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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 |
COMSYS IT Partners, Inc. (NASDAQ:CITP), a leading provider of information technology staffing and consulting services, today announced its financial results for the third quarter ended September 27, 2009.
Third Quarter 2009 Financial Results Show Sequential Improvements
“Our quarterly results included sequential improvements in revenue, EBITDA and billable hours, and we are very pleased with the acceleration in billable headcount increases in September,” said Larry L. Enterline, COMSYS Chief Executive Officer. “Activity levels have continued to strengthen in October. COMSYS was fortunate during this recession to have the financial flexibility to focus on our business, and we are gratified that we have been able to position ourselves with the right people and resources to take advantage of increasing demand for our services. We believe that the preservation of our infrastructure, together with a resurgence of demand from our financial services customers, has resulted in market share gains for COMSYS through the addition of a number of new clients and increased activity at legacy clients. We plan to continue with our investments in new services offerings and production personnel in the coming quarters, and use them to build momentum as our markets improve.”
Enterline cautioned, “Although our third quarter results have given us some cause for optimism that the worst may be behind us, and we have some renewed visibility about our short-term prospects, our overall outlook will remain cautious. Our clients’ budgets for 2010 will be the best indicator to us of where we stand in this cycle, and we plan to reserve judgment until then on expected demand for next year.”
Enterline added, “I would especially like to thank our operations leaders and their staffs for their efforts during the third quarter. We are pleased with the progress we continue to make, and believe that COMSYS is positioned well to continue taking advantage of its market opportunities.”
Amy Bobbitt, COMSYS Senior Vice President and Chief Accounting Officer, commented, “In the third quarter, revenue increased on a sequential basis for the first time since the second quarter of 2008. Billable headcount growth accelerated in September after modest increases in July and August, and that growth has continued into October. Revenue per billing day in September increased by 4.8% over revenue per billing day in June. In addition, gross margin improved by 10 basis points over the second quarter of 2009, and we continued to keep selling and administrative costs relatively flat even with our growth-initiative spending.”
Bobbitt added, “Our average daily net debt for the third quarter was $55.8 million versus average daily net debt in the second quarter of $59.8 million. We expect to reduce our debt balance over the remainder of 2009.”
Selected operating data and reconciliations of non-GAAP financial measures to GAAP results for the third quarter ended September 27, 2009, are included below.
Fourth Quarter and Full Year 2009 Financial Guidance
For the fourth quarter ending January 3, 2010, the Company expects to report revenue in a range of $161 million to $166 million and net income in the range of $2.5 million to $3.6 million, or approximately $0.13 to $0.18 per diluted share, on three more billing days than in the third quarter. For the year ended January 3, 2010, the Company expects to report revenue in the range of $638 million to $643 million, and net income before restructuring charges in the range of $6.0 million to $7.1 million, or approximately $0.49 to $0.54 per diluted share. These estimates are also based on an effective tax rate of approximately 10%.
The net income and earnings per share estimates above exclude an expected reversal of a portion of restructuring expense previously recognized related to the Company's Washington, DC-area lease, as well as any potential effects of the Company's quarterly review of the recoverability of deferred tax assets. Management does not expect to make any substantial cash payments for taxes in 2009.
Conference Call Information
COMSYS will host a conference call tomorrow (October 29) at 10:00 a.m. Eastern time to discuss the quarterly financial results. The conference call-in number is (913) 312-0403 and the confirmation number is 5846450. 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 5846450 to gain access to the replay, which will be available through the end of the day on November 5, 2009.
About COMSYS IT Partners
COMSYS IT Partners, Inc. (NASDAQ: CITP) is a leading IT services company with 52 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.
CITP_F
COMSYS IT PARTNERS, INC.
