Exhibit 99.1

Volt Information Sciences, Inc. Reports Third Quarter

Fiscal 2021 Financial Results

Reports Year-Over-Year Revenue Growth and Positive Net Income in Consecutive Quarters

Orange, CA, September 13, 2021 -- (BUSINESS WIRE) -- Volt Information Sciences, Inc. (“Volt” or the “Company”) (NYSE-AMERICAN: VOLT) a global provider of staffing services, today announced financial results for the third quarter ended August 1, 2021.

Third Quarter Summary

· Revenue was $217.5 million, a 17.0% increase compared to the third quarter of fiscal 2020; Adjusted Revenue* increased 15.5%.

· Gross margin increased 50 basis points year over year to 16.6%.

· GAAP operating income was $1.6 million, a $5.8 million improvement compared to the prior-year quarter; Adjusted Operating Income*, excluding impairment and restructuring charges, was $2.2 million.

· GAAP EPS was $0.03 per diluted share compared to a loss of ($0.22) per share in the third quarter of fiscal 2020; Adjusted EPS* was $0.05 per diluted share.

· Adjusted EBITDA* was $4.7 million, an increase of $3.7 million year over year.

* Adjusted Revenue, Adjusted Operating Income (Loss), Adjusted EPS and Adjusted EBITDA are Non-GAAP measures described and defined below.

“Our strong performance in the quarter again demonstrates the efficacy of our strategic initiatives, highlighted by year-over-year revenue growth and positive net income in consecutive quarters. Despite lingering Covid-related labor and supply chain challenges, we continued our momentum with broad-based improvements across our organization, further narrowing the gap to third quarter 2019 levels,” said Linda Perneau, President and Chief Executive Officer.

Ms. Perneau added, “We remain confident that the ongoing execution of our strategic initiatives solidifies our foundation for sustainable growth and profitability going forward.”

Third Quarter Results

North American Staffing revenue for the quarter was $179.4 million, as compared to $154.7 million for the third quarter of fiscal 2020. Revenue for this segment increased approximately 15.9 percent year over year. The increase is primarily attributable to business wins with a combination of retail and mid-market clients, combined with the expansion of business within existing clients.

International Staffing revenue for the quarter was $28.3 million, compared to $21.7 million in the prior-year quarter. Adjusted Revenue increased 17.3 percent year over year. The improvement is due to increases in payroll service and staffing business primarily in the United Kingdom and France and direct hire revenue in the United Kingdom and Singapore.

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North American MSP revenue for the third quarter was $9.8 million, compared to $9.4 million in the prior-year quarter. The increase is primarily attributable to increased demand in its payroll service business.

Gross margin for the quarter was 16.6 percent of revenue, a 50 basis-point increase from the third quarter of fiscal 2020. The increase is primarily attributable to improved margins in our North American and International Staffing segments.

SG&A expense for the third quarter was $34.0 million, or 15.6% of revenue, a $2.8 million increase from the prior-year quarter. The increase was primarily attributable to incentives on higher sales volume as well as higher labor and medical expenses. These increases were partially offset by lower facility costs.

Adjusted EBITDA, which is a Non-GAAP measure, was $4.7 million for the third quarter of fiscal 2021, compared to $1.0 million in the prior-year quarter.

2021 Earnings Conference Call and Webcast

Volt Information Sciences, Inc. will conduct a conference call on Monday, September 13, 2021, at 5:00 p.m. Eastern Time, to review the financial results for the third quarter ended August 1, 2021. A presentation supplementing the call can be accessed through the investor relations portion of the website. Investors interested in participating on the live call can dial 1-877-407-9039 within the U.S. or 1-201-689-8470 from abroad. The conference call, which may include forward-looking statements, is also being webcast and will be available via the investor relations section of the Company’s website at www.volt.com. A replay of the webcast will be archived on Volt’s investor relations website for 90 days.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to a number of known and unknown risks. Such risks include, among others, general economic, competitive and other business conditions (including the potential impact of the strain of coronavirus known as COVID-19 and related government actions on our operations as well as the operations of our customers), the degree and timing of customer utilization and renewal rate for contracts with the Company, and the degree of success of business improvement initiatives that could cause actual results, performance and achievements to differ materially from those described or implied in the forward-looking statements. Information concerning these and other factors that could cause actual results to differ materially from those in the forward-looking statements are contained in the “Risk Factors” and other sections of the Company reports filed with the Securities and Exchange Commission (“SEC”). You are cautioned not to place undue reliance on such statements and to consult our SEC filings for additional risks and uncertainties that may apply to our business and the ownership of our securities. Our forward-looking statements are presented as of the date made, and we disclaim any duty to update such statements unless required by law to do so.

