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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 |
Contacts:
|
David L. Kerr | Amy Bobbitt | ||
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Senior Vice President Corporate Development | Senior Vice President & Chief | ||
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713.386.1420 | Accounting Officer | ||
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dkerr@comsys.com | 480.777.6680 | ||
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abobbitt@comsys.com |
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Revenue was $172.5 million, down 2.0% from $176.0 million during the fourth quarter of
2008, but up sequentially from $157.3 million in the third quarter of this year on three
additional billing days.
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Revenue per billing day, excluding reimbursable expense revenue, increased sequentially
by 4.1% from the third quarter of 2009.
|
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Net income was $5.9 million, or $0.28 per common share, up from an $82.6 million loss,
or $4.03 loss per common share, in the fourth quarter of 2008, and up sequentially from
income of $3.0 million, or $0.14 per common share, in the third quarter this year. The
fourth quarter of 2008 included a goodwill impairment charge net of tax of $86.0 million.
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Gross margin was 25.1%, up from 24.6% in the third quarter this year.
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EBITDA, excluding restructuring costs, was $8.8 million in the fourth quarter, down from
$9.2 million in the fourth quarter of 2008, but up sequentially from $6.5 million in the
third quarter of 2009. EBITDA, excluding restructuring costs, is a non-GAAP measure
defined below.
|
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Net debt at the end of the fourth quarter was $38.1 million and excess availability
under COMSYS revolving credit facility at the end of the fourth quarter was $71.0 million.
|
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Revenue for the full year was $649.3 million, down 10.7% from $727.1 million during
2008.
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Net income was $9.4 million, or $0.45 per common share, compared to a net loss of $65.2
million, or $3.19 per common share, during 2008. Net income for 2008 included goodwill
impairment change net of tax of $86.0 million.
|
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The 2009 results also included pre-tax restructuring costs of $3.9 million, or $0.19 per
share. The 2008 results also included pre-tax restructuring costs of $0.6 million, or
$0.03 per share, and a non-cash compensation charge of $3.4 million, or $0.17 per share,
related to a prior acquisition.
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the risk that the conditions to the Offer and/or the Merger will not be met and that
the acquisition of COMSYS by Manpower, Inc. will not be successful;
|
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the risk that Manpowers business and/or COMSYS business will be adversely impacted
during the pendency of the Offer and the Merger;
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economic declines that affect our business, including our profitability, liquidity
or the ability to comply with applicable loan covenants;
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the financial stability of our lenders and their ability to honor their commitments
related to our credit agreements;
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regulatory changes that impose additional regulations or licensing requirements in
such a manner as to increase our costs of doing business or restrict access to
qualified technology workers;
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the risk of increased tax rates;
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adverse changes in credit and capital markets conditions that may affect our ability
to obtain financing or refinancing on favorable terms or that may warrant changes to
existing credit terms;
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the financial stability of our customers and other business partners and their
ability to pay their outstanding obligations or provide committed services;
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changes in levels of unemployment and other economic conditions in the United
States, or in particular regions or industries;
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the impact of changes in demand for our services or competitive pressures on our
ability to maintain or improve our operating margins, including pricing pressures;
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the risk in an uncertain economic environment of increased incidences of employment
disputes, employment litigation and workers compensation claims;
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our success in attracting, training, retaining and motivating billable consultants
and key officers and employees;
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our ability to shift a larger percentage of our business mix into IT solutions,
project management and business process outsourcing and, if successful, our ability to
manage those types of business profitably;
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weakness or reductions in corporate information technology spending levels;
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our ability to maintain existing client relationships and attract new clients in the
context of changing economic or competitive conditions;
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the entry of new competitors into the U.S. staffing services and consulting markets
due to the limited barriers to entry or the expansion of existing competitors in that
market;
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increases in employment-related costs such as healthcare and unemployment taxes;
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the possibility of our incurring liability for the activities of our billable
consultants or for events impacting our billable consultants on our clients premises;
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the risk that we may be subject to claims for indemnification under our customer
contracts;
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the risk that cost cutting or restructuring activities could cause an adverse impact
on certain of our operations; and
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adverse changes to managements periodic estimates of future cash flows that may
affect our assessment of our ability to fully recover our goodwill.
