New York
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001-9232
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13- 5658129
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification Number)
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1065 Avenue of the Americas, New York, New York
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10018
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(Address of principal executive offices)
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(Zip Code)
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£
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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£
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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£
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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£
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits. The following exhibit is furnished as part of this Report on Form 8-K:
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Exhibit No.
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Description of Exhibit
|
||
99.1
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Press release of Volt Information Sciences, Inc. dated March 13, 2015 announcing earnings for its fiscal first quarter ended February 1, 2015.
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VOLT INFORMATION SCIENCES, INC.
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||||
By: | /s/ James Whitney Mayhew | |||
James Whitney Mayhew, Senior Vice President
|
||||
and Chief Financial Officer
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||||
Exhibit No.
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Description of Exhibit
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99.1
|
Press release of Volt Information Sciences, Inc. dated March 13, 2015 announcing earnings for its fiscal first quarter ended February 1, 2015.
|
|
·
|
Net revenue of $383.1 million and net loss of $13.3 million, which included losses from discontinued operations of $4.5 million
|
|
·
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Proforma operating loss of $5.0 million, a $5.2 million improvement over prior year period
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|
·
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Proforma Staffing Services segment operating income of $1.7 million improved from a loss in the same period of 2014
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Three months ended February 1, 2015
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Three months ended February 2, 2014
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|||||||||||||||||||||||
Total
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Staffing Services
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Other
|
Total
|
Staffing Services
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Other
|
|||||||||||||||||||
Net Revenue
|
||||||||||||||||||||||||
Staffing service revenue
|
$ | 360,821 | $ | 360,821 | $ | - | $ | 392,269 | $ | 392,269 | $ | - | ||||||||||||
Other revenue
|
22,245 | - | 22,245 | 29,359 | - | 29,359 | ||||||||||||||||||
Net revenue
|
383,066 | 360,821 | 22,245 | 421,628 | 392,269 | 29,359 | ||||||||||||||||||
Expenses
|
||||||||||||||||||||||||
Direct cost of staffing services revenue
|
310,819 | 310,819 | - | 339,796 | 339,796 | - | ||||||||||||||||||
Cost of other revenue
|
19,605 | - | 19,605 | 24,133 | - | 24,133 | ||||||||||||||||||
Selling, administrative and other operating costs
|
53,941 | 50,580 | 3,361 | 60,367 | 55,722 | 4,645 | ||||||||||||||||||
Restructuring costs
|
- | - | - | 657 | 657 | - | ||||||||||||||||||
Segment operating income (loss)
|
(1,299 | ) | (578 | ) | (721 | ) | (3,325 | ) | (3,906 | ) | 581 | |||||||||||||
Corporate general and administrative
|
6,023 | 5,232 | ||||||||||||||||||||||
Restatement, investigations and remediation
|
- | 2,668 | ||||||||||||||||||||||
Operating loss
|
(7,322 | ) | (11,225 | ) | ||||||||||||||||||||
Other income (expense), net
|
(99 | ) | (410 | ) | ||||||||||||||||||||
Income tax provision
|
1,379 | 1,047 | ||||||||||||||||||||||
Net loss from continuing operations
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(8,800 | ) | (12,682 | ) | ||||||||||||||||||||
Loss from discontinued operations, net of taxes
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(4,519 | ) | (4,392 | ) | ||||||||||||||||||||
Net loss
|
$ | (13,319 | ) | $ | (17,074 | ) | ||||||||||||||||||
NON-GAAP PROFORMA
|
Three months ended February 1, 2015
|
Three months ended February 2, 2014
|
|||||||||||||||||||||||
Total
|
Staffing Services
|
Other
|
Total
|
Staffing Services
|
Other
|
|||||||||||||||||||
Net revenue
|
$ | 383,066 | $ | 360,821 | $ | 22,245 | $ | 421,628 | $ | 392,269 | $ | 29,359 | ||||||||||||
Recognition of previously unrecognized revenue
|
(2,630 | ) | (2,568 | ) | (62 | ) | (5,248 | ) | (5,048 | ) | (200 | ) | ||||||||||||
Additions to unrecognized revenue
|
