Through the revisions COMSYS expects to report revenue in a range of $170 million to $175 million for the fourth quarter and net income in the range of $5.3 million to $6.4 million, or approximately $0.25 to $0.30 per diluted share, up on a comparable basis from the Company’s earlier guidance of 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.
COMSYS anticipates to report revenue in the range of $647 million to $652 million, and net income before restructuring charges in the range of $12.9 million to $14.0 million, or approximately $0.62 to $0.67 per diluted share, also up on a comparable basis from the previous full year guidance. The revised estimates are also based on an effective tax rate of approximately 6.4% for the year ending January 3, 2010.
“The strengthening activity levels that we reported on in late October have continued through November and December,” said Larry L. Enterline, COMSYS Chief Executive Officer, “and we also expect to report a sequential increase in gross margins due to higher margins in our core staffing business and increased fee income in TAPFIN. As a result, earnings per share should be well above our previous range notwithstanding our continued spending in the fourth quarter on the business initiatives we have commented on throughout the year. Cash flow in the fourth quarter was also better than expected and we ended the year with less than $40 million of debt.”
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About COMSYS IT Partners
COMSYS IT Partners, Inc. 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.
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