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Three Months Ended | ||||||||||||
January 3, | September 27, | December 28, | ||||||||||
Operating Data: | 2010 | 2009 | 2008 | |||||||||
Billing days
|
66 | 63 | 62 | |||||||||
Billable hours
|
2,297,057 | 2,071,234 | 2,232,444 | |||||||||
Revenue per billing day, excluding reimbursable
expense revenue (in thousands)
|
$ | 2,559 | $ | 2,458 | $ | 2,839 | ||||||
Average bill rate
|
$ | 69.55 | $ | 70.08 | $ | 72.05 | ||||||
Gross margin
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25.1 | % | 24.6 | % | 24.0 | % | ||||||
Effective tax rate (excluding 2008 goodwill impairment)
|
4.2 | % | 5.4 | % | 32.0 | % | ||||||
DSO
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42 | 47 | 43 | |||||||||
Average daily net debt balance (in millions)
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$ | 51.8 | $ | 55.8 | $ | 61.2 |
Three Months Ended | ||||||||||||
January 3, | September 27, | December 28, | ||||||||||
Supplemental Cash Flow Information: | 2010 | 2009 | 2008 | |||||||||
Net cash provided by (used for) operating activities
|
$ | 21,160 | $ | (5,989 | ) | $ | 22,214 | |||||
Reimbursable expense revenue
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$ | 3,671 | $ | 2,456 | $ | 4,516 | ||||||
Stock-based compensation
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$ | 852 | $ | 891 | $ | 1,037 | ||||||
Capital expenditures
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$ | 605 | $ | 199 | $ | 647 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
January 3, | September 27, | December 28, | January 3, | December 28, | ||||||||||||||||
Non-GAAP Financial Measures: | 2010 | 2009 | 2008 | 2010 | 2008 | |||||||||||||||
EBITDA, excluding restructuring costs:
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||||||||||||||||||||
GAAP net income
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$ | 5,873 | $ | 3,018 | $ | (82,551 | ) | $ | 9,406 | $ | (65,188 | ) | ||||||||
Depreciation and amortization
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1,856 | 2,106 | 2,212 | 8,086 | 8,115 | |||||||||||||||
Goodwill impairment
|
| | 86,800 | | 86,800 | |||||||||||||||
Restructuring costs
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(201 | ) | 155 | 637 | 3,895 | 637 | ||||||||||||||
Interest expense, net
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1,050 | 1,057 | 1,351 | 4,185 | 5,457 | |||||||||||||||
Other expense (income), net
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(22 | ) | 45 | (19 | ) | (149 | ) | (204 | ) | |||||||||||
Income tax expense
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258 | 164 | 807 | 881 | 4,654 | |||||||||||||||
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EBITDA, excluding restructuring costs
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$ | 8,814 | $ | 6,545 | $ | 9,237 | $ | 26,304 | $ | 40,271 | ||||||||||
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EBITDA, excluding restructuring costs, as a %
of GAAP revenue
|
5.1 | % | 4.2 | % | 5.2 | % | 4.1 | % | 5.5 | % |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
January 3, | September 27, | December 28, | January 3, | December 28, | ||||||||||||||||
2010 | 2009 | 2008 | 2010 | 2008 | ||||||||||||||||
Revenues from services
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$ | 172,543 | $ | 157,305 | $ | 175,998 | $ | 649,307 | $ | 727,108 | ||||||||||
Cost of services
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129,203 | 118,677 | 133,747 | 490,864 | 550,189 | |||||||||||||||
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Gross profit
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43,340 | 38,628 | 42,251 | 158,443 | 176,919 | |||||||||||||||
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Operating costs and expenses:
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Selling, general and administrative
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34,526 | 32,083 | 33,014 | 132,139 | 136,648 | |||||||||||||||
Restructuring costs
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(201 | ) | 155 | 637 | 3,895 | 637 | ||||||||||||||
Depreciation and amortization
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1,856 | 2,106 | 2,212 | 8,086 | 8,115 | |||||||||||||||
Goodwill impairment
|
| | 86,800 | | 86,800 | |||||||||||||||
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36,181 | 34,344 | 122,663 | 144,120 | 232,200 | |||||||||||||||
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Operating income
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7,159 | 4,284 | (80,412 | ) | 14,323 | (55,281 | ) | |||||||||||||
Interest expense, net
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1,050 | 1,057 | 1,351 | 4,185 | 5,457 | |||||||||||||||
Other expense (income), net
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(22 | ) | 45 | (19 | ) | (149 | ) | (204 | ) | |||||||||||
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Income before income taxes