OPERATING DATA, SUPPLEMENTAL CASH FLOW INFORMATION AND NON-GAAP MEASURES
(IN THOUSANDS, EXCEPT OPERATING DATA)
Three Months Ended Operating Data: September 27, June 28, September 28, 2009 2009 2008 Billing days 63 64 63 Billable hours 2,071,234 2,050,677 2,244,450Revenue per billing day, excluding reimbursable expense revenue (in thousands)
$ 2,458 $ 2,408 $ 2,840 Average bill rate $ 70.08 $ 70.84 $ 73.72 Gross margin 24.6 % 24.5 % 24.6 % Effective tax rate 5.4 % 6.1 % 15.5 % DSO 47 43 49 Average daily net debt balance (in millions) $ 55.8 $ 59.8 $ 76.0 Three Months Ended Supplemental Cash Flow Information: September 27, June 28, September 28, 2009 2009 2008 Net cash provided by (used for) operating activities $ (5,989 ) $ 8,637 $ 3,549 Reimbursable expense revenue $ 2,456 $ 2,656 $ 4,761 Stock-based compensation $ 891 $ 904 $ 1,118 Capital expenditures $ 199 $ 251 $ 1,937 Three Months Ended Nine Months Ended Non-GAAP Financial Measures: September 27, June 28, September 28, September 27, September 28, 2009 2009 2008 2009 2008 EBITDA, excluding restructuring costs: GAAP net income $ 3,018 $ 2,386 $ 6,047 $ 3,533 $ 17,363 Depreciation and amortization 2,106 2,050 2,185 6,230 5,903 Restructuring costs 155 321 - 4,096 - Interest expense, net 1,057 1,126 1,224 3,135 4,106 Other expense (income), net 45 (67 ) 40 (127 ) (185 ) Income tax expense 164 216 1,105 623 3,847 EBITDA, excluding restructuring costs $ 6,545 $ 6,032 $ 10,601 $ 17,490 $ 31,034EBITDA, excluding restructuring costs, as a % of GAAP revenue
4.2 % 3.8 % 5.8 % 3.7 % 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 Nine Months Ended September 27, June 28, September 28, September 27, September 28, 2009 2009 2008 2009 2008 Revenues from services $ 157,305 $ 156,765 $ 183,663 $ 476,764 $ 551,110 Cost of services 118,677 118,386 138,483 361,661 416,442 Gross profit 38,628 38,379 45,180 115,103 134,668 Operating costs and expenses: Selling, general and administrative 32,083 32,347 34,579 97,613 103,634 Restructuring costs 155 321 - 4,096 - Depreciation and amortization 2,106 2,050 2,185 6,230 5,903 34,344 34,718 36,764 107,939 109,537 Operating income 4,284 3,661 8,416 7,164 25,131 Interest expense, net 1,057 1,126 1,224 3,135 4,106 Other expense (income), net 45 (67 ) 40 (127 ) (185 ) Income before income taxes 3,182 2,602 7,152 4,156 21,210 Income tax expense 164 216 1,105 623 3,847 Net income $ 3,018 $ 2,386 $ 6,047 $ 3,533 $ 17,363 Net income per common share: Basic $ 0.14 $ 0.11 $ 0.30 $ 0.17 $ 0.85 Diluted $ 0.14 $ 0.11 $ 0.30 $ 0.17 $ 0.84 Weighted average shares outstanding: Basic 19,815 19,796 19,612 19,795 19,594 Diluted 19,815 19,796 20,455 19,795 20,611COMSYS IT PARTNERS, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AND PAR VALUE AMOUNTS)
September 27, December 28, 2009 2008 Assets Current assets: Cash $ 1,213 $ 22,695 Accounts receivable, net of allowance of $3,480 and $3,232, respectively 191,266 202,297 Prepaid expenses and other 2,764 3,116 Restricted cash 2,486 2,489 Total current assets 197,729 230,597 Fixed assets, net 13,810 16,596 Goodwill 89,155 89,064 Other intangible assets, net 9,570 11,962 Deferred financing costs, net 2,733 1,175 Restricted cash 308 308 Other assets 1,104 1,478 Total assets $ 314,409 $ 351,180 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 122,060 $ 156,528 Payroll and related taxes 26,947 25,975 Interest payable 271 337 Other current liabilities 9,783 9,728 Total current liabilities 159,061 192,568 Long-term debt 59,170 69,692 Other noncurrent liabilities 6,660 5,435 Total liabilities 224,891 267,695 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 21,120,544 shares outstanding; 95,000,000 shares authorized and 20,465,028 shares outstanding, respectively
210 203 Common stock warrants 1,734 1,734 Accumulated other comprehensive loss (211 ) (90 ) Additional paid-in capital 229,974 227,360 Accumulated deficit (142,189 ) (145,722 ) Total stockholders’ equity 89,518 83,485 Total liabilities and stockholders’ equity $ 314,409 $ 351,180
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