Revenue from Century Small Business Solutions accounted for less than 1 percent of CBIZ's revenue year-to-date, according to the company. The deal didn't include eight CBIZ-owned franchisee offices. CBIZ said it plans to use the net proceeds from the sale for debt reduction.

CSBS was formed in July of 1998 following CBIZ's acquisition of General Business Services, Inc. and E. K. Williams & Co. CBIZ combined the Waco, Texas-based companies with its Mission Viejo, Calif.-based Comprehensive Business Services into a separate division to cater to small business clients

Privately held Fiducial Triple Check, a subsidiary of Fiducial Inc., was formed by the 1999 acquisition of Montrose, Calif.-based tax and accounting franchise company Triple Check by French accounting firm Fiducial, based in Lyon, France. Fiducial has about 400 U.S. offices.

In other news, CBIZ reported its third quarter results Tuesday. CBIZ recorded a net loss for the period of $1.4 million, or $0.02 per share, compared with pro forma net income of $12.7 million, or $0.14 per share, for the comparable 1999 period. Third quarter revenue rose to $139.4 million from $138.1 million last year, while Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the quarter was $15.4 million, versus $27.3 million a year ago.

CBIZ said a change in the period used to amortize good will during last year's fourth quarter from 40 to 15 years negatively affected earnings per share in the third quarter of 2000 by $3.7 million, or $0.04 per share, compared with the third quarter of 1999.

The firm said revenue growth was negatively affected by shortfalls in some of the business units in its National Practices division, including its valuation, performance consulting, e-solutions and capital advisory businesses.

Cost-cutting measures trimmed debt from $149.1 million to $145 million during the third quarter, while the sale of its risk-bearing insurance unit further lowered debt to approximately $121 million, CBIZ said.

"We focused our efforts in the third quarter primarily on implementing expense-saving policies across the company and building more efficient procedures into the system," commented Jerry Grisko, president and chief operating officer. "We now need to turn our focus to revenue enhancement initiatives to drive stronger growth in our top line."

-- SmartPros News Staff

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