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Comsys IT Partners Inc. (NASD: CITP) posted third-quarter net income of $9.6 million, up 236.7% from $2.9 million in the third quarter of 2006. However, the information technology staffing and solutions company said the 2006 numbers included a $2.5 million loss from the early retirement of debt.
Excluding the 2006 loss, net income would have been up 81% year-over-year. CEO Larry Enterline said lower interest expense and the company's efficiency initiatives helped boost the bottom line.
Comsys third-quarter revenue rose 0.8% to $187.2 million from $185.7 million in the same period last year. Gross margins improved to 25.2% from 24.6%.
"Although our revenue growth has slowed in 2007, we continue to focus on our customers and on making acquisitions that meet our criteria," Enterline said. "To this end, we recently added over 30 consultants to our workforce in a small acquisition, becoming one of the largest suppliers of IT staffing services to a major energy company."
Comsys had 4,982 consultants at the end of the third quarter, compared with 5,181 at the end of the third quarter 2006.
Comsys IT Partners Inc. (NASD: CITP)
For the third quarter ended Sept. 30, 2007, compared with the same period in 2006.
Revenue: $187.2 million, +0.8%Net income: $9.6 million, +236.7%