Manpower Inc. (NYSE: MAN), which also announced plans to buy Comsys IT Partners Inc. (NASD: CITP), said today fourth-quarter revenue fell 3.9% to $4.41 billion on a year-over-year basis. Revenue slipped 11.6% on a constant currency basis.

Manpower, the world's third-largest staffing firm, still cited improving trends in most places.

"We continue to see solid evidence of improving trends in nearly all geographies we operate in," Chairman and CEO Jeffrey Joerres said. "Each week that passes, we are more confident about the sustainability of the recovery. The U.S. is experiencing the highest level of year-over-year growth trends."

Fourth-quarter U.S. revenue fell 5.8% to $435.8 million from $462.5 million in the year-ago quarter.

Manpower's gross margin narrowed to 17.1% in the fourth quarter from 20.7% in the fourth quarter of 2008.

Fourth-quarter net income fell 61.8% to $29.1 million from $76.0 million in the same period last year. The fourth quarter includes $12.7 million in reorganization charges from severance costs and office closures.

Full-year 2009 revenue fell 25.5% to $16.04 billion from $21.54 billion in 2008.

2009 gross margin narrowed to 17.6% from 19.0%.

Manpower posted a net loss of $9.2 million in 2009 compared with net income of $205.5 million in 2008. The company said 2009 included a goodwill impairment charge of 85 cents per share and reorganization charges of 63 cents per share as well as a loss on the sale of an equity investment. 2008 included the favorable impact of a business tax refund and recoverable payroll taxes in France totaling 91 cents per share as well as a goodwill and intangible asset impairment charge of $1.94 per share.

Manpower expects first-quarter revenue to increase by 9% to 11% on a year-over-year basis, or 0 to 2% in constant currency, according to a conference call with analysts.

It would be the first time the company as a whole posts year-over-year revenue growth since the third quarter of 2008.

Manpower Inc. (NYSE: MAN)
For the fourth quarter ended Dec. 31, 2009, compared with the same period in the previous year.
Revenue: $4.41 billion, -3.9%
Net income: $29.1 million, -61.8%

For full-year 2009 compared with the previous year.
Revenue: $16.04 billion, -25.5%
Net loss: $9.2 million vs. net income of $205.5 million