New York
|
001-9232
|
13- 5658129
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification Number)
|
1133 Avenue of the Americas, New York, New York
|
10036
|
(Address of principal executive offices)
|
(Zip Code)
|
£ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
£ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a‑12)
|
£ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d‑2(b))
|
£ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e‑4(c))
|
Item 2.02
|
Results of Operations and Financial Condition
|
Item 9.01
|
Financial Statements and Exhibits
|
Exhibit No.
|
Description of Exhibit
|
99.1
|
Press Release of Volt Information Sciences, Inc. dated September 7, 2017 announcing earnings for its fiscal third quarter ended July 30, 2017.
|
VOLT INFORMATION SCIENCES, INC. | |||
|
By
|
/s/ Paul Tomkins | |
Paul Tomkins, Senior Vice President | |||
and Chief Financial Officer | |||
Exhibit No.
|
Description of Exhibit
|
· |
Net revenue of $289.9 million, down 12.3% or $40.7 million year-over-year; on a same store basis, excluding net revenue contributed from businesses sold or exited during the past year and the effect of foreign exchange rate fluctuations, net revenue declined 7.2% year-over-year
|
· |
Gross margin percentage of 15.8% increased 109 basis points year-over-year
|
· |
Operating loss of $1.5 million, improved 26.4% or $0.5 million year-over-year
|
· |
Selling, administrative and other operating costs of $46.9 million improved 5.3% year-over-year
|
Results of Operations
|
||||||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||||||
(Unaudited)
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||
July 30, 2017
|
April 30, 2017
|
July 31, 2016
|
July 30, 2017
|
July 31, 2016
|
||||||||||||||||
Net revenue
|
$
|
289,924
|
$
|
303,005
|
$
|
330,625
|
$
|
905,953
|
$
|
993,169
|
||||||||||
Cost of services
|
244,205
|
255,886
|
282,098
|
766,225
|
847,602
|
|||||||||||||||
Gross margin
|
45,719
|
47,119
|
48,527
|
139,728
|
145,567
|
|||||||||||||||
Expenses:
|
||||||||||||||||||||
Selling, administrative and other operating costs
|
46,931
|
51,171
|
49,543
|
146,992
|
153,294
|
|||||||||||||||
Restructuring and severance costs
|
249
|
199
|
970
|
1,072
|
4,571
|
|||||||||||||||
Impairment charge
|
-
|
290
|
-
|
290
|
-
|
|||||||||||||||
Gain from divestitures
|
-
|
(3,938
|
)
|
-
|
(3,938
|
)
|
(1,663
|
)
|
||||||||||||
Total expenses
|
47,180
|
47,722
|
50,513
|
144,416
|
156,202
|
|||||||||||||||
Operating loss
|
(1,461
|
)
|
(603
|
)
|
(1,986
|
)
|
(4,688
|
)
|
(10,635
|
)
|
||||||||||
Interest income (expense), net
|
(976
|
)
|
(891
|
)
|
(826
|
)
|
(2,725
|
)
|
(2,346
|
)
|
||||||||||
Foreign exchange gain (loss), net
|
(1,730
|
)
|
184
|
(1,003
|
)
|
(1,419
|
)
|
(1,238
|
)
|
|||||||||||
Other income (expense), net
|
(277
|
)
|
(311
|
)
|
(402
|
)
|
(1,187
|
)
|
(1,101
|
)
|
||||||||||
Loss before income taxes
|
(4,444
|
)
|
(1,621
|
)
|
(4,217
|
)
|
(10,019
|
)
|
(15,320
|
)
|
||||||||||
Income tax provision (benefit)
|
1,074
|
(767
|
)
|
393
|
930
|
2,037
|
||||||||||||||
Net loss
|
$
|
(5,518
|
)
|
$
|
(854
|
)
|
$
|
(4,610
|
)
|
$
|
(10,949
|
)
|
$
|
(17,357
|
)
|
|||||
Per share data:
|
||||||||||||||||||||
Basic:
|
||||||||||||||||||||
