Exhibit 99.1
(CBIZ LOGO)       Press release
         
FOR IMMEDIATE RELEASE
  CONTACT:   Ware Grove
 
      Chief Financial Officer
 
      -or-
 
      Lori Novickis
 
      Director, Corporate Relations
 
      CBIZ, Inc.
 
      Cleveland, Ohio
 
      (216) 447-9000
CBIZ REPORTS FIRST-QUARTER 2007 RESULTS
REVENUE GROWS 9.3%
EPS FROM CONTINUING OPERATIONS UP 29.4% TO $0.22 FROM $0.17 IN 2006
Cleveland, Ohio (May 3, 2007)—CBIZ, Inc. (NYSE: CBZ) today announced first-quarter results for the quarter ended March 31, 2007.
CBIZ reported revenue of $183.2 million for the first quarter ended March 31, 2007, an increase of 9.3% over the $167.5 million reported for the first quarter of 2006. Same-unit revenue increased by 8.0%, or by $13.4 million. Revenue from newly acquired operations contributed $2.5 million or 1.5% to revenue growth in the first quarter while the sale of a small office during 2007 resulted in a revenue decline of $0.2 million compared with a year ago. CBIZ reported income from continuing operations for the quarter of $14.9 million, or $0.22 per diluted share, compared with $13.2 million, or $0.17 per diluted share in the first quarter of 2006.
During the first quarter 2007, CBIZ repurchased approximately 2.5 million shares of its common stock at a cost of approximately $17.6 million. Since the end of the first quarter the Company has repurchased an additional 1.0 million shares at a cost of approximately $6.9 million through May 1, 2007.
“All of our business segments performed well in the first quarter with both revenue and contribution increases from each of our four business segments. Our same-unit revenue growth of 8.0% in the first quarter represents the fifteenth consecutive quarter of same-unit revenue growth at CBIZ,” stated Steven L. Gerard, Chairman and CEO. “With the 9.3% revenue growth in the first quarter, we are pleased to be able to report a 29.4% increase in earnings per diluted share. We are on track with our 2007 goals to grow revenue in a range of 8% to 10% and to achieve an increase in earnings per share from continuing operations of at least 20% in 2007, compared with the $0.35 per share reported for 2006,” concluded Mr. Gerard.
CBIZ will host a conference call later this morning to discuss its results. The call will be webcast in a listen-only mode over the Internet for the media and the public, and can be accessed at www.cbiz.com.

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6050 Oak Tree Boulevard, South • Suite 500 • Cleveland, OH 44131• Phone (216) 447-9000 • Fax (216) 447-9007

 

Shareholders and analysts wishing to participate in the conference call may dial 1-866-418-3599 several minutes before 11:00 a.m. (ET). If you are dialing from outside the United States, dial 1-847-619-6341. A replay of the call will be available starting at 1:00 p.m. (ET), May 3 through midnight (ET), May 8, 2006. The dial-in number for the replay is 1-877-213-9653. If you are listening from outside the United States, dial 1-630-652-3041. The access code for the replay is 17659505. A replay of the webcast will also be available on the Company’s web site at www.cbiz.com.
CBIZ, Inc. provides professional business services that help clients better manage their finances, employees and technology. As the largest benefits specialist, one of the largest accounting, valuation and medical practice management companies in the United States, CBIZ provides its clients with integrated financial services which include accounting and tax, internal audit, Sarbanes-Oxley 404 compliance, and valuation. Employee services include employee benefits, property and casualty insurance, payroll, HR consulting and wealth management. CBIZ also provides information technology, hardware and software solutions, government relations, healthcare consulting and medical practice management. These services are provided throughout a network of more than 140 Company offices in 34 states and the District of Columbia.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Risk factors that could cause actual results to differ include the risk of a decline in the current trend to outsource business services that may have a material adverse effect on the Company’s results of operations and the Company’s sensitivity to revenue fluctuations that could result in fluctuations in the market price for shares of the Company’s common stock. Additional risk factors are discussed in our Report on Form 10-K for the year ended December 31, 2006, and the reader is directed to these statements for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements.
For further information regarding CBIZ, call our Investor Relations Office at (216) 447-9000 or
visit our web site at www.cbiz.com.

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6050 Oak Tree Boulevard, South • Suite 500 • Cleveland, OH 44131• Phone (216) 447-9000 • Fax (216) 447-9007

 

CBIZ, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(In thousands, except percentages and per share data)
                                 
            THREE MONTHS ENDED        
    MARCH 31,  
    2007     %     2006 (1)     %  
Revenue
   $ 183,203       100.0 %   $ 167,546       100.0 %
 
                                
Operating expenses
     146,059       79.7 %     135,341       80.8 %
 
                                
 
                        
Gross margin
     37,144       20.3 %     32,205       19.2 %
 
                                
Corporate general and administrative expense
     7,588       4.1 %     6,732       4.0 %
Depreciation and amortization expense
     4,105       2.3 %     3,979       2.4 %
 
                                
 
                        
Operating income
     25,451       13.9 %     21,494       12.8 %
 
                                
Other income (expense):
                                
