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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Comsys IT Partners (MM) | NASDAQ:CITP | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 17.73 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
COMSYS IT Partners, Inc. (NASDAQ:CITP), a leading provider of information technology staffing and consulting services, today announced its financial results for the second quarter ended June 28, 2009.
Second Quarter 2009 Financial Results
Year-to-Date 2009 Financial Results
“Our operations are performing well in this challenging environment and we are pleased with the progress we continue to make against a number of our longer-term priorities,” said Larry L. Enterline, COMSYS Chief Executive Officer. “With our strong balance sheet and liquidity and our improved performance against our peers, we have chosen to make a number of selected investments in TAPFIN, our healthcare and government verticals, and other parts of our business at a time when many others are focused primarily on defensive cost cutting. We are not expecting to see dramatic results from any of those efforts until the broader economy improves; but, we are confident that we are strengthening our competitive position during this difficult period and optimistic about the opportunities that we are creating for COMSYS in the next expansion.”
Enterline added, “As always, I would like to thank our operations leaders and their staffs for their ongoing strong efforts. Their continued focus and dedication will ensure that we continue to meet our clients’ needs in this difficult environment.”
Amy Bobbitt, COMSYS Senior Vice President and Chief Accounting Officer, commented, “Billable hours in the second quarter were down overall versus last year, but the rate of decline in our average weekly billable hours since the beginning of May has slowed. On a sequential basis, after eliminating the impact of higher payroll taxes in the first quarter this year, gross margin improved by 50 basis points over the first quarter of 2009. This increase resulted from improved management of pay rates and lower reimbursable expense revenue, partially offset by lower fee income from permanent placement and vendor management services.”
Bobbitt continued, “Our debt at the end of the quarter was $52.2 million, a decrease from $60.0 million at the end of the first quarter of 2009. We expect to further reduce our debt balance through the remainder of 2009.”
Selected operating data and reconciliations of non-GAAP financial measures to GAAP results for the second quarter ended June 28, 2009, are included below.
Conference Call Information
COMSYS will host a conference call tomorrow (July 30) at 10:00 a.m. Eastern time to discuss the quarterly financial results. The conference call-in number is (913) 981-5578 and the confirmation number is 1149877. The call will also be web cast live at www.comsys.com and www.earnings.com and replayed for 30 days at www.comsys.com. A seven-day telephonic replay of this conference call will be available by dialing (719) 457-0820. Callers should use the pass code 1149877 to gain access to the replay, which will be available through the end of the day on August 6, 2009.
About COMSYS IT Partners
COMSYS IT Partners, Inc. (NASDAQ:CITP) is a leading IT services company with 50 offices across the U.S. and offices in Puerto Rico, Canada and the U.K. COMSYS service offerings include contingent and direct hire placement of IT professionals and a wide range of technical services and solutions addressing requirements across the enterprise. TAPFIN Process Solutions delivers critical management solutions across the resource spectrum from contingent workers to outsourced services.
Forward-looking Statements
Certain information contained in this press release may be deemed forward-looking statements regarding events and financial trends that could affect our plans, objectives, future operating results, financial condition, performance and business. These statements may be identified by words such as “estimate,” “forecast,” “plan,” “intend,” “believe,” “should,” “expect,” “anticipate,” or variations or negatives thereof, or by similar or comparable words or phrases. These forward-looking statements are largely based on our expectations and beliefs concerning future events, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, including:
Although we believe our estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management’s assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this report are not guarantees of future performance, and we cannot assure any reader that those statements will be realized or that the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to various factors, including the factors listed in this section and the “Risk Factors” section contained in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this report. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise, except as required by law. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.
COMSYS IT PARTNERS, INC.
