CBIZ saw a slight revenue increase for 2011 of about 0.5 percent.
For the year ended Dec. 31, 2011, the firm reported total revenue of $738.8 million, an increase of $3.4 million from the prior year. However, the firm pointed out that its results from the prior year included $6.6 million of revenue from its individual wealth management business, which was divested in the first quarter of 2010. Adjusting for this item, total revenue increased by 1.4 percent for 2011 compared with 2010.
The 2010 results had also included a charge of approximately $0.02 per diluted share for lease-restructuring activities in connection with the acquisition of Boca Raton, Fla.-based accounting firm Goldstein Lewin & Company, and a charge of approximately $0.02 per diluted share in connection with financing activities that occurred in the third quarter of 2010. CBIZ also operates the affiliated accounting firms Mayer Hoffman McCann and Tofias.
In the fourth quarter, CBIZ’s revenue of $162.9 million was down a bit from the year-ago quarter of $164.8 million.