Interest expense
     (979 )     -0.5 %     (792 )     -0.4 %
Gain on sale of operations, net
     95       0.0 %     —       0.0 %
Other income, net
     607       0.3 %     1,235       0.7 %
 
                        
Total other income (expense), net
     (277 )     -0.2 %     443       0.3 %
 
                                
Income from continuing operations before income tax expense
     25,174       13.7 %     21,937       13.1 %
 
                                
Income tax expense
     10,312               8,753          
 
                                
 
                        
Income from continuing operations after income tax expense
     14,862       8.1 %     13,184       7.9 %
 
                                
Loss from operations of discontinued businesses, net of tax
     (405 )             (1,333 )        
Gain (loss) on disposal of discontinued businesses, net of tax
     (193 )             167          
 
                                
 
                        
Net income
   $ 14,264       7.8 %   $ 12,018       7.2 %
 
                        
 
                                
Diluted earnings (loss) per share:
                                
Continuing operations
   $ 0.22             $ 0.17          
Discontinued operations
     (0.01 )             (0.01 )        
 
                        
Net income
   $ 0.21             $ 0.16          
 
                        
 
                                
Diluted weighted average common shares outstanding
     68,023               77,354          
 
                                
Other data from continuing operations:
                                
EBIT (2)
   $ 26,058             $ 22,729          
EBITDA (2)
   $ 30,163             $ 26,708          
 
(1)   Certain amounts in the 2006 financial data have been reclassified to conform to the current year presentation to reflect the impact of discontinued operations.
 
(2)   EBIT represents income from continuing operations before income taxes, interest expense, and gain on divested operations. EBITDA represents EBIT as defined above before depreciation and amortization expense. The Company has included EBIT and EBITDA data because such data is commonly used as a performance measure by analysts and investors and as a measure of the Company’s ability to service debt. EBIT and EBITDA should not be regarded as an alternative or replacement to any measurement of performance under generally accepted accounting principles (GAAP).

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6050 Oak Tree Boulevard, South • Suite 500 • Cleveland, OH 44131• Phone (216) 447-9000 • Fax (216) 447-9007

 

CBIZ, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(In thousands, except percentages and per share data)
                 
    THREE MONTHS ENDED
    MARCH 31,
    2007   2006 (3)
Revenue
                
Financial Services
   $ 96,981     $ 88,744  
Employee Services
     44,305       39,140  
Medical Management Professionals
     29,608       28,222  
National Practices
     12,309       11,440  
 
                
Total
   $ 183,203     $ 167,546  
 
                
Gross margin
                
Financial Services
   $ 27,344     $ 25,329  
Employee Services
     10,654       8,582  
Medical Management Professionals
     3,733       3,538  
National Practices
     824       716  
 
                
Total (1)
   $ 37,144     $ 32,205  
SELECT BALANCE SHEET DATA AND RATIOS
                 
    MARCH 31,     DECEMBER 31,  
    2007     2006 (3)  
Cash and cash equivalents
   $ 7,736     $ 12,971  
Restricted cash
   $ 15,630     $ 17,507  
Accounts receivable, net
   $ 133,396     $ 106,299  
Current assets before funds held for clients
   $ 179,124     $ 160,652  
Funds held for clients
   $ 88,910     $ 84,441  
Goodwill and other intangible assets, net
   $ 213,395     $ 211,929  
 
                
Total assets
   $ 544,577     $ 518,282  
 
                
Current liabilities before client fund obligations
   $ 77,116     $ 91,341  
Client fund obligations
   $ 88,910     $ 84,441  
Convertible notes
   $ 100,000     $ 100,000  
Bank debt
   $ 29,200     $ —  
 
                
Total liabilities
   $ 326,543     $ 301,704  
 
                
Treasury stock
   $ (194,419 )   $ (176,773 )
 
                
Total stockholders’ equity
   $ 218,034     $ 216,578  
 
                
Debt to equity (4)
     59.3 %     46.2 %
Days sales outstanding from continuing operations (2)
     80       67  
 
                
Shares outstanding
     65,838       67,416  
 
            
Basic weighted average common shares outstanding
     66,344       71,004  
 
            
Diluted weighted average common shares outstanding
     68,023       73,052  
 
            
 
(1)   Includes operating expenses recorded by corporate and not directly allocated to the business units of $5,411 and $5,960 for the three months ended March 31, 2007 and 2006, respectively.
 
(2)   At March 31, 2006 days sales outstanding was 82 days. Days sales outstanding (DSO) is provided for continuing operations and represent accounts receivable (before the allowance for doubtful accounts) and unbilled revenue (net of realization adjustments) at the end of the period, divided by trailing twelve month daily revenue. The Company has included DSO data because such data is commonly used as a performance measure by analysts and investors and as a measure of the Company’s ability to collect on receivables in a timely manner. DSO should not be regarded as an alternative or replacement to any measurement of performance under generally accepted accounting principles (GAAP).
 
(3)   Certain amounts in the 2006 financial data have been reclassified to conform to the current year presentation to reflect the impact of discontinued operations.
 
(4)   Ratio is convertible note and bank debt divided by total equity.

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6050 Oak Tree Boulevard, South • Suite 500 • Cleveland, OH 44131• Phone (216) 447-9000 • Fax (216) 447-9007