CBIZ (CBZ) 8-K Cbiz Reports Third-quarter 2008 Results

Exhibit 99.1

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 THIRD-QUARTER 2008 RESULTS

REVENUE FOR THE QUARTER INCREASES 11.3%; EPS UP 33.3%
YEAR TO DATE EPS UP 23.7%

Cleveland, Ohio (October 30, 2008)—CBIZ, Inc. (NYSE: CBZ) today announced third-quarter results for the period ended September 30, 2008.

CBIZ reported revenue of $168.2 million for the third quarter ended September 30, 2008, an increase of 11.3% over the $151.2 million recorded for the third quarter of 2007. Same-unit revenue for the third quarter increased by 5.6%, or $8.4 million. Revenue from newly acquired operations net of divestitures contributed $8.6 million to revenue growth in the third quarter of 2008 compared with the third quarter a year ago. CBIZ reported income from continuing operations of $4.9 million for the third quarter 2008, or $0.08 per diluted share, compared with $3.8 million, or $0.06 per diluted share in the third quarter of 2007.

During the third quarter, the Company repurchased approximately 561 thousand shares of its common stock at a cost of approximately $4.5 million. For the nine-month period ended September 30, 2008, the Company repurchased 4.3 million shares at a cost of approximately $37.5 million.

For the nine-month period ended September 30, 2008, CBIZ reported revenue of $541.3 million, an increase of 11.3%, or $55.0 million over the $486.3 million recorded for the comparable nine-month period a year ago. Same-unit revenue increased by 5.4%, or $26.3 million, for the first nine months of 2008 compared to the same period a year ago. Revenue from acquisitions net of divestitures contributed $28.7 million to revenue growth for the first nine months of 2008 compared with the same period a year ago. Income from continuing operations was $29.6 million for the first nine months of 2008, or $0.47 per diluted share, compared with $25.2 million for the first nine months of 2007, or $0.38 per diluted share.

“The third quarter of 2008 represents the twenty first consecutive quarter of same-unit revenue growth for CBIZ. Each of our business segments increased revenue and contribution during the third quarter,” stated Steven L. Gerard, Chairman and CEO. “We are very pleased with the performance for the first nine months of 2008. We are on track to achieve our full year 2008 goals and expect to increase revenue by 10% and increase earnings per share from continuing operations by 20% to 25% over the normalized $0.43 we reported for 2007,” 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. Shareholders and analysts wishing to participate in the conference call may dial 1-800-640-9765 several minutes before 11:00 a.m. (ET). If you are dialing from outside the United States, dial 1-847-413-4837. A replay of the call will be available starting at 1:00 p.m. (ET), October 30 through midnight (ET), November 3, 2008. 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 22991467. 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 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 34 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.

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

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CBIZ, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(In thousands, except percentages and per share data)

	THREE MONTHS ENDED
	SEPTEMBER 30,
	2008			%			2007 (1)			%
Revenue	$	168,195			100.0	%	$	151,180			100.0	%
Operating expenses		148,757			88.4	%		137,177			90.7	%
Gross margin		19,438			11.6	%		14,003			9.3	%
Corporate general and administrative expense		7,270			4.4	%		7,143			4.8	%
Operating income		12,168			7.2	%		6,860			4.5	%
Other income (expense):
Interest expense		(1,804	)		-1.0	%		(1,284	)		-0.8	%
Gain on sale of operations, net		229			0.1	%		20			0.0	%
Other income (expense), net (2)		(3,018	)		-1.8	%		747			0.5	%
Total other expense, net		(4,593	)		-2.7	%		(517	)		-0.3	%
Income from continuing operations before income tax expense		7,575			4.5	%		6,343			4.2	%
Income tax expense		2,689						2,531
Income from continuing operations		4,886			2.9	%		3,812			2.5	%
Loss from operations of discontinued businesses, net of tax		(56	)					(189	)
Gain on disposal of discontinued businesses, net of tax		132						1,023
Net income	$	4,962			3.0	%	$	4,646			3.1	%
Diluted earnings per share:
Continuing operations	$	0.08					$	0.06
Discontinued operations		—						0.01
Net income	$	0.08					$	0.07
Diluted weighted average common shares outstanding		61,772						66,083
Other data from continuing operations:
EBIT (3)	$	9,150					$	7,607
EBITDA (3)	$	12,881					$	10,833

(1)	Certain amounts in the 2007 financial data have been reclassified to conform to the current year presentation.
(2)	Includes a net loss of $1,898 and a net gain of $372 attributable to assets held in the Company’s deferred compensation plan for the three months ended September 30, 2008 and 2007, respectively. These net gains and losses do not impact the Company’s “income from continuing operations before income tax expense” as they are directly offset by compensation to the Plan participants. Compensation is included in “operating expenses” and “corporate general and administrative expense.” Other income (expense), net also includes an impairment charge of $1,381 related to the Company’s investment in an Auction Rate Security.
(3)	EBIT represents income from continuing operations before income taxes, interest expense and gain on sale of operations, net. EBITDA represents EBIT before depreciation and amortization expense of $3,731 and $3,226 for the three months ended September 30, 2008 and 2007, respectively. 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.

