August 10, 2011

COMSYS Holdings Corporation
Consolidated Financial Results for the First Quarter Ended June 30, 2011
Under Japanese GAAP
Head Ofﬁce:
17-1, Higashigotanda 2-chome, Shinagawa-ku, Tokyo 141-8647, Japan
Stock Exchange Listings: First Section of Tokyo Stock Exchange and Osaka Securities Exchange (Securities code: 1721)
URL:
http://www.comsys-hd.co.jp
Representative:
Hajime Takashima, President and Representative Director
For Inquiry:
Yoshihiro Mimata, Director and General Manager of Finance & Accounting Department (Telephone:81-3-3448-7000)
Scheduled Filing of Quarterly Securities Report:
August 15, 2011
Scheduled Commencement of Dividend Payment: —Supplementary Materials on Quarterly Results:
Attached
IR Presentation on Quarterly Results:
Not scheduled
Amounts less than one million yen have been omitted.

1. Consolidated Financial Results (for the three months ended June 30, 2011)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Income

Recurring Proﬁt

Net Income

Three months ended June 30, 2011

¥56,42910.1%¥(454)—%¥(267)—%¥(335)—%

Three months ended June 30, 2010

51,233(1.2)(1,039)—(933)—(749)—

Notes: 1. Comprehensive income (loss): Three months ended June 30, 2011: ¥(396) million [—%]
Three months ended June 30, 2010: ¥(801) million [—%]
2. Percentages indicate the percentage change from the corresponding period of the previous fiscal year.

Net Income per ShareNet Income per Share (Diluted)

Three months ended June 30, 2011¥(2.59)¥ —Three months ended June 30, 2010(5.96)—(2) Consolidated Financial Position(Millions of yen, except percentages)

Total Assets

Net Assets

Equity Ratio

As of June 30, 2011

¥206,493¥160,095

77.1%

As of March 31, 2011

237,436

161,768

67.7(Reference) Shareholders’ Equity:

As of June 30, 2011: ¥159,169 million

As of March 31, 2011: ¥160,843 million

2. Cash Dividends for Shareholders of Common Stock(Yen)

Cash Dividends per Share over the Fiscal YearEnd of 1st QuarterEnd of 2nd QuarterEnd of 3rd Quarter

Year ended March 31, 2011

¥ —¥10.00¥ —¥10.00¥20.00Year ending March 31, 2012

—10.00

—

10.00

20.00

Year ending March 31, 2012 (Forecast)Year-End

AnnualNote: Most recently announced revisions to dividend forecast: No

3. Consolidated Earnings Forecast (for the ﬁscal year ending March 31, 2012)
Net Sales(Millions of yen, except per share data and percentages)

Operating Income

Recurring Proﬁt

Net Income

Net Income per ShareSix months ending September 30, 2011

¥127,000

5.8%¥ 1,900

13.7%¥ 2,100

14.3%¥ 900—%¥ 6.93

Year ending March 31, 2012

308,000(2.4)

12,3004.4

12,8005.4

7,300 (23.5)

56.22

Notes: 1. Most recently announced revisions to consolidated earnings forecast: No
2. For fiscal-year figures, percentages indicate the percentage change from the previous fiscal year. For first-half figures, percentages indicate thepercentage change from the corresponding half of the previous ﬁscal year.

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2011

4. Other(1) Changes in significant subsidiaries during the period under review (changes to subsidiaries that would alter the scope ofconsolidation): No(2) Adoption of accounting methods specific to quarterly consolidated financial statements: No(3) Changes in accounting policies, changes in accounting estimates and restatements of prior period financial statements
due to error correctiona) Changes in accounting policies due to revisions of accounting standards: Yesb) Changes in accounting policies due to other reasons: Noc) Changes in accounting estimates: Nod) Restatements of prior period financial statements due to error correction: No(4) Number of shares issued (common stock)a) Number of shares issued (including treasury stock)b) Number of treasury stockc) Average number of shares issued in the period

