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Comsys revenue dips over year, up sequentially

October 29 2009
Staffing Industry Analysts North American Daily News

Comsys IT Partners Inc. (NASD: CITP) announced third-quarter revenue of $157.3 million, a decrease of 14.4% compared with the same period last year. But the Houston-based information technology staffing firm reported revenue rose 0.3% from the second quarter of 2009 -- the first sequential increase since the second quarter of 2008.

Third-quarter gross margin was 24.6%, unchanged from the year-ago quarter.

Comsys' third-quarter net income fell 50.1% to $3.0 million from $6.0 million in the third quarter of 2008.

"Although our third-quarter results have given us some cause for optimism that the worst may be behind us, and we have some renewed visibility about our short-term prospects, our overall outlook remains cautious," said CEO Larry Enterline. "Our clients' budgets for 2010 will be the best indicator to us of where we stand in this cycle, and we plan to reserve judgment until then on expected demand for next year."

Comsys estimated fourth-quarter revenue of $161.0 million to $166.0 million, a year-over-year decrease of approximately 6.0% to 8.5%.

Comsys IT Partners Inc. (NASD: CITP)
For the third quarter ended Sept. 27, 2009, compared with the same period in 2008.
Revenue: $157.3 million, -14.4%
Net income: $3.0 million, -50.1%

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