November 10, 2010

COMSYS Holdings Corporation
Consolidated Financial Results for the Second Quarter Ended September 30, 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: November 15, 2010
Scheduled Commencement of Dividend Payment: December 6, 2010
Supplementary Materials on Quarterly Results:
Attached
IR Presentation on Quarterly Results:
Scheduled (For Institutional Investors and Analysts)
Amounts less than one million yen have been omitted.

1. Consolidated Financial Results (for the six months ended September 30, 2010)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Income

Recurring Proﬁt

Net Income

Six months ended September 30, 2010

¥120,040(2.2)%¥1,670(40.7)%¥1,837(40.4)%¥(2,032)

Six months ended September 30, 2009

122,753

(8.2)

2,817

(40.1)

3,082(44.7)

1,552—%(51.9)

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

Six months ended September 30, 2010¥(16.16)Six months ended September 30, 2009

11.88

¥

—11.88(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 September 30, 2010

¥192,150¥148,547

76.7%¥1,172.71

As of March 31, 2010

211,809

151,76871.2

1,199.29(Reference) Shareholders’ Equity:

As of September 30, 2010: ¥147,435 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¥ —¥10.00¥20.00Year ending March 31, 2011

—

10.00
—

10.00

20.00

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

AnnualNote: 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¥80.34

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2010

4. Other(1) Changes in Significant Subsidiaries during the Period under Review: NoNote: 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 September 30, 2010
145,977,886 shares
20,256,255 shares

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

Six months ended September 30, 2010
125,715,730 shares

Six months ended September 30, 2009
130,648,429 shares*Statement regarding the Implementation Status of Quarterly Review ProceduresThis First Half Consolidated Financial Results report is not subject to the quarterly review procedures prescribed under the Financial Instruments
and Exchange 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 Second Quarter Ended September 30, 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 half (April 1, 2010 to September 30, 2010) of the fiscal year ending March 31, 2011, conditions throughout theJapanese economy remained very difficult. Despite signs of a modest recovery on the back of positive contributions from
economic pump-priming measures implemented by the government, the persistent challenging operating environment waslargely attributable to an unfavorable employment situation as well as the sharp and dramatic appreciation in the value of the yen.
In the information and telecommunication field, the COMSYS Group’s principal area of activity, growth was clearly
evident in next-generation network (NGN) services together with full-fledged investment in LTE (Long Term Evolution), a
next-generation mobile phone communication standard. At the same time, there were indications of steady expansion in IT
platform development including local government initiatives aimed at resolving the digital divide On the other hand,telecommunications 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 the provision ofhigh value-added services including contents, downward pressure continued to mount on capital expenditure due mainly to adecline in the scale of construction work.
Under these circumstances, business results for the period under review were mixed. Buoyed by generally firmconditions in the IT Solutions Business, due primarily to IRU construction work conducted by local government and otherauthorities, orders received edged up 1.7% compared with the corresponding period of the previous fiscal year to ¥146,314
million. Despite this growth in IRU construction work, net sales declined 2.2% year on year to ¥120,040 million, mainlyreflecting the drop in mainstay information and telecommunication infrastructure-related construction and other factors. Froma profit perspective, the Group continued to pursue structural reform measures aimed at increasing productivity while at thesame time reducing operating expenses. However, due to lower information and telecommunication infrastructure-related
construction net sales, consolidated recurring profit declined 40.4% year on year to ¥1,837 million. Accounting for
management integration with Tsuken Co., Ltd. on October 1, 2010, steps were taken to review the impact of expenditure
reduction attributable to capitalized software costs resulting in an extraordinary loss (write-down on software). On this basis, theGroup reported a net loss for the period of ¥2,032 million compared with net income of ¥1,552 million in the corresponding
period of the previous fiscal year.
(2) Qualitative Information Regarding Consolidated Financial Position
Total assets as of September 30, 2010 stood at ¥192,150 million, down ¥19,658 million compared with the end of theprevious fiscal year. This was mainly attributable to the drop in notes and accounts receivable — trade. Total liabilities as ofthe end of the second quarter of the fiscal year under review amounted to ¥43,603 million, a decrease of ¥16,437 million
compared with March 31, 2010. This primarily reflected the decline in accounts payable — trade. In addition, net assets asof September 30, 2010 stood at ¥148,547 million, ¥3,221 million lower than the balance as of the previous fiscal year-end.
Accounting for the aforementioned factors, the equity ratio improved 5.5 percentage points from the end of theprevious fiscal year to 76.7%.
(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.
In addition, readers are directed to the announcement “Notice Concerning the Implementation of Operating
Platform Strengthening and Other Measures” issued on October 29, 2010 for details regarding future initiatives.

3COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2010

2. Quarterly Consolidated Financial Statements(1) Consolidated Balance Sheets
Millions of yen
As of March 31, 2010
As of September 30, 2010
(condensed)

ASSETS
Current Assets:
Cash and cash equivalents
Notes and accounts receivable—tradeInventories:
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, net
Land
Other, net
Total property and equipmentIntangible 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

32,08045,23023,60979,82323,769
4,407
6,348
(68)
111,767

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

20,39232,708
5,642
58,7442,160

18,92032,2796,113
57,313
6,395

6,463
15,228(2,213)
19,47980,383
192,150

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

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2010

Millions of yen
As of March 31, 2010
As of September 30, 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:
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 Assets
Total Liabilities and Net Assets

528,882
7410
2,883
207
4,724
37,11541,023
11
1,710
3,706
250
6,878
53,581

2,365
2,275
119
1,726
6,487
43,603

2,365
2,287
175
1,629
6,458
60,04010,00057,016108,316(19,508)
155,824

10,00057,016111,605(19,522)
159,100(492)(7,896)(8,388)318
792
148,547
192,150(443)(7,896)(8,340)249
759
151,768
211,809

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 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
OtherTotal other income
Other Expenses:
Interest expenses
Foreign exchange losses
Other
Total other expenses
Recurring profit
Extraordinary Income:Reversal of allowance for doubtful receivables
Gain on payback of insurance payments
Other
Total extraordinary income
Extraordinary Loss:
Loss on disposal of fixed assets
Write-down on investments in securities
Provision for allowance for doubtful receivablesSpecial payments on employees’ retirement benefits
Write-down on software
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 interestsMinority Interests
Net Income (loss)

6

Six months ended
September 30, 2009

Six months ended
September 30, 2010

122,753
109,548
13,204
10,386
2,817

120,040
109,299
10,740
9,070
1,670

49
85
101
48
285

36
91
—
94
223

1
12
7
20
3,082

147
8
56
1,837

105
49
23
178

119
201
116
437

73
—
91
58
—
31
255
3,005

58
268
—
111
3,643
494
4,576
(2,302)

417
1,051
1,468
—
(16)
1,552

290
(641)
(350)
(1,951)80(2,032)