by Accounting Today).

The company’s revenue rose 24% to a total of $172.1 million from $138.4 million for the three months ended March 31, 2000. The company also reported that operating income (income from continuing operations before corporate overhead, interest, depreciation and amortization, and unusual expenses and credits) grew 17%, to $39.5 million versus $33.7 million for the first quarter.

Michael G. DeGroote, Chairman and Chief Executive Officer, stated, "After considerable time, cost, and effort on the part of the Company's corporate and field leaders during the past few months, we are pleased to report a resurgence of energy and accelerated growth within CBIZ during the first quarter of 2000, after a very disappointing fourth quarter of 1999."

CBIZ continues to consolidate and integrate financial reporting and other operational systems as well. For example, the Washington BIZCenter consolidated 15 offices into three locations. Next quarter, the company has its eye on Austin (two offices to one), Phoenix (two offices to one), and Orlando (three locations to one). And the third quarter will focus on Atlanta (eight to two), Dallas (two to one), San Jose (three to one), San Diego (two to one), and the first phase of consolidation in Philadelphia (three of its six locations to one). These efforts are expected to lower operating costs in the consolidated units.


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