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

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CBIZ, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(In thousands, except percentages and per share data)

	NINE MONTHS ENDED
	SEPTEMBER 30,
	2008			%			2007 (1)			%
Revenue	$	541,281			100.0	%	$	486,282			100.0	%
Operating expenses		461,970			85.3	%		419,474			86.3	%
Gross margin		79,311			14.7	%		66,808			13.7	%
Corporate general and administrative expense		22,313			4.2	%		23,233			4.7	%
Operating income		56,998			10.5	%		43,575			9.0	%
Other income (expense):
Interest expense		(5,409	)		-1.0	%		(4,250	)		-0.9	%
Gain on sale of operations, net		470			0.1	%		125			0.0	%
Other income (expense), net (2)		(4,030	)		-0.7	%		3,342			0.7	%
Total other expense, net		(8,969	)		-1.6	%		(783	)		-0.2	%
Income from continuing operations before income tax expense		48,029			8.9	%		42,792			8.8	%
Income tax expense		18,442						17,631
Income from continuing operations		29,587			5.5	%		25,161			5.2	%
Loss from operations of discontinued businesses, net of tax		(250	)					(1,134	)
(Loss) gain on disposal of discontinued businesses, net of tax		(308	)					4,713
Net income	$	29,029			5.4	%	$	28,740			5.9	%
Diluted earnings (loss) per share:
Continuing operations	$	0.47					$	0.38
Discontinued operations		(0.01	)					0.05
Net income	$	0.46					$	0.43
Diluted weighted average common shares outstanding		62,801						66,845
Other data from continuing operations:
EBIT (3)	$	52,968					$	46,917
EBITDA (3)	$	64,314					$	56,929

(1)	Certain amounts in the 2007 financial data have been reclassified to conform to the current year presentation.
(2)	Includes a net loss of $3,817 and a net gain of $1,885 attributable to assets held in the Company’s deferred compensation plan for the nine months ended September 30, 2008 and 2007, respectively. These net gains and losses do not impact the Company’s “income from continuing operations before income tax expense” as they are directly offset by compensation to the Plan participants. Compensation is included in “operating expenses” and “corporate general and administrative expense.” Other income (expense), net also includes an impairment charge of $1,381 related to the Company’s investment in an Auction Rate Security.
(3)	EBIT represents income from continuing operations before income taxes, interest expense and gain on sale of operations, net. EBITDA represents EBIT before depreciation and amortization expense of $11,346 and $10,012 for the nine months ended September 30, 2008 and 2007, respectively. 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.

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

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CBIZ, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007
(In thousands, except percentages and ratios)

	THREE MONTHS ENDED						NINE MONTHS ENDED
	SEPTEMBER 30,						SEPTEMBER 30,
	2008			2007 (1)			2008			2007 (1)
Revenue
Financial Services	$	70,204		$	64,893		$	243,964		$	226,037
Employee Services		44,513			42,343			139,075			130,217
Medical Management Professionals		41,345			32,420			124,010			94,144
National Practices		12,133			11,524			34,232			35,884
Total	$	168,195		$	151,180		$	541,281		$	486,282
Gross margin
Financial Services	$	6,514		$	5,930		$	44,124		$	41,479
Employee Services		7,484			7,175			24,803			25,043
Medical Management Professionals		5,581			4,429			15,836			11,892
National Practices		931			891			1,851			3,328
Operating expenses — unallocated (2)		(1,072	)		(4,422	)		(7,303	)		(14,934	)
Total	$	19,438		$	14,003		$	79,311		$	66,808

SELECT BALANCE SHEET DATA AND RATIOS

	SEPTEMBER 30,			DECEMBER 31,
	2008			2007 (1)
Cash and cash equivalents	$	7,501		$	12,144
Restricted cash	$	14,216		$	15,402
Accounts receivable, net	$	133,355		$	115,333
Current assets before funds held for clients	$	175,712		$	161,681
Funds held for clients — current and non-current	$	77,672		$	88,048
Goodwill and other intangible assets, net	$	279,200		$	268,388
Total assets	$	591,936		$	577,992
Current liabilities before client fund obligations	$	88,848		$	95,605
Client fund obligations	$	79,285		$	88,048
Convertible notes	$	100,000		$	100,000
Bank debt	$	60,000		$	30,000
Total liabilities	$	365,143		$	351,546
Treasury stock	$	(252,702	)	$	(214,883	)
Total stockholders’ equity	$	226,793		$	226,446
Debt to equity (3)		70.5	%		57.4	%
Days sales outstanding (DSO) — continuing operations (4)		71			64
Shares outstanding		61,790			64,637
Basic weighted average common shares outstanding		62,080			65,061
Diluted weighted average common shares outstanding		62,801			66,356

(1)	Certain amounts in the 2007 financial data have been reclassified to conform to the current year presentation.
(2)	Represents operating expenses not directly allocated to individual business units, including incentive compensation, gains or losses attributable to assets held in the Company’s deferred compensation plan, stock based compensation, and certain advertising expenses.
(3)	Ratio is convertible notes and bank debt divided by total stockholders’ equity.
(4)	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. DSO at September 30, 2007 was 71 days.

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

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