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UPDATE 1-CBIZ posts lower-than-expected profit, shares fall
February 16, 2010 / 3:18 PM / in 8 years

UPDATE 1-CBIZ posts lower-than-expected profit, shares fall

* Sees 2010 EPS from cont ops growing at between 4-7 pct

* Q4 EPS $0.02 vs est $0.06

* Q4 rev down 2 pct to 162.3 mln

* Shares fall as much as 11 pct

Feb 16 (Reuters) - CBIZ Inc (CBZ.N), a professional business services provider, reported a lower-than-expected quarterly profit, hurt by higher expenses, sending its shares down as much as 11 percent.

For the full year 2010, the company expects earnings per share from continuing operations to increase within a range of 4 percent and 7 percent.

“We believe that some of the economic challenges we have encountered this past year will persist, resulting in moderate growth in revenue, earnings and cash flow for 2010,” Chief Executive Steven Gerard said.

For the fourth quarter, CBIZ reported net income of $1.3 million, or 2 cents a share, compared with $3 million, or 5 cents a share last year.

Revenue fell 2 percent to $162.3 million in the quarter.

Analysts on average were looking for a profit of 6 cents a share, before items, on revenue of $174.3 million, according to Thomson Reuters I/B/E/S.

Operating expenses rose 8 percent to $151.9 million.

Shares of the company fell to a low of $6.10, before paring some losses to trade down 10 percent at $6.18, in morning trade on the New York Stock Exchange.

For all the alerts, please double-click [ID:nWNAB7409] (Reporting by Brenton Cordeiro in Bangalore; Editing by Maju Samuel)

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