As of June 30, 2011
145,977,886 shares
16,095,688 shares

As of March 31, 2011
145,977,886 shares
16,124,888 shares

Three months ended June 30, 2011
129,855,017 shares

Three months ended June 30, 2010
125,709,738 shares*Statement regarding the Implementation Status of Quarterly Review ProceduresThis Consolidated Financial Results report is not subject to the quarterly review procedures prescribed under the Financial Instruments andExchange Act. At the time of disclosing the quarterly consolidated financial results report, however, quarterly financial statement review procedures
have not been completed.
*Disclaimer concerning the Proper Use of Business Results Forecasts and Other Relevant Specific Items
Forward-looking statements including earnings forecasts contained in this document are based on certain reasonable assumptions and beliefs inlight of information currently available to management. Readers are advised that actual results may differ materially from forecasts due to a varietyof factors. With respect to the conditions that underpin earnings forecasts as well as cautionary statements regarding the proper use of earnings
forecasts, please refer to “Qualitative Information Regarding Consolidated Earnings Forecast” of this Consolidated Financial Results report in theAccompanying Materials section on page 3.

2

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2011

Accompanying Materials
1. Qualitative Information Regarding Consolidated Financial Results for the Period under Review(1) Qualitative Information Regarding Consolidated Operating Results
During the first quarter (April 1, 2011 to June 30, 2011) of the fiscal year ending March 31, 2012, conditions throughout theJapanese economy remained harsh. In addition to the direct damage caused by the Great East Japan Earthquake that struck thenation in March as well as issues relating to the insufficient supply of electric power and deterioration in both the employment
and disposable income environments, this difficult operating climate was largely attributable to the appreciation in the value ofthe yen and other factors.
In the information and telecommunication field, the COMSYS Group’s principal area of activity, growth was evident in
next-generation network (NGN) services. In addition to the development of new services focusing mainly on smart phones, steps
were taken to promote the repair and restoration of communication infrastructure in regions devastated by the Great East Japan
Earthquake.
Under these circumstances, business results for the first quarter of the fiscal year under review were mixed. On the one
hand, orders received declined 12.2% compared with the corresponding period of the previous fiscal year to ¥63,317 million.
This primarily reflected the drop in capital investment by the private sector as a result of the earthquake disaster and completionof a round of IRU construction work and terrestrial digital broadcasting-related activity. On the other hand, net sales climbed
10.1% year on year to ¥56,429 million due to contributions from management integration with TSUKEN Corporation as wellas the priority given to completing restoration work carried over from the end of the previous fiscal year following the earthquake.
From a profit perspective, the COMSYS Group worked diligently to increase productivity and reduce operating expenses as a partof its structural reform measures. Results were further bolstered by the positive effects of initiatives implemented during the fiscalyear ended March 31, 2011 aimed at strengthening the Group’s operating platform. Despite a substantial improvement in theGroup’s loss from operations, the Group incurred an operating loss of ¥454 million, contracting from an operating loss of ¥1,039
million in the corresponding period of the previous fiscal year, and a net loss of ¥335 million, contracting from a net loss of ¥749
million, year on year.

(2) Qualitative Information Regarding Consolidated Financial Position
Total assets as of June 30, 2011 stood at ¥206,493 million, a decrease of ¥30,942 million compared with the end of theprevious fiscal year. This mainly reflected the drop in notes and accounts receivable – trade. Total liabilities contracted¥29,269 million compared with the previous fiscal year-end to ¥46,398 million due largely to the drop in accounts payable –trade. Net assets as of June 30, 2011 stood at ¥160,095 million, down ¥1,673 million compared with March 31, 2011.
As a result, the equity ratio improved 9.4 percentage points compared with the end of the previous fiscal year to 77.1%.
(3) Qualitative Information Regarding Consolidated Earnings Forecast
Turning to the consolidated earnings forecast for the full fiscal year ending March 31, 2012, there are no changes to data andinformation announced on May 11, 2011

3COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2011

2. Quarterly Consolidated Financial Statements(1) Consolidated Balance Sheets
Millions of yen

ASSETS
Current assets:
Cash and cash equivalents
Notes and accounts receivable—trade
Inventories:
Accumulated cost of construction in progress
Other
Other current assets
Less: Allowance for doubtful receivables
Total current assets
Fixed assets:
Property and equipment:
Buildings and structures, netLand
Other, net
Total property and equipment
Intangible fixed assets
Investments and other assets:
Investment securities
Other assets
Less: Allowance for doubtful receivables
Total investments and other assets
Total fixed assets
Total assets

4

As of March 31, 2011

As of June 30, 201118,265102,993

38,94746,286

14,539
4,935
9,320
(194)
149,858

20,434
5,365
9,090
(135)
119,988

24,51033,126
6,132
63,7692,677

24,19033,124
5,842
63,1562,600

7,128
16,137(2,136)21,12987,577
237,436

7,000
15,781(2,034)
20,74886,505
206,493COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2011

Millions of yen

LIABILITIESCurrent liabilities:
Accounts payable—trade
Short-term bank loans
Income taxes payable
Advances received on construction in progress
Allowances
Other current liabilities
Total current liabilities
Long-term liabilities:
Deferred tax liabilities for unrealized gains on land revaluation
Accrued severance indemnities
Allowance for directors’ retirement benefits
Other long-term liabilities
Total long-term liabilities
Total liabilities
NET ASSETSShareholders’ equity:
Common stock
Additional paid-in capital
Retained earnings
Treasury stock, at cost
Total shareholders’ equity
Accumulated other comprehensive income:Unrealized gain (loss) on other securities
Unrealized loss on land revaluation
Total accumulated other comprehensive income
Subscription rights to shares
Minority interests
Total net assets
Total liabilities and net assets

5

As of March 31, 2011

As of June 30, 2011

46,716
8,124
2,261
1,228
221
7,369
65,921

26,596
586
427
2,681
268
6,384
36,945

1,865
5,796
302
1,781
9,746
75,667

1,865
5,749
201
1,635
9,452
46,39810,00055,346
119,194(14,870)
169,671

10,00055,341
117,560(14,842)
168,059(374)(8,453)(8,827)364
560
161,768
237,436(436)(8,453)(8,889)366
558
160,095
206,493

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2011

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income
Millions of yen

Net sales
Cost of sales
Gross profits
Selling, general and administrative expensesOperating income (loss)
Other income:Interest income
Dividend income
Rent income on noncurrent assets
Reversal of allowance for doubtful receivables
Other
Total other income
Other expenses:
Interest expenses
Foreign exchange losses
Other
Total other expenses
Recurring profit (loss)
Extraordinary income:Reversal of allowance for doubtful receivables
Gain on payback of insurance payments
Gain on negative goodwill
Other
Total extraordinary income
Extraordinary loss:
Loss on disposal of fixed assets
Special payments on employees’ retirement benefits
Other
Total extraordinary loss
Income (loss) before income taxes and other adjustments to net income
Income taxes:
Current
Deferred
Total income taxes
Income (loss) before minority interests
Minority interests
Net income (loss)

6

Three months ended
June 30, 2010

Three months ended
June 30, 2011

51,23347,561
3,671
4,711(1,039)56,42952,005
4,424
4,878
(454)

12
81
33
—
33
160

1188
34
83
33
250

052
254(933)742
1364(267)

133
19
50
29
232

—
48
—
250

8
74
241
324
(1,025)10
17
23
51(268)392(668)
(275)
(749)
(0)
(749)

347
(281)
66(334)0(335)COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2011

Consolidated Statements of Comprehensive Income
Millions of yen
Three months ended
June 30, 2010

Income (loss) before minority interests
Other comprehensive income:Unrealized gain (loss) on other securities
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

7

Three months ended
June 30, 2011

(749)

(334)

(52)
(52)
(801)

(62)
(62)
(396)

(801)
(0)

(397)
0