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Cbiz 1Q earnings rise as acquisitions contribute to sales

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May 1, 2008

CLEVELAND—Cbiz Inc. said Thursday that first-quarter earnings rose 18 percent as acquisitions boosted revenue.

Cbiz, which provides back office functions such as payroll and benefits services, said net income rose to $16.8 million, or 26 cents per share, from $14.3 million, or 21 cents per share, in the year-ago period.

Analysts expected profit of 26 cents per share on $202.5 million in revenue, according to Thomson Financial.

Revenue rose 11 percent to $197.4 million from $178.4 million last year.

Revenue from newly acquired businesses contributed $10 million or 5.6 percent to revenue growth compared with last year, the company said.

Cbiz said the results put it on track to meet its 2008 financial targets.

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