August 7, 2007

COMSYS Holdings Corporation
Consolidated Financial Results for the First Quarter Ended June 30, 2007 (Unaudited)
Head Office:Stock Exchange Listings:
URL:
Representative:
For Inquiry:

17-1, Higashigotanda 2-chome, Shinagawa-ku, Tokyo 141-8647, JapanFirst Section of Tokyo Stock Exchange and Osaka Securities Exchange (Securities code: 1721)
http://www.comsys-hd.co.jp
Hirofumi Shimada, President
Yoshihiro Mimata, Director and General Manager of Finance & Accounting Department(Telephone:81-3-3448-7000)
Amounts less than one million yen have been omitted.
(Millions of yen, except per share data and percentages)

1. Consolidated Financial Results (for the three months ended June 30, 2007)(1) Consolidated Operating Results(Percentages indicate the percentage change from the corresponding period of the previous fiscal year.)

Net Sales
Three months ended June 30, 2007

¥ 54,066 17.8%

Operating Income

Recurring Profit

Net Income¥¥ 1,382 64.6%¥ 1,011 50.6%

769 155.6%

Three months ended June 30, 2006

45,890

5.2

301

—

839

—

671

—

Fiscal year ended March 31, 2007

336,518—

19,213—

21,120—12,382—Net Income
per ShareNet Incomeper Share (Diluted)

Three months ended June 30, 2007

¥ 7.18¥ 7.18Three months ended June 30, 2006

4.73

4.73

Fiscal year ended March 31, 2007

87.39

87.37

Note: Because the Group began releasing consolidated operating results with the first quarter of the fiscal year ended March 31, 2007, there areno comparisons of figures from the first quarter of the fiscal year ended March 31, 2007 with the corresponding quarter of the previous
fiscal year, with the exception of net sales.

(2) Consolidated Financial Position
Shareholders’ Equity

As of June 30, 2007¥201,832¥145,529

71.5%¥1,028.87

As of June 30, 2006

201,218

137,703

67.8

961.10229,953

147,005

63.4

1,033.87

As of March 31, 2007

Equity Ratio

Shareholders’ Equity
per Share

Total Assets(3) Consolidated Cash Flows
Cash Flows from
Cash Flows from
Cash Flows from Cash and Cash Equivalents
Operating Activities Investing Activities Financing Activities
at End of Period
Three months ended June 30, 2007

¥ 2,407¥(1,877)¥(3,074)¥40,097

Three months ended June 30, 2006

14,020(1,119)(1,333)47,390Fiscal year ended March 31, 2007

18,575(5,524)(6,610)42,458

1

COMSYS Holdings Corporation (1721)

Consolidated Financial Results for the First Quarter Ended June 30, 2007 (Unaudited)

2. Earnings Forecast (for the fiscal year ending March 31, 2008)(Reference)

There are no significant revisions of the earnings forecasts released on May 11, 2007, either for the first half orfor the entire year.
(For fiscal-year figures, percentages indicate the percentage change from the previous fiscal year.
For interim figures, percentages indicate the percentage change from the corresponding half of the previous fiscal year.)
Net SalesOperating Income

Recurring Profit

Net Income

Net Incomeper ShareSix months ending September 30, 2007

¥136,500(4.8)%¥ 6,700 (14.2)%¥ 7,700 (12.4)%¥ 4,500 (28.9)%¥31.94

Fiscal year ending March 31, 2008

340,000

1.0

19,50021,50012,500

88.73

1.5

1.8

1.0

3. Other(1) Transfers of leading subsidiaries during the fiscal period(Transfers of specified subsidiaries accompanied by changes in the scope of consolidation): No(2) Adoption of simple method for accounting procedures: Yes(3) Changes in the method of accounting since the most recent fiscal year: No(Note: For detailed information, see page 3, Qualitative Information, Financial Statements, Etc. Paragraph 3, “Other.”)* Explanations and other notes on the suitable use of the performance forecasts
The performance outlook and other forward-looking statements in this release reflect the judgment of COMSYS Holdings
Corporation based on the best information in its possession at the time of publication. Actual results may differ significantly
from these performance forecasts due to a large number of factors.

2COMSYS Holdings Corporation (1721)

Consolidated Financial Results for the First Quarter Ended June 30, 2007 (Unaudited)

Qualitative Information, Financial Statements, Etc.
1. Qualitative Information Regarding Consolidated Operating Results
Consolidated orders received during the first quarter declined in comparison to the first quarter of theprevious fiscal year. This was primarily due to the fact that, in the first quarter of the previous fiscal year, theGroup received orders in the NTT business for improvements in quality and expansion of service areas inconnection with DoCoMo’s inauguration of mobile telephone number portability service.
Consolidated net sales rose in comparison to the first quarter of the previous fiscal year, boosted
by the healthy performance of NCC-related base station and FTTH projects, as well as the upturn in the ITsolutions business.
(Reference) Consolidated Orders Received(Millions of yen, except percentages)

Orders Received
Three months ended June 30, 2007

¥ 68,033 (16.6)%

Three months ended June 30, 2006

81,575

13.4

Fiscal year ended March 31, 2007

334,171—

Note: Percentages indicate the percentage change from the corresponding period of the previous fiscal year.

