CBIZ reported revenue growth of 4.4 percent last year, with annual revenue of $766.1 million, an increase of $32.3 million compared to $733.8 million for the prior year.
CBIZ has an alternative practice structure with its CPA firm unit Mayer Hoffman McCann. CBIZ MHM ranked seventh on Accounting Today’s list of the Top 100 Firms of 2012.
Same-unit revenue at Cleveland-based CBIZ increased by $5.7 million, or 0.8 percent for the full year 2012, compared to the same period a year ago. Newly acquired operations contributed $26.6 million to revenue during 2012.
Income from continuing operations was $31.1 million, or $0.63 per diluted share for the full-year 2012, compared to $28.6 million, or $0.58 per diluted share for the prior year. Included in full year earnings is a gain on the 2011 sale of the company’s wealth management business that impacted diluted earnings per share by $0.03 in 2012, and $0.02 in 2011.
“Throughout 2012, we have seen an improving environment for our business, and this trend continued in the fourth quarter, with all of our core businesses reporting same-unit revenue growth,” said CBIZ chairman and CEO Steven L. Gerard in a statement. “During 2012, we continued to make investments in each of our businesses that are expected to enhance our future growth prospects. In addition, we were very active with our acquisition program in all segments of our business during 2012, having closed five acquisitions in the fourth quarter and ten acquisitions during the full year. Going into 2013, we expect stronger growth in revenue and earnings per share than we achieved in 2012, while continuing our strategic acquisition and investment program.”
Revenue for the fourth quarter ending Dec. 31, 2012 of $172.9 million was up $10.0 million, or 6.1 percent, compared to the $162.9 million reported for the fourth quarter of 2011. Same-unit revenue increased by $4.1 million, or 2.5 percent for the fourth quarter 2012, compared to the same period a year ago, with core Financial Services and Employee Services segments recording 2.6% same-unit growth in the fourth quarter.
Newly acquired operations contributed $5.9 million to revenue in the 2012 fourth quarter compared to the same period a year ago. Income from continuing operations was $1.2 million, or $0.02 per diluted share, compared to a loss of $1.2 million, or ($0.02) per diluted share reported in the fourth quarter of 2011. Included in the fourth-quarter results was a favorable legal settlement reflected in other income that impacted diluted earnings per share by $0.02.