Comsys IT Partners Inc. announced consolidated earnings results for the third quarter and nine months ended September 27, 2009. For the quarter, revenue was $157.3 million, down 14.4% from $183.7 million during the third quarter of 2008, but up sequentially from $156.8 million in the second quarter of this year on one less billing day. Net income was $3.0 million, or $0.14 diluted per common share, down from $6.0 million, or $0.30 diluted per common share, in the third quarter of 2008, but up sequentially from $2.4 million, or $0.11 per common share, in the second quarter of the 2009. Excluding restructuring charges, net income in the quarter would have been $3.2 million, or $0.15 per common share. EBITDA, excluding restructuring costs, was $6.5 million in the third quarter, down from $10.6 million in the third quarter of 2008, but up sequentially from $6.0 million in the second quarter of 2009. EBITDA, excluding restructuring costs, is a non-GAAP measure defined below. The company average daily net debt for the third quarter was $55.8 million compared to average daily net debt in the second quarter of $59.8 million. The company reported net cash used in operating activities of $5.99 million and capital expenditure of $0.199 million compared to net cash provided by operating activities of $8.64 million and capital expenditure of $0.251 million for the same period last year. The company reported operating income of $4.28 million and income before income taxes of $3.18 million compared to operating income of $3.66 million and income before income taxes of $2.6 million for the same period last year. For the nine months, the company reported GAAP net income of $3.53 million and EBITDA, excluding restructuring costs of $17.49 million compared to GAAP net income of $17.36 million and EBITDA, excluding restructuring costs of $31.03 million for the same period last year. The company reported diluted earnings per share of $0.17 on the revenue of $476.8 million compared to diluted earnings per share of $0.84 on the revenue of $551.1 million for the same period last year. The company reported operating income of $7.16 million and income before income taxes of $4.16 million compared to operating income of $25.13 million and income before income taxes of $21.2 million for the same period last year. 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. The company expects to reduce debt balance over the remainder of 2009.

Comsys IT Partners, Inc. expected to Report Fiscal Year 2009 Results on February 15, 2010. This event was calculated by Capital IQ (Created on October 27, 2009).

Comsys IT Partners, Inc., Q3 2009 Earnings Call, Oct 29 2009