OPERATING DATA, SUPPLEMENTAL CASH FLOW INFORMATION AND NON-GAAP MEASURES
(IN THOUSANDS, EXCEPT OPERATING DATA)
Three Months Ended Operating Data: June 28, March 29, June 29, 2009 2009 2008 Billing days 64 64 64 Billable hours 2,050,677 2,092,521 2,294,540Revenue per billing day, excluding reimbursable expense revenue (in thousands)
$ 2,408 $ 2,490 $ 2,801 Average bill rate $ 70.84 $ 71.63 $ 74.02 Gross margin 24.5 % 23.4 % 24.4 % Effective tax rate 6.1 % (7.7 %) 4.6 % DSO 43 44 50 Average daily net debt balance (in millions) $ 59.8 $ 57.9 $ 82.6 Three Months Ended Supplemental Cash Flow Information: June 28, March 29, June 29, 2009 2009 2008 Net cash provided by (used in) operating activities $ 8,637 $ (6,748 ) $ 2,629 Stock-based compensation $ 904 $ 867 $ 1,183 Capital expenditures $ 251 $ 439 $ 2,143 Three Months Ended Six Months Ended Non-GAAP Financial Measures: June 28, March 29, June 29, June 28, June 29, 2009 2009 2008 2009 2008 EBITDA, excluding restructuring costs: GAAP net income (loss) $ 2,386 $ (1,871 ) $ 6,212 $ 515 $ 11,316 Depreciation and amortization 2,050 2,074 1,898 4,124 3,718 Restructuring costs 321 3,620 - 3,941 - Interest expense, net 1,126 952 1,279 2,078 2,882 Other income, net (67 ) (105 ) (172 ) (172 ) (225 ) Income tax expense 216 243 1,324 459 2,742 EBITDA, excluding restructuring costs $ 6,032 $ 4,913 $ 10,541 $ 10,945 $ 20,433 EBITDA, excluding restructuring costs, as a % of GAAP revenue 3.8 % 3.0 % 5.7 % 3.4 % 5.6 %A non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles ("GAAP"). We believe EBITDA, excluding restructuring costs, to be relevant and useful information to our investors in assessing our financial operating results as these measures are used by our management in evaluating our financial performance, liquidity, our ability to service debt and fund capital expenditures. However, these measures should be considered in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with generally accepted accounting principles, and may not be comparable to similarly titled measures reported by other companies. The non-GAAP measures included in this press release have been reconciled to the nearest GAAP measures as required under SEC rules regarding the use of non-GAAP financial measures.
COMSYS IT PARTNERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended Six Months Ended June 28, March 29, June 29, June 28, June 29, 2009 2009 2008 2009 2008 Revenues from services $ 156,765 $ 162,694 $ 184,064 $ 319,459 $ 367,447 Cost of services 118,386 124,598 139,232 242,984 277,959 Gross profit 38,379 38,096 44,832 76,475 89,488 Operating costs and expenses: Selling, general and administrative 32,347 33,183 34,291 65,530 69,055 Restructuring costs 321 3,620 - 3,941 - Depreciation and amortization 2,050 2,074 1,898 4,124 3,718 34,718 38,877 36,189 73,595 72,773 Operating income (loss) 3,661 (781 ) 8,643 2,880 16,715 Interest expense, net 1,126 952 1,279 2,078 2,882 Other income, net (67 ) (105 ) (172 ) (172 ) (225 ) Income (loss) before income taxes 2,602 (1,628 ) 7,536 974 14,058 Income tax expense 216 243 1,324 459 2,742 Net income (loss) $ 2,386 $ (1,871 ) $ 6,212 $ 515 $ 11,316 Net income (loss) per common share: Basic $ 0.11 $ (0.09 ) $ 0.31 $ 0.02 $ 0.56 Diluted $ 0.11 $ (0.09 ) $ 0.30 $ 0.02 $ 0.55 Weighted average shares outstanding: Basic 19,796 19,774 19,592 19,785 19,585 Diluted 19,796 19,774 20,636 19,785 20,628COMSYS IT PARTNERS, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PAR VALUE AMOUNTS)
June 28, December 28, 2009 2008 Assets Current assets: Cash $ 1,771 $ 22,695 Accounts receivable, net of allowance of $3,554 and $3,232, respectively 182,333 202,297 Prepaid expenses and other 3,518 3,116 Restricted cash 2,486 2,489 Total current assets 190,108 230,597 Fixed assets, net 14,937 16,596 Goodwill 88,962 89,064 Other intangible assets, net 10,173 11,962 Deferred financing costs, net 3,002 1,175 Restricted cash 308 308 Other assets 1,144 1,478 Total assets $ 308,634 $ 351,180 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 128,072 $ 156,528 Payroll and related taxes 25,872 25,975 Interest payable 248 337 Other current liabilities 9,787 9,728 Total current liabilities 163,979 192,568 Long-term debt 52,174 69,692 Other noncurrent liabilities 6,827 5,435 Total liabilities 222,980 267,695 Commitments and contingencies Stockholders’ equity: Preferred stock, no par value; 5,000,000 shares authorized; none issued - -Common stock, par value $.01; 95,000,000 shares authorized and 20,816,746 shares outstanding; 95,000,000 shares authorized and 20,465,028 shares outstanding, respectively
207 203 Common stock warrants 1,734 1,734 Accumulated other comprehensive loss (182 ) (90 ) Additional paid-in capital 229,102 227,360 Accumulated deficit (145,207 ) (145,722 ) Total stockholders’ equity 85,654 83,485 Total liabilities and stockholders’ equity $ 308,634 $ 351,180CITP_F
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