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Comsys posts 2.1% increase in net income

May 01 2008

Comsys IT Partners Inc. (NASD: CITP) said first-quarter net income rose 2.1% to $5.6 million from $5.5 million in the same period last year amid a decrease in costs.

First-quarter revenue, however, fell 1.5% to $183.4 million at the Houston-based information technology staffing firm. The company posted revenue of $186.2 million in the first quarter of last year.

Gross margin improved to 24.4% from 24.2%.

Comsys estimated second-quarter revenue of $177 million to $183 million, representing a decline in the range of 1.9% to 5.1% over the second quarter of 2007, and net income in the range of $5.4 million to $6.4 million, representing a decrease in the range of 43.6% to 33.1% from the second quarter of the previous year.

Comsys IT Partners Inc. (NASD: CITP)
For the first quarter ended March 30, 2008, compared with the same period in 2007.
Revenue: $183.4 million, -1.5%
Net income: $5.6 million, +2.1%

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