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Fourth-quarter net income rose 68.5% at Comsys IT Partners Inc. (NASD: CITP), a Houston-based information technology staffing firm. The company posted net income of $8.7 million compared with $5.1 million in the fourth quarter of 2006.
"Except for the impact of the Chimes bankruptcy, we were pleased with our financial results in the fourth quarter," said CEO Larry Enterline. "Net income rose over last year primarily due to the benefits of efficiency initiatives implemented throughout the past year." Enterline also said the interest expense declined because of lower debt levels.
Comsys' gross margin rose to 25.2% in the fourth quarter from 24.6% in the same period last year. However, revenue fell 0.8% to $183.3 million from $184.7 million in the same period last year.
The company said it took a pre-tax charge of $1.0 million in the fourth quarter as potentially uncollectible accounts from the Chimes bankruptcy.
Full-year 2007 revenue rose 0.9% to $743.3 million from $736.6 million in 2006. Gross margin edged up to 24.9% from 24.3%.
Net income for 2007 rose 58.5% to $33.3 million from $21.0 million in 2006.
Comsys gave first-quarter revenue guidance of between $181 million and $186 million. Analysts had been estimating revenue of $187.6 million.
Comsys IT Partners Inc. (NASD: CITP)
For the fourth quarter ended Dec. 30, 2007, compared with the same period in 2006.
Revenue: $183.3 million, -0.8%
Net income: $8.7 million, +68.5%
For full-year 2007 ended Dec. 30, 2007, compared with the previous year.
Revenue: $743.3 million, +0.9%
Net income: $33.3 million, +58.5%