UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 17, 2004
-----------------
CENTURY BUSINESS SERVICES, INC.
-------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 22-2769024
------------------------------- -------------------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
0-25890
------------------------
(Commission File Number)
6050 Oak Tree Boulevard South, Suite 500
Cleveland, Ohio 44131
----------------------------------------
(Address of Principal Executive Offices)
(Zip Code)
Registrant's Telephone Number, Including Area Code 216-447-9000
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
Item 7(c). Exhibits
Exhibit 99.1 Press Release of Century Business Services, Inc. dated
February 17, 2004, announcing its financial results for the
fourth quarter and year ended December 31, 2003.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On February 17, 2004, Century Business Services, Inc. (CBIZ) announced its
earnings for the fourth quarter and year ended December 31, 2003. A copy of the
press release is filed herewith as Exhibit 99.1.
In addition, on February 17, 2004, Century conducted its earnings conference
call for the quarter and year ended December 31, 2003. On this conference call,
CBIZ disclosed the following additional information: incremental first year
revenue generated from cross serving was $7.7 million in 2003, which exceeded
the $6.5 million of cross serving revenue generated in 2002 and the 2003 goal of
$7.5 million; capital expenditures for the fourth quarter and full year 2003
were $2.5 million and $10.0 million, respectively, and capital spending is
projected to be in the $10 million range in 2004; depreciation and amortization
is expected to level out around $16.5 million to $17.0 million in the future;
days sales outstanding (DSO) for 2003 was 82 days; and the DSO target for 2004
remains at 75 days.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CENTURY BUSINESS SERVICES, INC.
Date: February 23, 2004
/s/ Ware H. Grove
-----------------------------------
Ware H. Grove
Chief Financial Officer