CBIZ, Inc. - CBZ STOCK NEWS

The CBIZ Small Business Employment Index (SBEI) revealed a 1.06% seasonally adjusted decrease in small business hiring for November, diverging from historical trends typically bolstered by the holiday season. Factors such as waning consumer confidence and rising COVID-19 cases negatively impacted hiring. The SBEI tracks over 3,500 companies with 300 or fewer employees. While the West region saw a hiring increase of 1.36%, other regions experienced declines. In November, 19% of companies increased staffing, while 26% reduced it.

The CBIZ Small Business Employment Index (SBEI) reported a 1.18% increase in hiring for October, despite uncertainties surrounding COVID-19 and the U.S. election. Traditionally, October sees lower hiring rates, but robust consumer engagement has driven growth this year. The index tracks over 3,500 small businesses. Notably, hiring rose in all U.S. regions, with the West leading at 2.61%. However, sectors like Construction and Financial Services experienced declines. Future trends may hinge on consumer confidence and potential COVID-19 lockdowns.

CBIZ reported third-quarter results for 2020 with total revenue of $238.4 million, a 0.6% decline year-over-year. Same-unit revenue dropped 2.0%, while EPS from continuing operations rose 12.5% to $0.36. For the nine months ended September 30, total revenue increased by 1.0% to $752.8 million, despite a 0.8% decrease in same-unit revenue. The company repurchased approximately 1.3 million shares in 2020, reflecting confidence in its financial health. CBIZ completed five acquisitions year-to-date, expected to add $24.6 million in annualized revenue.

CBIZ, a prominent provider of financial, insurance, and advisory services, will announce its Q3 and nine-month financial results for 2020 on October 29, 2020, before market opening. A conference call led by President and CEO Jerry Grisko and CFO Ware Grove is scheduled for 11:00 a.m. (ET) on the same day. Interested investors can pre-register for the call through CBIZ's website. Headquartered in the U.S., CBIZ offers a range of services, positioning itself as a leading accounting and insurance brokerage provider.

CBIZ's Main Street Index reveals that over 43% of small to mid-sized U.S. businesses suffered significant impacts from COVID-19. The survey, spanning over 1,600 businesses, shows that 51% reported decreased sales, and nearly 85% utilized the Payroll Protection Program. Smaller firms, especially those with 1-4 employees, were hit hardest, with 48% facing severe challenges. Despite this, over 40% plan to increase marketing spending, indicating a willingness to invest amid uncertainty.

The CBIZ Small Business Employment Index reported a 1.5% increase in hiring for September, marking a surprise growth as businesses typically reduce headcounts during this month. This positive trend reflects a broader economic recovery despite challenges. The report, which analyzes data from over 3,400 small businesses, highlighted growth across all four U.S. regions, with the Central region leading at 1.55%. However, certain industries such as Real Estate and Retail saw declines in hiring.

CBIZ raised over $83,000 during its first-ever virtual fundraising campaign for Dress for Success, more than double the amount from the previous year. The initiative, organized by CBIZ Women's Advantage, saw participation from over 800 employees. Funds will support 46 Dress affiliates across the U.S. amid challenges from the COVID-19 pandemic. Approximately 80% of affiliates reported client layoffs, highlighting the financial hardships faced by women in the workforce. CBIZ's ongoing partnership with Dress for Success has contributed over $585,000 since 2008.

CBIZ, Inc. (NYSE: CBZ) announced the acquisition of assets from ARC Consulting LLC and ARC Placement Group LLC, effective September 1, 2020. ARC, based in San Francisco, specializes in accounting and advisory services for high-growth companies, generating approximately $17.3 million in annual revenue. This acquisition enhances CBIZ's presence in Northern California and expands its service offerings, particularly in IPO advisory and reporting. Both companies aim to leverage this partnership for broader national service delivery and client growth.

CBIZ, Inc. (NYSE: CBZ) appointed A. Haag Sherman as an independent director, effective August 6, 2020, filling the vacancy left by Donald V. Weir's retirement. Sherman brings extensive business and financial expertise, particularly in wealth management and accounting, and will serve on the Audit Committee. His background includes being CEO of Tectonic Financial and co-founding an asset management firm. CBIZ's Board now comprises 10 members, with eight independent directors, enhancing its governance structure and decision-making capabilities.