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Note Regarding the Use of Non-GAAP Financial Measures

The Company has provided certain Non-GAAP financial information, including Adjusted Revenue, Adjusted Operating Income (Loss), Adjusted EPS and Adjusted EBITDA, which include adjustments to our GAAP financial results. These measures are not in accordance with, or an alternative for, generally accepted accounting principles (“GAAP”) and may be different from Non-GAAP measures reported by other companies.

The Company believes that the presentation of Non-GAAP measures, including on a constant currency basis and eliminating (a) the impact of businesses sold or exited, (b) the impact from the migration of certain clients from a traditional staffing model to a managed service model and (c) special items provides useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations because they permit evaluation of the results of the Company without the effect of currency fluctuations, special items or the impact of businesses sold or exited that management believes make it more difficult to understand and evaluate the Company’s results of operations. Special items include impairments, restructuring and severance as well as certain income or expenses which the Company does not consider indicative of the current and future period performance and are more fully disclosed in the tables.

Adjusted Revenue is defined as revenue excluding businesses exited and the effect of foreign currency translation. The Company has also migrated certain clients from a traditional staffing model to a managed service model, resulting in the Company now managing a greater percentage of such clients’ business under its North American MSP.  This shift provides increased opportunity for the Company with the relevant clients. However, due to the structure of MSP arrangements, revenue is recognized on a net basis, thereby reducing revenues on a comparative period basis. Beginning in the first quarter of 2020, the Company includes such delivery model shifts within the Adjusted Revenue measurement, as it provides a more comparable basis for evaluating performance results from period to period and reflects the method used by management to evaluate performance. A reconciliation is shown in the tables at the end of this press release.

Adjusted EBITDA is defined as earnings or loss before interest, income taxes, depreciation and amortization (“EBITDA”) adjusted to exclude share-based compensation expense as well as the special items described above.

Adjusted EBITDA is a performance measure rather than a cash flow measure. The Company believes the presentation of Adjusted EBITDA is relevant and useful for investors because it allows investors to view results in a manner similar to the method used by management.

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Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, analysis of the Company’s results of operations and operating cash flows as reported under GAAP. For example, Adjusted EBITDA does not reflect capital expenditures or contractual commitments; does not reflect changes in, or cash requirements for, the Company’s working capital needs; does not reflect the interest expense, or the cash requirements necessary to service the interest payments, on the Company’s debt; and does not reflect cash required to pay income taxes.

Adjusted Operating Income (Loss) is defined as operating income (loss) excluding businesses exited.

The Company believes the presentation of Adjusted Operating Income (Loss) is relevant and useful for investors because it provides a more comparable basis to evaluate performance results and analyze trends from period to period in a manner similar to the method used by management.

Adjusted EPS is defined as earnings per share excluding impairment and restructuring charges. The Company believes that the presentation of Adjusted EPS is useful for investors since it removes certain special items which the Company does not consider indicative of the current and future period performance.

The Company’s computation of Adjusted Revenue, Adjusted EBITDA, Adjusted Operating Income (Loss) and Adjusted EPS may not be comparable to other similarly titled measures computed by other companies because all companies do not calculate these measures in the same fashion.

About Volt Information Sciences, Inc.

Volt Information Sciences, Inc. is a global provider of staffing services (traditional time and materials-based as well as project-based). Our staffing services consist of workforce solutions that include providing contingent workers, personnel recruitment services and managed staffing services programs supporting primarily administrative, technical, information technology, light-industrial and engineering positions. Our managed staffing programs involve managing the procurement and on-boarding of contingent workers from multiple providers. Volt services global industries including aerospace, automotive, banking and finance, consumer electronics, information technology, insurance, life sciences, manufacturing, media and entertainment, pharmaceutical, software, telecommunications, transportation and utilities. For more information, visit www.volt.com. 