Net loss
|
$
|
(0.26
|
)
|
$
|
(0.04
|
)
|
$
|
(0.22
|
)
|
$
|
(0.52
|
)
|
$
|
(0.83
|
)
|
|||||
Weighted average number of shares
|
20,963
|
20,921
|
20,846
|
20,934
|
20,824
|
|||||||||||||||
Diluted:
|
||||||||||||||||||||
Net loss
|
$
|
(0.26
|
)
|
$
|
(0.04
|
)
|
$
|
(0.22
|
)
|
$
|
(0.52
|
)
|
$
|
(0.83
|
)
|
|||||
Weighted average number of shares
|
20,963
|
20,921
|
20,846
|
20,934
|
20,824
|
|||||||||||||||
Segment data:
|
||||||||||||||||||||
Net revenue:
|
||||||||||||||||||||
North American Staffing
|
$
|
229,372
|
$
|
233,804
|
$
|
249,730
|
$
|
695,041
|
$
|
739,186
|
||||||||||
International Staffing
|
29,018
|
30,231
|
32,565
|
89,599
|
99,766
|
|||||||||||||||
Technology Outsourcing Services and Solutions
|
24,323
|
24,499
|
23,857
|
74,493
|
76,052
|
|||||||||||||||
Corporate and Other
|
9,042
|
16,033
|
27,206
|
51,371
|
87,201
|
|||||||||||||||
Eliminations
|
(1,831
|
)
|
(1,562
|
)
|
(2,733
|
)
|
(4,551
|
)
|
(9,036
|
)
|
||||||||||
Net revenue
|
$
|
289,924
|
$
|
303,005
|
$
|
330,625
|
$
|
905,953
|
$
|
993,169
|
||||||||||
Operating income (loss):
|
||||||||||||||||||||
North American Staffing
|
$
|
5,741
|
$
|
3,058
|
$
|
6,685
|
$
|
11,627
|
$
|
12,555
|
||||||||||
International Staffing
|
731
|
531
|
867
|
1,904
|
1,572
|
|||||||||||||||
Technology Outsourcing Services and Solutions
|
972
|
1,075
|
(892
|
)
|
3,633
|
2,411
|
||||||||||||||
Corporate and Other
|
(8,905
|
)
|
(9,205
|
)
|
(8,646
|
)
|
(25,790
|
)
|
(28,836
|
)
|
||||||||||
Gain from divestitures
|
-
|
3,938
|
-
|
3,938
|
1,663
|
|||||||||||||||
Operating loss
|
$
|
(1,461
|
)
|
$
|
(603
|
)
|
$
|
(1,986
|
)
|
$
|
(4,688
|
)
|
$
|
(10,635
|
)
|
|||||
Work days
|
63
|
65
|
63
|
187
|
187
|
Condensed Consolidated Statements of Cash Flows
|
||||||||
(in thousands)
|
||||||||
(Unaudited)
|
Nine Months Ended
|
|||||||
July 30, 2017
|
July 31, 2016
|
|||||||
Cash and cash equivalents, beginning of the period
|
$
|
6,386
|
$
|
10,188
|
||||
Cash used in all other operating activities
|
(6,612
|
)
|
(12,745
|
)
|
||||
Changes in operating assets and liabilities
|
3,574
|
11,430
|
||||||
Net cash used in operating activities
|
(3,038
|
)
|
(1,315
|
)
|
||||
Proceeds from divestitures
|
15,224
|
36,648
|
||||||
Net cash used in all other investing activities
|
(6,971
|
)
|
(14,041
|
)
|
||||
Net cash provided by investing activities
|
8,253
|
22,607
|
||||||
Repayment of long-term debt
|
-
|
(7,295
|
)
|
|||||
Net cash provided by (used in) all other financing activities
|
2,155
|
(8,761
|
)
|
|||||
Net cash provided by (used in) financing activities
|
2,155
|
(16,056
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
2,601
|
(2,538
|
)
|
|||||
Net increase in cash and cash equivalents
|
9,971
|
2,698
|
||||||
Cash and cash equivalents, end of the period
|
$
|
16,357
|
$
|
12,886
|
||||
Cash paid during the period:
|
||||||||
Interest
|
$
|
2,815
|
$
|
2,436
|
||||
Income taxes
|
$
|
2,256
|
$
|
3,727
|
Condensed Consolidated Balance Sheets
|
||||||||
(in thousands, except share amounts)
|
||||||||
July 30, 2017
|
October 30, 2016
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
16,357
|
$
|
6,386
|
||||
Restricted cash and short-term investments
|
20,850
|
13,948
|
||||||
