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Comsys revenue slips 1.9%

November 05 2008

Third-quarter revenue fell 1.9% at Comsys IT Partners Inc. (NASD: CITP) to $183.7 million from $187.2 million in the same period last year. The Houston-based information technology staffing firm said revenue fell 7.1% excluding acquisitions.

The company reported permanent placement revenue fell 35% in the third quarter to $1.4 million.

Comsys' gross margin narrowed to 24.6% from 25.2%.

Third-quarter net income fell 37.1% to $6.0 million from $9.6 million in the third quarter of 2007. The quarter included an $800,000 noncash compensation charge related to its December 2007 acquisition of Praeos Technologies Inc., a privately held IT consulting firm based in Atlanta, and a higher effective tax rate than a year ago, the company said.

Comsys estimated fourth-quarter revenue of $168 million to $173 million and full-year 2008 revenue of $719 million to $724 million.

Comsys IT Partners Inc. (NASD: CITP)
For the third quarter ended Sept. 28, 2008, compared with the same period in 2007.
Revenue: $183.7 million, -1.9%
Net income: $6.0 million, -37.1%

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