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Comsys plans goodwill impairment charge

February 03 2009

Comsys IT Partners (NASD: CITP)said it will take a noncash charge for goodwill impairment in the fourth quarter and expects to report a loss for the quarter and the year ended Dec. 28. The charge will cover some or all of the $175.0 million in goodwill the company had as of Sept. 28.

The impairment charge is a result of a decline in the company's stock price in the fourth quarter because of market conditions, the Houston-based information technology staffing firm said.

Comsys still estimates revenue of between $168 million and $173 million. It will report fourth-quarter results on Feb. 19.

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