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Investor Relations Contacts:
Volt Information Sciences, Inc.
voltinvest@volt.com

Joe Noyons
Three Part Advisors
jnoyons@threepa.com

817-778-8424

Financial Tables Follow

Results of Operations
(in thousands, except per share data)
	Three Months Ended									Nine Months Ended
	August 1, 2021			May 2, 2021			August 2, 2020			August 1, 2021			August 2, 2020
Net revenue	$	217,534		$	222,092		$	185,941		$	657,584		$	610,982
Cost of services		181,334			185,613			155,983			552,223			517,360
Gross margin		36,200			36,479			29,958			105,361			93,622
Selling, administrative and other operating costs		34,039			32,950			31,245			100,736			106,931
Restructuring and severance costs		489			595			546			1,716			2,203
Impairment charges		112			261			2,384			404			2,395
Operating income (loss)		1,560			2,673			(4,217	)		2,505			(17,907	)
Interest income (expense), net		(445	)		(430	)		(467	)		(1,352	)		(1,788	)
Foreign exchange gain (loss), net		(34	)		71			571			279			(23	)
Other income (expense), net		(152	)		(147	)		(168	)		(455	)		(578	)
Income (loss) before income taxes		929			2,167			(4,281	)		977			(20,296	)
Income tax provision		314			288			556			929			774
Net income (loss)	$	615		$	1,879		$	(4,837	)	$	48		$	(21,070	)
Per share data:
Basic:
Net income (loss)	$	0.03		$	0.09		$	(0.22	)	$	—		$	(0.98	)
Weighted average number of shares		21,968			21,793			21,589			21,851			21,474
Diluted:
Net income (loss)	$	0.03		$	0.08		$	(0.22	)	$	—		$	(0.98	)
Weighted average number of shares		22,651			22,588			21,589			22,542			21,474
Segment data:
Net revenue:
North American Staffing	$	179,381		$	184,295		$	154,711		$	547,892		$	510,492
International Staffing		28,256			27,880			21,749			80,149			72,275
North American MSP		9,790			9,832			9,436			29,291			28,550
Corporate and Other		121			117			149			357			539
Eliminations		(14	)		(32	)		(104	)		(105	)		(874	)
Net revenue	$	217,534		$	222,092		$	185,941		$	657,584		$	610,982
Operating income (loss):
North American Staffing	$	8,319		$	9,471		$	2,691		$	23,965		$	5,366
International Staffing		1,180			1,097			551			2,659			1,121
North American MSP		571			309			944			1,412			2,189
Corporate and Other		(8,510	)		(8,204	)		(8,403	)		(25,531	)		(26,583	)
Operating income (loss)	$	1,560		$	2,673		$	(4,217	)	$	2,505		$	(17,907	)
Work days		63			65			63			187			187

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Condensed Consolidated Statements of Cash Flows
(in thousands)
	Nine Months Ended
	August 1, 2021			August 2, 2020
Cash, cash equivalents and restricted cash beginning of the period	$	56,433		$	38,444
Cash provided by (used in) all other operating activities		14,449			(4,821	)
Changes in operating assets and liabilities		(9,575	)		17,903
Net cash provided by operating activities		4,874			13,082
Purchases of property, equipment, and software		(2,649	)		(3,925	)
Net cash provided by all other investing activities		34			589
Net cash used in investing activities		(2,615	)		(3,336	)
Net draw-down of borrowings		—			5,000
Debt issuance costs		(166	)		(331	)
Net cash used in all other financing activities		(428	)		(74	)
Net cash (used in) provided by financing activities		(594	)		4,595
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(29	)		(463	)
Net increase in cash, cash equivalents and restricted cash		1,636			13,878
Cash, cash equivalents and restricted cash end of the period	$	58,069		$	52,322
Cash paid during the period:
Interest	$	1,374		$	1,858
Income taxes	$	252		$	1,445
Reconciliation of cash, cash equivalents and restricted cash end of the period:
Current Assets:
Cash and cash equivalents	$	49,595		$	30,928
Restricted cash included in Restricted cash and short term investments		8,474			21,394
Cash, cash equivalents and restricted cash, at end of period	$	58,069		$	52,322