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6,131 | 3,182 | (81,744 | ) | 10,287 | (60,534 | ) | |||||||||||||
Income tax expense
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258 | 164 | 807 | 881 | 4,654 | |||||||||||||||
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Net income (loss)
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$ | 5,873 | $ | 3,018 | $ | (82,551 | ) | $ | 9,406 | $ | (65,188 | ) | ||||||||
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Net income per common share:
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Basic
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$ | 0.28 | $ | 0.14 | $ | (4.03 | ) | $ | 0.45 | $ | (3.19 | ) | ||||||||
Diluted
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$ | 0.28 | $ | 0.14 | $ | (4.03 | ) | $ | 0.45 | $ | (3.19 | ) | ||||||||
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Weighted average shares outstanding:
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Basic
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19,818 | 19,815 | 19,614 | 19,801 | 19,599 | |||||||||||||||
Diluted
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19,818 | 19,815 | 19,614 | 19,801 | 19,599 |
January 3, | December 28, | |||||||
2010 | 2008 | |||||||
Assets
|
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Current assets:
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Cash
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$ | 689 | $ | 22,695 | ||||
Accounts receivable, net of allowance of $3,321 and $3,232, respectively
|
197,537 | 202,297 | ||||||
Prepaid expenses and other
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2,716 | 3,116 | ||||||
Restricted cash
|
2,486 | 2,489 | ||||||
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Total current assets
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203,428 | 230,597 | ||||||
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Fixed assets, net
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12,966 | 16,596 | ||||||
Goodwill
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89,256 | 89,064 | ||||||
Other intangible assets, net
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8,926 | 11,962 | ||||||
Deferred financing costs, net
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2,463 | 1,175 | ||||||
Restricted cash
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308 | 308 | ||||||
Other assets
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1,103 | 1,478 | ||||||
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Total assets
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$ | 318,450 | $ | 351,180 | ||||
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Liabilities and stockholders equity
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Current liabilities:
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Accounts payable
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$ | 137,357 | $ | 156,528 | ||||
Payroll and related taxes
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32,679 | 25,975 | ||||||
Interest payable
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237 | 337 | ||||||
Other current liabilities
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9,002 | 9,728 | ||||||
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Total current liabilities
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179,275 | 192,568 | ||||||
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Long-term debt
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38,101 | 69,692 | ||||||
Other noncurrent liabilities
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4,705 | 5,435 | ||||||
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Total liabilities
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222,081 | 267,695 | ||||||
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Commitments and contingencies
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Stockholders equity:
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Preferred stock, no par value; 5,000,000 shares authorized; none issued
|
| | ||||||
Common stock, par value $.01; 95,000,000 shares authorized and 21,061,592 shares outstanding;
95,000,000 shares authorized and 20,465,028 shares outstanding, respectively
|
210 | 203 | ||||||
Common stock warrants
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1,734 | 1,734 | ||||||
Accumulated other comprehensive loss
|
(79 | ) | (90 | ) | ||||
Additional paid-in capital
|
230,820 | 227,360 | ||||||
Accumulated deficit
|
(136,316 | ) | (145,722 | ) | ||||
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Total stockholders equity
|
96,369 | 83,485 | ||||||
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Total liabilities and stockholders equity
|
$ | 318,450 | $ | 351,180 | ||||
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1 Year Comsys IT Partners Chart |
1 Month Comsys IT Partners Chart |
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