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CBIZ TECHNOLOGY BIZ TAKES HIT
A drop in technology spending took its toll on the National Practice of Cbiz for the third quarter ended September 30 and the company reduced staff in that area to cut expense.
Total revenue rose to just over $179 million, up 6.4 percent from $168.2 million in last year's corresponding quarter. Net income also rose, hitting $5.1 million, up from $4.4 million a year ago. However, operating income plunged to $6.7 million, down from $12.2 million in 2008. National practice revenue dipped to $10.1 million, down from just under $11.9 million a year ago. Service and service agreement fees dropped by $1 million and product revenue by about $1 million. Personnel expense dropped by $300,000 because of staff reductions.
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