4,912 | 4,873 | 39 | 6,293 | 6,160 | 133 | ||||||||||||||||||
Net non-GAAP proforma adjustment
|
2,282 | 2,305 | (23 | ) | 1,045 | 1,112 | (67 | ) | ||||||||||||||||
Proforma net revenue
|
385,348 | 363,126 | 22,222 | 422,673 | 393,381 | 29,292 | ||||||||||||||||||
Expenses
|
||||||||||||||||||||||||
Direct cost of staffing services revenue
|
310,819 | 310,819 | - | 339,796 | 339,796 | - | ||||||||||||||||||
Cost of other revenue
|
19,605 | - | 19,605 | 24,133 | - | 24,133 | ||||||||||||||||||
Selling, administrative and other operating costs
|
53,941 | 50,580 | 3,361 | 60,367 | 55,722 | 4,645 | ||||||||||||||||||
Restructuring costs
|
- | - | - | 657 | 657 | - | ||||||||||||||||||
Proforma segment operating income (loss)
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983 | 1,727 | (744 | ) | (2,280 | ) | (2,794 | ) | 514 | |||||||||||||||
Proforma operating loss
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(5,040 | ) | (10,180 | ) | ||||||||||||||||||||
Proforma net loss from continuing operations
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$ | (6,518 | ) | $ | (11,637 | ) |
Three months ended
|
||||||||
February 1, 2015
|
February 2, 2014
|
|||||||
Cash and cash equivalents, beginning of the period
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$ | 9,105 | $ | 9,847 | ||||
Other changes in operating assets and liabilities
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25,572 | 34,217 | ||||||
Cash used in all other operating activities
|
(7,533 | ) | (9,951 | ) | ||||
Net cash provided by operating activities
|
18,039 | 24,266 | ||||||
Net cash (used in) provided by investing activities
|
(772 | ) | 2,157 | |||||
Net release of cash restricted as collateral for borrowings
|
9,123 | (16 | ) | |||||
Net cash used in all other financing activities
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(13,653 | ) | (22,516 | ) | ||||
Net cash used in financing activities
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(4,530 | ) | (22,532 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents
|
402 | 176 | ||||||
Net cash used in discontinued operations
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(7,448 | ) | (1,830 | ) | ||||
Net increase in cash and cash equivalents
|
5,691 | 2,237 | ||||||
Change in cash from discontinued operations
|
- | (1,161 | ) | |||||
Cash and cash equivalents, end of the period
|
$ | 14,796 | $ | 10,923 | ||||
Cash paid during the period:
|
||||||||
Interest
|
$ | 644 | $ | 953 | ||||
Income taxes
|
$ | 329 | $ | 1,136 |
February 1, 2015
|
November 2, 2014
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$ | 14,796 | $ | 9,105 | ||||
Restricted cash and short-term investments
|
18,477 | 32,436 | ||||||
Trade accounts receivable, net of allowances of $968 and $868, respectively
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216,439 | 248,101 | ||||||
Recoverable income taxes
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18,097 | 18,311 | ||||||
Prepaid insurance and other current assets
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24,432 | 26,255 | ||||||
Assets held for sale
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- | 24,220 | ||||||
TOTAL CURRENT ASSETS
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292,241 | 358,428 | ||||||
Prepaid insurance and other assets, excluding current portion
|
46,809 | 39,600 | ||||||
Property, equipment and software, net
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25,659 | 26,304 | ||||||
TOTAL ASSETS
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$ | 364,709 | $ | 424,332 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accrued compensation
|
$ | 36,201 | $ | 41,182 | ||||
Accounts payable
|
48,329 | 55,873 | ||||||
Accrued taxes other than income taxes
|
18,901 | 17,099 | ||||||
Accrued insurance and other
|
35,975 | 39,104 | ||||||
Deferred revenue, net, current portion
|
4,007 | 3,491 | ||||||
Short-term borrowings, including current portion of long-term debt
|
115,923 | 129,417 | ||||||
Liabilities held for sale
|
- | 19,126 | ||||||
TOTAL CURRENT LIABILITIES
|
259,336 | 305,292 | ||||||
Accrued insurance and other, excluding current portion
|
12,217 | 11,874 | ||||||
Income taxes payable, excluding current portion
|
8,677 | 8,556 | ||||||
Long-term debt, excluding current portion
|
7,057 | 7,216 | ||||||
TOTAL LIABILITIES
|
287,287 | 332,938 | ||||||
Commitments and contingencies
|
||||||||
STOCKHOLDERS’ EQUITY:
|
||||||||
Preferred stock, par value $1.00; Authorized - 500,000 shares; Issued – none
|
- | - | ||||||
Common stock, par value $0.10; Authorized - 120,000,000 shares;
Issued - 23,625,103 and 23,610,103, respectively; Outstanding - 20,937,796 and 20,922,796, respectively
|
2,363 | 2,361 | ||||||
Paid-in capital
|
73,669 | 73,194 | ||||||
Retained earnings
|
50,815 | 64,119 | ||||||
Accumulated other comprehensive loss
|
(7,545 | ) | (6,400 | ) | ||||
Treasury stock, at cost; 2,687,307 shares
|
(41,880 | ) | (41,880 | ) | ||||
TOTAL STOCKHOLDERS’ EQUITY
|
77,422 | 91,394 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 364,709 | $ | 424,332 |