CBIZ, Inc. (CBZ) saw its loss narrow to $0.69 million, or $0.01 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.91 million, or $0.04 a share. Revenue during the quarter grew 8.74 percent to $178.78 million from $164.41 million in the previous year period. Gross margin for the quarter expanded 131 basis points over the previous year period to 4.05 percent. Operating margin for the quarter stood at negative 1.01 percent as compared to a negative 2.14 percent for the previous year period.
Operating loss for the quarter was $1.81 million, compared with an operating loss of $3.52 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $5.41 million compared with $3.48 million in the prior year period. At the same time, adjusted EBITDA margin improved 91 basis points in the quarter to 3.02 percent from 2.12 percent in the last year period.
Jerry Grisko, CBIZ president and chief executive officer, said, "2016 was another strong year for CBIZ. Our full-year results of 6.6% growth in revenue and 15.2% growth in earnings per diluted share were ahead of our expectations. These results were bolstered by a strong fourth quarter, with revenue growth of 8.7%, and same-unit revenue growth of 2.9%. The positive results recorded in our Financial Services segment reflect continued strength in both government healthcare consulting and our core accounting services, while the growth in our Benefits and Insurance segment was driven primarily by acquisitions."
Cbiz projects revenue to grow in the range of 6 percent to 8 percent for the financial year 2017.
Operating cash flow improves significantlyCBIZ, Inc. has generated cash of $71.04 million from operating activities during the year, up 49.92 percent or $23.66 million, when compared with the last year. The company has spent $50.01 million cash to meet investing activities during the year as against cash outgo of $6.95 million in the last year.
The company has spent $18.38 million cash to carry out financing activities during the year as against cash outgo of $40.57 million in the last year period.
Cash and cash equivalents stood at $3.49 million as on Dec. 31, 2016, up 311.06 percent or $2.64 million from $0.85 million on Dec. 31, 2015.
Debt comes down
CBIZ, Inc. has recorded a decline in total debt over the last one year. It stood at $191.77 million as on Dec. 31, 2016, down 6.31 percent or $12.91 million from $204.68 million on Dec. 31, 2015. Short-term debt stood at $1.72 million as on Dec. 31, 2016. Total debt was 17.14 percent of total assets as on Dec. 31, 2016, compared with 20.51 percent on Dec. 31, 2015. Debt to equity ratio was at 0.40 as on Dec. 31, 2016, down from 0.48 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
