February 10, 2011

COMSYS Holdings Corporation
Consolidated Financial Results for the Third Quarter Ended December 31, 2010
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: February 14, 2011
Scheduled Commencement of Dividend Payment: —Supplementary Materials on Quarterly Results:
Attached
IR Presentation on Quarterly Results:
Not scheduledAmounts less than one million yen have been omitted.

1. Consolidated Financial Results (for the nine months ended December 31, 2010)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Income

Recurring Proﬁt

Net Income

Nine months ended December 31, 2010 ¥193,862

3.8%¥3,860(21.0)%¥4,179(20.8)%¥5,07392.8%

Nine months ended December 31, 2009

(7.5)

4,888

(36.6)

5,276(39.8)

2,632(46.7)

186,840

Note: Percentages indicate the percentage change from the corresponding period of the previous fiscal year.
Net Income per ShareNet Income per Share (Diluted)

Nine months ended December 31, 2010¥39.56¥39.48Nine months ended December 31, 2009

20.31

20.31

(2) Consolidated Financial Position(Millions of yen, except per share data and percentages)

Total Assets

Net Assets

Equity Ratio

Net Assets per Share

As of December 31, 2010

¥219,176¥159,920

72.5%¥1,196.47As of March 31, 2010

211,809

151,76871.2

1,199.29(Reference) Shareholders’ Equity:

As of December 31, 2010: ¥158,828 million

As of March 31, 2010: ¥150,759 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, 2010

¥ —¥10.00¥ —Year ending March 31, 2011

—

10.00

—

Year ending March 31, 2011 (Forecast)Year-End

Annual¥10.00¥20.00

10.00

20.00

Note: Revisions to dividend forecasts: No

3. Earnings Forecast (for the ﬁscal year ending March 31, 2011)
Net SalesYear ending March 31, 2011

¥320,000

9.2%(Millions of yen, except per share data and percentages)

Operating Income

Recurring Proﬁt

Net Income¥13,100¥13,500¥10,100 42.3%

4.5%

2.9%

Notes: 1. Revisions to consolidated earnings forecasts: No
2. For ﬁscal-year ﬁgures, percentages indicate the percentage change from the previous ﬁscal year.

Net Income per Share¥78.74

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2010

4. Other (Please refer to “Other Information” on page 3 of the “Accompanying Materials” for more details)(1) Changes in Significant Subsidiaries during the Period under Review: Yes
Newly included: 1 (TSUKEN Corporation)
Excluded: —Note: This refers to changes to subsidiaries that would alter the scope of consolidation.

(2) Adoption of Simplified Accounting Methods and Specified Accounting Methods: Yes
Note: This refers to the adoption of such methods for the preparation of the Quarterly Consolidated Financial Statements.

(3) Changes to Accounting Methods and the Quarterly Consolidated Financial Statementsa) Changes accompanying revision to accounting standards: Yesb) Other changes aside from a) above: 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 December 31, 2010
145,977,886 shares
13,230,436 shares

As of March 31, 2010
145,977,886 shares
20,270,254 shares

Nine months ended December 31, 2010
128,270,779 shares

Nine months ended December 31, 2009
129,580,862 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.

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COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2010

Accompanying Materials
1. Qualitative Information Regarding Consolidated Financial Results for the Period under Review(1) Qualitative Information Regarding Consolidated Operating Results
During the first three quarters (April 1, 2010 to December 31, 2010) of the fiscal year ending March 31, 2011, uncertainty
continued to cloud the Japanese economy, despite emerging signs of a recovery in corporate-sector earnings and personal
consumption due largely to improvements in overseas economies and positive contributions from economic pump-priming
measures implemented by the Japanese government. The uncertainty was attributable to a variety of factors including market
jitters reflecting the persistent appreciation in the value of the yen and the harsh employment environment.
In the information and telecommunication field, the COMSYS Group’s principal area of activity, steady growth was
clearly evident in next-generation network (NGN) services as well as IRU, terrestrial digital broadcasting and related businesses.
In addition to new services that cater particularly to smart phones as well as a broad spectrum of other devices, market activity
was significantly boosted by the commercial launch of the Long Term Evolution (LTE) next-generation mobile phone
communication standard in December 2010. In contrast, telecommunication carriers, the COMSYS Group’s mainstay customer
base, confronted intense competition in attracting customers. In addition to the marked shift in investment activity away from
infrastructure development toward high value-added services including contents, downward pressure continued to mount on
capital expenditure due mainly to a decline in the scale of construction work.
Under these circumstances, business results for the period under review were mixed. Buoyed by the synergy benefits
resulting from management integration with TSUKEN Corporation on October 1, 2010 and steady progress in IRU
construction work conducted by local government and other authorities, orders received climbed 3.5% compared with thecorresponding period of the previous fiscal year to ¥222,723 million, and net sales increased 3.8% year on year to ¥193,862
million. From a profit perspective, the Group continued to pursue structural reform measures aimed at improving productivity
while at the same time reducing operating expenses. However, due to lower information and telecommunication infrastructurerelated construction net sales, operating income decreased 21.0% compared with the year on year to ¥3,860 million. In theperiod under review, the Company incurred extraordinary losses such as a write-down on software and an impairment loss
applicable to land and buildings scheduled for sale. This was offset by the negative goodwill that arose from management
integration, which the Company recorded as extraordinary income. Accounting for each of the aforementioned factors, net
income for the period surged 92.8% year on year to ¥5,073 million.
(2) Qualitative Information Regarding Consolidated Financial Position
Total assets as of December 31, 2010 stood at ¥219,176 million, up ¥7,367 million compared with the end of the previous
fiscal year. This was mainly attributable to the increase in property and equipment. Total liabilities as of the end of the third
quarter of the fiscal year under review amounted to ¥59,255 million, a decrease of ¥784 million compared with March 31,
2010. This primarily reflected the decline in such items as accounts payable — trade. Net assets as of December 31, 2010
stood at ¥159,920 million, ¥8,151 million higher than the balance as of the previous fiscal year-end. This was due to avariety of factors including the increase in negative treasury stock, at cost.
As a result, the equity ratio improved 1.3 percentage points compared with the end of the previous fiscal year to 72.5%.
(3) Qualitative Information Regarding Consolidated Earnings Forecast
Turning to the consolidated earnings forecasts for the full fiscal year ending March 31, 2011, there are no changes to dataand information announced in the press release “Notice Concerning Revisions to Consolidated Earnings Forecasts” issued
on October 29, 2010.
2. Other Information
Outline of Changes in Significant Subsidiaries
TSUKEN Corporation became a specific subsidiary of COMSYS Holdings Corporation during the third quarter of the fiscal
year ending March 31, 2011 by way of an exchange of shares.

3COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2010

2. Quarterly Consolidated Financial Statements(1) Consolidated Balance Sheets
Millions of yen
As of March 31, 2010
As of December 31, 2010
(condensed)

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 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

20,82958,191

23,60979,823

33,951
4,993
10,611(131)
128,446

18,313
1,050
6,360
(121)
129,035

24,86634,827
6,507
66,202
2,508

18,92032,279
6,113
57,313
6,395

7,458
16,804(2,244)22,01990,730219,176

7,119
14,263(2,317)
19,06582,773211,809

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2010

Millions of yen
As of March 31, 2010
As of December 31, 2010
(condensed)

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:
Long-term debt
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 ASSETS
Shareholders’ Equity:
Common stock
Additional paid-in capital
Retained earnings
Treasury stock, at cost
Total shareholders’ equity
Valuation and Translation Adjustments:
Unrealized gain (loss) on other securities
Unrealized loss on land revaluation
Total valuation and translation adjustments
Subscription Rights to Shares
Minority Interests
Total Net AssetsTotal Liabilities and Net Assets

530,230
6,159
1,058
4,473
256
6,507
48,68541,023
11
1,710
3,706
250
6,878
53,581

67
2,252
6,150
287
1,811
10,56959,255

—
2,365
2,287
175
1,629
6,458
60,04010,00055,346
114,144(12,481)
167,009

10,00057,016111,605(19,522)
159,100(308)(7,873)(8,181)
343
748
159,920
219,176(443)(7,896)(8,340)249
759
151,768
211,809

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2010

(2) Consolidated Statements of Income
Millions of yen

Net Sales
Cost of Sales
Gross profits
Selling, General and Administrative Expenses
Operating income
Other Income:Interest income
Dividend income
Rent income on noncurrent assets
Other
Total other income
Other Expenses:
Interest expenses
Foreign exchange losses
Commission for purchase of treasury stock
Other
Total other expenses
Recurring profit
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
Loss on impairment of fixed assets
Write-down on software
Other
Total extraordinary loss
Income before income taxes and other adjustments to net income
Income Taxes:
Current
Deferred
Total income taxes
Income before minority interests
Minority Interests
Net Income

6

Nine months ended
December 31, 2009

Nine months ended
December 31, 2010

186,840
166,651
20,18815,3004,888

193,862
175,985
17,876
14,016
3,860

70
119
141
73
404

53
133
100
113
400

2—
77
17
5,276

955
—
1681
4,179

25
61—
33
120

174
218
7,372
907,855

101
84——
138
324
5,072

130
131
1,840
3,643
1,085
6,832
5,202

764
1,681
2,446
—
(6)
2,632

906
(869)
36
5,166
92
5,073

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2010

(3) Notes Regarding Significant Changes in the Amount of Shareholders’ Equity
The balance of treasury stock as of the end of the third quarter of the fiscal year ending March 31, 2011 stood at ¥12,481
million, a decrease of ¥7,040 million compared with the previous fiscal year-end. Principal factors leading to this movement
included the decrease of ¥8,058 million involving an exchange of shares between COMSYS Holdings, as the pure holding
company, and TSUKEN Corporation, as the wholly owned subsidiary, on October 1, 2010, and the increase of ¥611 million
reflecting the acquisition of 718,000 shares of treasury stock up to the end of the third quarter of the fiscal year under review inaccordance with a resolution ratified at a Board of Directors’ meeting held on October 29, 2010.

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