QualityStocks would like to highlight COMSYS IT Partners, Inc (NASDAQ: CITP). COMSYS IT Partners 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 as well as a wide range of technical services and solutions addressing requirements across the enterprise.
In the company’s news yesterday,
COMSYS IT Partners, Inc. announced that its fourth quarter revenue and net income (excluding the goodwill impairment charge discussed below) were both at the top end of the range of guidance provided earlier. Revenue was $176.0 million, down 4.0% from $183.3 million during the fourth quarter of 2007, while net loss totaled $82.6 million, or $4.03 per common share, compared to net income of $8.7 million, or $0.43 per share, in the fourth quarter of 2007.
The Company recorded a non-cash, after-tax goodwill impairment charge of $86.0 million, or $4.38 per share, during the fourth quarter of last year. The impairment was due to the decline in the Company’s trading stock price during the fourth quarter. According the press release, COMSYS’ current operating trends nor its financial results for the fourth quarter were factors that led to the charge.
Commenting on the results, Larry L. Enterline, COMSYS Chief Executive Officer, stated, “Although we remain cautious during this extraordinary period in the global economy, we are very pleased that, excluding the goodwill impairment charge, our fourth quarter results met or exceeded our expectations. We attribute our performance, in large part, to the focus on productivity and efficiency in our operations that we have had throughout the year.”
He continued, “Despite the challenges we face from this downturn, I am confident that we have COMSYS positioned to both weather this economic storm and, as importantly, to take advantage of the subsequent recovery. With a strong balance sheet, we are in a much better position today than in the last recession. Our plan is to continue to preserve our core infrastructure while carefully managing costs, which will allow us to generate cash during the downturn, reduce debt balances and be well positioned as the economy begins to improve.”
About QualityStocks
QualityStocks, based in Scottsdale, Arizona is a free service that collects data from hundreds Small-Cap and Micro-Cap online Investment Newsletters into one Free Daily Newsletter Report. QualityStocks is dedicated to assisting emerging public companies with their advertising efforts and now has over 500,000+ subscribers that receive The Daily Stock Newsletters.
Please see disclaimer on QualityStocks website: http://Disclaimer.QualityStocks.net
Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