2. Qualitative Information Regarding Consolidated Financial Position
Total assets at the end of the first quarter contracted by ¥28.12 billion in comparison to the end of theprevious fiscal year, falling to ¥201.83 billion. This was primarily the result of a decline in accounts
receivable—trade. Total liabilities dropped by ¥26.64 billion in comparison to the end of the previous fiscal
year, to ¥56.30 billion. This was chiefly due to a drop in accounts payable—trade.

3. Other(1) Transfers of leading subsidiaries during the fiscal period(Transfers of specified subsidiaries accompanied by changes in the scope of consolidation): No(2) Adoption of simple method for accounting procedures: Yes
The simple method is also used for the calculation of income taxes.
(3) Changes in the method of accounting since the most recent fiscal year: No3

COMSYS Holdings Corporation (1721)

Consolidated Financial Results for the First Quarter Ended June 30, 2007 (Unaudited)

4. Consolidated Financial Statements (Summary)(1) Consolidated Balance Sheets (Summary)(Millions of yen, except percentages)
Category

Previous 1st quarter(As of June 30, 2006)

Current 1st quarter(As of June 30, 2007)

AmountAmount(Ref.) Previous fiscal year
(As of March 31, 2007)

ChangeAmountPercent (%)(6,627)(13.3)

AmountASSETS
Current Assets:
Cash and cash equivalents

49,646

Notes and accounts receivable—trade

36,63842,587

5,949

16.2

83,645

Accumulated cost of construction in progress

36,66633,146(3,519)(9.6)

23,465

Other current assets
Total current assets

43,01945,3658,460

11,587

3,127

37.0

7,346

131,411130,340(1,070)(0.8)

159,82247,603

48,665

1,062

2.2

47,626

Fixed Assets:
Property and equipment
Intangible assets

1,691

2,039

347

20.6

2,135

Investments and other assets

20,511

20,786274

1.3

20,368

Total fixed assets

69,806

71,491

1,684

2.4

70,130Total assets

201,218

201,832613

0.3

229,953

Accounts payable—Trade

25,32627,949

2,623

10.4

52,146

Short-term bank loans

3,188

224

(2,964)(93.0)

359

Advances received on construction in progress

14,0897,766(6,323)(44.9)

3,255

Other current liabilities

7,719

9,712

1,992

25.8

16,03350,32445,653(4,671)(9.3)

71,795

Deferred tax liabilities for unrealized gains on land revaluation

2,365

2,365

—

—

2,365

Accrued severance indemnities

4,034

3,611

(423)

(10.5)

3,623

LIABILITIESCurrent Liabilities:

Total current liabilities
Long-Term Liabilities:

Negative goodwill

3,595

2,078

(1,516)(42.2)

2,455

Other long-term liabilities

3,194

2,592

(601)

(18.8)

2,708

Total long-term liabilities

13,19010,649(2,541)(19.3)

11,152

Total liabilities

63,51456,302(7,212)(11.4)

82,947

Common stock

10,00010,000——10,000Additional paid-in capital

56,941

56,97332

0.1

56,973Retained earnings

79,774

90,121 10,347

13.0

90,550Treasury stock, at cost

(3,135)(5,387) (2,251)—(4,360)153,163

NET ASSETS
Shareholders’ Equity:

Total shareholders’ equity

143,579

151,707

8,128

5.7

Valuation and Translation Adjustments:
Unrealized gain (loss) on other securities

787

540

(247)

(31.4)

519(7,896)(7,896)——(7,896)(7,109)(7,356)(247)—(7,376)

1,233

1,178

(54)

(4.4)

1,219

Total net assets

137,703

145,5297,826

5.7147,005

Total liabilities and net assets

201,218

201,832613

0.3

229,953

Unrealized loss on land revaluation
Total valuation and translation adjustments
Minority Interests

4

COMSYS Holdings Corporation (1721)

Consolidated Financial Results for the First Quarter Ended June 30, 2007 (Unaudited)(2) Consolidated Statements of Income (Summary)(Millions of yen, except percentages)

Category

Previous 1st quarter(Three months ended
June 30, 2006)

Current 1st quarter(Three months ended
June 30, 2007)

AmountAmount(Ref.) Previous fiscal year
(Fiscal year ended
March 31, 2007)

ChangeAmountPercent (%)

Net Sales

45,89054,066

8,176

17.8

336,518

Cost of Sales

40,66848,041

7,373

18.1

295,096

Gross profits

5,221

6,024

803

15.4

41,421

4,920

5,255

334

6.8

22,208

301

769

468

155.6

19,213

Other Income

567

619

52

9.2

1,991

Other Expenses

286(21)(76.2)

85

Recurring profit

839

1,382

542

64.6

21,120Extraordinary Income

157

279

122

77.6

2,003

Selling, General and Administrative Expenses
Operating income

Extraordinary Loss

Amount

4756

8

18.9

3,656

Income before income taxes and other adjustments to net income

950

1,605

655

69.0

19,467

Income Taxes

260

619

358

137.7

7,055

Minority Interests

17(25)(42)—29

Net Income

671

1,011

339

50.6

12,3825