New York City Accounting Firm To Add $55 Million to CBIZ Revenue
CLEVELAND, Dec. 31 /PRNewswire-FirstCall/ -- CBIZ, Inc. (NYSE: CBZ) today
announced that it has closed the previously announced definitive agreement to
acquire the non-attest business of Mahoney Cohen & Company, a leading national
accounting service provider based in New York City, NY, effective today,
December 31, 2008.
Founded in 1969, Mahoney Cohen with offices in New York City, Boca Raton
and Miami, Florida, and Houston, Texas is a leading full service regional
accounting and management consulting firm providing accounting, tax and
advisory services to public and private businesses and high net worth
individuals. Mahoney Cohen, with 249 associates, is ranked as one of the Top
100 accounting firms in the nation.
This transaction is expected to contribute approximately $55.0 million to
revenue and add approximately $0.04 in earnings per share in 2009.
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 financial services which include accounting and tax, internal audit,
merger and acquisition advisory, and valuation. Employee services include
group benefits, property and casualty insurance, payroll, HR consulting and
wealth management. CBIZ also provides information technology, hardware and
software solutions, healthcare consulting and medical practice management.
These services are provided through more than 140 Company offices in 37
states.
Forward-looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to certain risks and uncertainties
that could cause actual results to differ materially from those projected.
Such risks and uncertainties include, but are not limited to, the Company's
ability to adequately manage its growth; the Company's dependence on the
current trend of outsourcing business services; the Company's dependence on
the services of its CEO and other key employees; competitive pricing
pressures; general business and economic conditions; and changes in
governmental regulation and tax laws affecting its insurance business or its
business services operations. A more detailed description of such risks and
uncertainties may be found in the Company's filings with the Securities and
Exchange Commission.
SOURCE CBIZ, Inc.
12/31/2008
/CONTACT: Lori Novickis, Director, Corporate Relations of CBIZ, Inc.,
+1-216-447-9000
Web site: http://www.cbiz.com
(CBZ)
