August 8, 2006

COMSYS Holdings Corporation
Consolidated Financial Results for the First Quarter Ended June 30, 2006 (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
Yoshiaki Miyawaki, Director and General Manager of General Affairs & Personnel Department(Telephone:81-3-3448-7100)

1. Accounting Policy(1) Adoption of simple method for accounting procedures: Yes
Income taxes are calculated by the estimated rate based on the statutory effective tax rate.
(2) Changes in the method of accounting since the most recent fiscal year: No(3) Changes in scope of consolidation and application of equity method: No
2. Consolidated Financial Results (for the three months ended June 30, 2006)(1) Consolidated Operating Results

Amounts less than one million yen have been omitted.
(Millions of yen, except per share data and percentages)

Net Sales
Three months ended June 30, 2006¥ 45,890

5.2%

Three months ended June 30, 2005

43,6176.8(Ref.) Fiscal year ended March 31, 2006

307,485

Operating Income

Recurring Profit¥

¥

301

—%

——

16,318Net Incomeper ShareNet Incomeper Share (Diluted)

Three months ended June 30, 2006

4.73

4.73

Three months ended June 30, 2005

—

—

69.65

69.62

(Ref.) Fiscal year ended March 31, 2006

839

—%

——

18,753Net Income
¥

671

—%

—

—

10,030Note: The values shown for net sales indicate the percentage of change from the same quarter of the previous fiscal year. For figures other thannet sales, the computation of quarterly consolidated operating results commenced with this quarter. Therefore, values for the same quarterof the previous fiscal year and year-on year percentage changes are not given.

[ Qualitative Information Regarding Consolidated Operating Results ]Consolidated orders received and net sales were up this quarter from the first quarter of theprevious fiscal year. This was the result of a strong performance in the NTT Information Telecommunication
Engineering Business. Especially strong performers were B Flets optical technology projects, projects
related to improvement of the quality of mobile communications and expansion of their service areas,
together with NCC related base station projects and FTTH projects in the Electrical Communications
Engineering Business.
[ Supplementary Information ]Consolidated Orders Received(Millions of yen, except percentages)

Orders Received
Three months ended June 30, 2006

¥ 81,575 13.4%

Three months ended June 30, 2005

71,937 15.7

(Ref.) Fiscal year ended March 31, 2006

310,005

Note: Percentages shown are rates of change from the same quarter of the previous fiscal year.

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

Shareholders’ Equity

As of June 30, 2006

¥201,218¥137,703

As of June 30, 2005————

220,785

137,160

62.1

964.70(Ref.) As of March 31, 2006

Equity Ratio

Shareholders’ Equity
per ShareTotal Assets

67.8%

961.10Note: Changes in consolidated financial position are shown for the first time this quarter. Accordingly, no results for the same quarter of theprevious fiscal year are given.

[ Consolidated Cash Flows ](Millions of yen)

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, 2006

¥14,020¥(1,119)¥(1,333)¥47,390Three months ended June 30, 2005

————

9,128

(5,139)(3,631)35,814(Ref.) Fiscal year ended March 31, 2006

Note: Changes in consolidated cash flows are shown for the first time this quarter. Accordingly, no results for the same quarter of the previous
fiscal year are given.

[ Qualitative Information Regarding Changes in Consolidated Financial Position ]Total assets declined ¥19.56 billion to ¥201.21 billion from the end of the previous fiscal year. Thiswas caused by the contraction of notes and accounts receivable—trade. Liabilities fell ¥18.84 billion to¥63.51 billion, as a result of a drop in accounts payable—trade in comparison to the end of the previous
fiscal year.
[ Supplementary Information ]Earnings Forecast (for the fiscal year ending March 31, 2007)(Millions of yen)

Net Sales

Recurring Profit

Net Income

Six months ending September 30, 2006

¥134,000¥ 7,800¥ 5,000

Fiscal year ending March 31, 2007

315,000

19,00011,000(Reference) Forecasted net income per share for the fiscal year ending March 31, 2007:¥77.47* The above forecasts are based on information available to COMSYS Group on the date of the report’s announcement. Unforeseen circumstances,
however, may cause actual results to differ from these forecasts.

[ Qualitative Information on Performance Forecasts ]There are no significant revisions of the performance forecasts released on May 12, 2006.

2

[ Appendix ]1. Consolidated Balance Sheets (Summary)(Millions of yen)
Current 1st quarter(as of June 30, 2006)
AmountPeriodCategory

ASSETS
Current Assets:
Cash and cash equivalents
Notes and accounts receivable—trade
Accumulated cost of construction in progress
Other current assets
Total current assets
Fixed Assets:
Property and equipment
Intangible assets
Investments and other assets
Total fixed assets
Total assets
LIABILITIESCurrent Liabilities:
Accounts payable—Trade
Short-term bank loans
Advances received on construction in progress
Other current liabilities
Total current liabilities
Long-Term Liabilities:
Deferred tax liabilities for unrealized gains on land revaluation
Accrued severance indemnities
Consolidation adjustments account
Negative goodwill
Other long-term liabilities
Total long-term liabilities
Total liabilities
MINORITY INTERESTSSHAREHOLDERS’ EQUITY
Common stock
Additional paid-in capital
Retained earnings
Unrealized loss on land revaluation
Unrealized gain (loss) on securities
Treasury stock, at cost
Total shareholders’ equity
Total liabilities, minority interests and shareholders’ equity
NET ASSETS
Shareholders’ Equity:
Common stock
Additional paid-in capital
Retained earnings
Treasury stock, at cost
Total shareholders’ equity
Valuation and Translation Adjustments:
Unrealized loss on land revaluation
Unrealized gain (loss) on securities
Total valuation and translation adjustments
Minority Interests
Total net assets
Total liabilities and net assets
3

Previous fiscal year
(as of March 31, 2006)
Amount49,646
36,63836,6668,460
131,41138,05083,73821,973
7,595
151,357

47,603
1,691
20,51169,806201,218

47,417
1,725
20,28669,428220,785

25,326
3,188
14,0897,719
50,324

49,772
3,293
6,779
8,321
68,167

2,365
4,034
—
3,595
3,194
13,19063,514
—

2,365
4,159
3,961
—
3,703
14,18982,356
1,268

—
——
—
—
——
—

10,00056,94180,393(7,896)850(3,128)137,160
220,785

10,00056,94179,774(3,135)
143,579—————(7,896)787(7,109)1,233
137,703201,218

—
—
—
—
—
—

2. Consolidated Statements of Income (Summary)(Millions of yen)
Current 1st quarter(Three months ended
June 30, 2006)
AmountPeriodCategory

Previous fiscal year
(Fiscal year ended
March 31, 2006)
AmountNet Sales

45,890307,485

Cost of Sales

40,668

270,602

5,221

36,882

4,920

20,564301

16,318Other Income567

2,585

Other Expenses

28

150

Recurring profit

839

18,753Extraordinary Income

157

803

Extraordinary Loss

47

3,134

950

16,422

Income Taxes

260

6,266

Minority Interests

17125

Net Income

671

10,030Gross profits
Selling, General and Administrative Expenses
Operating income

Income before income taxes and other adjustments to net income

4