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Comsys IT Partners Inc. (NASD: CITP) cited strengthening activity levels and raised its revenue estimate for fourth quarter of 2009. The Houston-based information technology firm now estimates fourth-quarter revenue of between $170 million and $175 million -- up from the previous guidance of $161 million to $166 million.
"The strengthening activity levels that we reported on in late October have continued through November and December," CEO Larry Enterline said.
In addition, the company expects a sequential increase in gross margin because of higher margins in its core staffing business and increased fee income in its division that handles vendor management, services procurement and recruitment process outsourcing.
The new fourth-quarter revenue estimate represents a decrease of 5.7% to 8.5% from revenue of $176.0 million in the fourth quarter of 2008.
Comsys also raised revenue guidance for full-year 2009 to a range of $647 million to $652 million from an earlier estimate of between $638.0 million to $643.0 million.
The new estimate reflects a decrease of 11.6% to 12.3% from full-year 2008 revenue of $727.1 million.