Trade accounts receivable, net of allowances of $881 and $801, respectively
|
195,893
|
193,866
|
||||||
Recoverable income taxes
|
3,498
|
16,979
|
||||||
Other current assets
|
11,636
|
11,806
|
||||||
Assets held for sale
|
698
|
17,580
|
||||||
TOTAL CURRENT ASSETS
|
248,932
|
260,565
|
||||||
Other assets, excluding current portion
|
26,638
|
25,767
|
||||||
Property, equipment and software, net
|
31,914
|
30,133
|
||||||
TOTAL ASSETS
|
$
|
307,484
|
$
|
316,465
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accrued compensation
|
$
|
27,088
|
$
|
29,147
|
||||
Accounts payable
|
40,726
|
32,425
|
||||||
Accrued taxes other than income taxes
|
21,830
|
22,791
|
||||||
Accrued insurance and other
|
29,095
|
34,306
|
||||||
Short-term borrowings
|
100,000
|
2,050
|
||||||
Liabilities held for sale
|
346
|
5,760
|
||||||
TOTAL CURRENT LIABILITIES
|
219,085
|
126,479
|
||||||
Accrued insurance and other, excluding current portion
|
10,467
|
9,999
|
||||||
Deferred gain on sale of real estate, excluding current portion
|
24,650
|
26,108
|
||||||
Income taxes payable, excluding current portion
|
5,500
|
6,777
|
||||||
Deferred income taxes
|
3,137
|
3,137
|
||||||
Long-term debt
|
-
|
95,000
|
||||||
TOTAL LIABILITIES
|
262,839
|
267,500
|
||||||
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 - 23,738,003 shares; Outstanding - 21,008,964 and 20,917,500 shares,
respectively
|
2,374
|
2,374
|
||||||
Paid-in capital
|
78,044
|
76,564
|
||||||
Retained earnings
|
8,067
|
21,000
|
||||||
Accumulated other comprehensive loss
|
(5,890
|
)
|
(10,612
|
)
|
||||
Treasury stock, at cost; 2,729,039 and 2,820,503 shares, respectively
|
(37,950
|
)
|
(40,361
|
)
|
||||
TOTAL STOCKHOLDERS’ EQUITY
|
44,645
|
48,965
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
307,484
|
$
|
316,465
|
GAAP to Non-GAAP Reconciliations
|
||||||||||
(in thousands)
|
||||||||||
Three Months Ended
|
||||||||||
July 30, 2017
|
July 31, 2016
|
|||||||||
Reconciliation of GAAP net loss to Non-GAAP net loss:
|
||||||||||
GAAP net loss
|
$
|
(5,518
|
)
|
$
|
(4,610
|
)
|
||||
Selling, administrative and other operating costs
|
(486
|
)
|
(a)
|
(486
|
)
|
(a)
|
||||
Restructuring and severance costs
|
249
|
(b)
|
970
|
(b)
|
||||||
Non-GAAP net loss
|
$
|
(5,755
|
)
|
$
|
(4,126
|
)
|
||||
Three Months Ended
|
||||||||||
July 30, 2017
|
July 31, 2016
|
|||||||||
Reconciliation of GAAP net loss to Adjusted EBITDA:
|
||||||||||
GAAP net loss
|
$
|
(5,518
|
)
|
$
|
(4,610
|
)
|
||||
Selling, administrative and other operating costs
|
(486
|
)
|
(a)
|
(486
|
)
|
(a)
|
||||
Restructuring and severance costs
|
249
|
(b)
|
970
|
(b)
|
||||||
Depreciation and amortization
|
2,238
|
1,484
|
||||||||
Share-based compensation expense
|
869
|
755
|
||||||||
Total other (income) expense, net
|
2,983
|
2,231
|
||||||||
Provision for income taxes
|
1,074
|
393
|
||||||||
Adjusted EBITDA
|
$
|
1,409
|
$
|
737
|
(a) |
Relates to the amortization of the gain on the sale of the Orange, CA facility, which is included in Selling, administrative and other operating costs.
|
(b) |
Relates primarily to Company-wide cost reduction plan implemented in the first quarter of fiscal 2016.
|
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end