CBIZ Slips To Loss In Q4

(RTTNews) - CBIZ Inc. (CBZ) reported that its fourth-quarter net loss was $3.95 million or $0.08 per share, compared to net income of $1.21 million or $0.02 per share in the same quarter last year.

CBIZ reported a net loss from continuing operations of $3.2 million, or $0.07 per share in the 2013 fourth quarter, compared with net loss of $1.4 million, or $0.03 per share reported in the fourth quarter of 2012. Fourth-quarter results reported for 2012 included a non-recurring favorable legal settlement reflected in other income that impacted diluted earnings per share by $0.02.

Non-GAAP earnings from continuing operations declined to $3.43 million or $0.07 per share from $4.39 million or $0.09 per share last year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share. Analysts' estimates typically exclude special items.

Quarterly revenue was $149.8 million, an increase of 10.2%, over the $136.0 million reported for the fourth quarter of 2012. Same-unit revenue increased by $3.4 million, or 2.5% for the fourth quarter of 2013, compared with the same period a year ago. Newly acquired operations contributed $10.4 million to revenue in the 2013 fourth quarter.

In 2014, the Company expects continued improvement in same-unit revenue growth rates, total revenue to grow within a range of 5% to 7%, and earnings per share from continuing operations to grow within a range of 15% to 18% over 2013, assuming a constant share count compared with 2013. Cash flow will continue to be positive and Adjusted EBITDA is projected to increase within a range of 8% to 12% over the $75.6 million reported for 2013.