Key Developments For COMSYS IT Partners, Inc.
COMSYS IT Partners, Inc. (CITP.O) (Consolidated Issue listed on NASDAQ Global Market)
COMSYS IT Partners Inc. Issues Q4, FY 2009 Guidance Above Analysts' Estimates
COMSYS IT Partners Inc. announced that for fourth quarter of 2009, it expects to report revenue in a range of $161-$166 million and net income in the range of $2.5-$3.6 million, or approximately $0.13 to $0.18 per diluted share, on three more billing days than in the third quarter. For fiscal 2009, the Company expects to report revenue in the range of $638-$643 million and net income before restructuring charges in the range of $6.0-$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. According to Reuters Estimates, analysts were expecting the Company to report revenues of $151 million, net profit of $1.09 million and EPS of $0.06 for fourth quarter of 2009; revenues of $622 million, net income of $4.62 million and EPS of $0.31 for fiscal 2009.
RCA Research, Inc. Signs Acquisition Agreement With COMSYS IT Partners, Inc.
RCA Research, Inc. announced that it has signed an Asset Purchase Agreement with COMSYS IT Partners, Inc. to join COMSYS companies. The terms of the cash transaction were not disclosed, however, RCA Research's full platform of services offerings will merge effective August 17, 2009.
DataFlux and COMSYS IT Partners, Inc. Form Alliance To Provide Enterprise Data Management Solutions
DataFlux and COMSYS IT Partners, Inc. announced an alliance to provide DataFlux technologies to COMSYS clients.
COMSYS IT Partners, Inc. Comments On Q3 2009 Revenue Guidance-Conference Call
COMSYS IT Partners, Inc. announced that in light of the continuing uncertainty, the Company will not provide revenue or earnings per share guidance until it sees greater stabilization in the economy and overall employment. Directionally however, the Company expects the revenue in the third quarter 2009 to decline sequentially due in part to one less billing day. According to Reuters Estimates, analysts were expecting the Company to report revenue of $159.75 million for the third quarter 2009.
COMSYS IT Partners Inc.'s Credit Facility Extended Through March 2012
COMSYS IT Partners Inc. announced certain amendments to its existing credit facility that include, among other things: - an extension of its maturity date for two years from March 31, 2010 to March 31, 2012, - a reduction in commitments under the facility from $160 million to $110 million, and - an increase in the LIBOR spread from 1.75% to 3.75%. The amended facility also preserved an important provision from the existing facility, which provides that no financial covenants are in effect as long as excess availability at the end of a month is $25 million or higher (excess availability at closing was approximately $47.0 million). After completing the amendments, the Company had outstanding revolving credit borrowings of approximately $61.5 million.