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Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
	August 1, 2021			November 1, 2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	49,595		$	38,550
Restricted cash and short-term investments		11,918			20,736
Trade accounts receivable, net of allowances of $129 and $219, respectively		127,200			121,916
Other current assets		8,503			7,058
TOTAL CURRENT ASSETS		197,216			188,260
Property, equipment and software, net		18,977			22,167
Right of use assets - operating leases		23,700			25,107
Other assets, excluding current portion		6,775			6,311
TOTAL ASSETS	$	246,668		$	241,845
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accrued compensation	$	19,700		$	18,357
Accounts payable		28,670			31,221
Accrued taxes other than income taxes		28,208			12,983
Accrued insurance and other		16,337			15,908
Operating lease liabilities		6,985			7,144
Income taxes payable		957			891
TOTAL CURRENT LIABILITIES		100,857			86,504
Accrued payroll taxes and other, excluding current portion		21,833			29,988
Operating lease liabilities, excluding current portion		35,005			38,232
Income taxes payable, excluding current portion		90			90
Deferred income taxes		—			3
Long-term debt		59,230			59,154
TOTAL LIABILITIES		217,015			213,971
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 - 22,079,278 and 21,729,400 shares, respectively		2,374			2,374
Paid-in capital		79,338			79,937
Accumulated deficit		(33,405	)		(29,793	)
Accumulated other comprehensive loss		(5,556	)		(6,458	)
Treasury stock, at cost; 1,658,725 and 2,008,603 shares, respectively		(13,098	)		(18,186	)
TOTAL STOCKHOLDERS' EQUITY		29,653			27,874
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	246,668		$	241,845

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GAAP to Non-GAAP Reconciliations
(in thousands)
	Three Months Ended
	August 1, 2021			August 2, 2020
Reconciliation of GAAP net income (loss) to Non-GAAP net income (loss):
GAAP net income (loss)	$	615		$	(4,837	)
Restructuring and severance costs		489	(a)		546	(b)
Impairment costs		112			2,384	(c)
Non-GAAP net income (loss)	$	1,216		$	(1,907	)
	Three Months Ended
		August 1, 2021			August 2, 2020
Reconciliation of GAAP net income (loss) to Adjusted EBITDA:
GAAP net income (loss)	$	615		$	(4,837	)
Restructuring and severance costs		489	(a)		546	(b)
Impairment costs		112			2,384	(c)
Depreciation and amortization		1,986			1,884
Share-based compensation expense		537			414
Total other (income) expense, net		631			64
(Benefit) provision for income taxes		314			556
Adjusted EBITDA	$	4,684		$	1,011

Special item adjustments consist of the following:

(a) Primarily relates to actions taken by the Company as part of its continued efforts to reduce costs and on-going costs related to facilities impaired in the second half of fiscal 2020.

(b) Primarily relates to actions taken by the Company as part of its continued efforts to reduce costs and to offset COVID-19 related revenue losses.

(c) Relates to consolidating and exiting certain leased office locations throughout North America where we could be fully operational and successfully support our clients and business operations remotely.

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GAAP to Non-GAAP Reconciliations
(in thousands)
	Nine Months Ended
	August 1, 2021			August 2, 2020
Reconciliation of GAAP net income (loss) to Non-GAAP net income (loss):
GAAP net income (loss)	$	48		$	(21,070	)
Restructuring and severance costs		1,716	(a)		2,203	(c)
Impairment costs		404	(b)		2,395	(d)
Non-GAAP net income (loss)	$	2,168		$	(16,472	)
	Nine Months Ended
		August 1, 2021			August 2, 2020
Reconciliation of GAAP net loss to Adjusted EBITDA:
GAAP net income (loss)	$	48		$	(21,070	)
Restructuring and severance costs		1,716	(a)		2,203	(c)
Impairment costs		404	(b)		2,395	(d)
Depreciation and amortization		5,642			5,884
Share-based compensation expense		1,294			1,433
Total other (income) expense, net		1,528			2,389
Provision for income taxes		929			774
Adjusted EBITDA	$	11,561		$	(5,992	)

Special item adjustments consist of the following:

(a) Primarily relates to actions taken by the Company as part of its continued efforts to reduce costs and on-going costs related to facilities impaired in the second half of fiscal 2020, net of a lease termination gain.

(b) Relates to impairment of capitalized software costs.

(c) Primarily relates to the strategic initiative to offshore a significant number of identified roles to our staffing operations in India and continued efforts to reduce costs and to offset COVID-19 related revenue losses.

(d) Primarily relates to consolidating and exiting certain leased office locations throughout North America where we could be fully operational and successfully support our clients and business operations remotely.

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GAAP to Non-GAAP Reconciliations
(in thousands)
	Three Months Ended August 1, 2021			Three Months Ended August 2, 2020
	As Reported			As Reported			FX Impact		MSP Delivery Model Shift			Adjusted
Revenue
North American Staffing	$	179,381		$	154,711		$	—	$	—		$	154,711
International Staffing		28,256			21,749			2,343		—			24,092
North American MSP		9,790			9,436			—		—			9,436
Corporate and Other		121			149					—			149
Eliminations		(14	)		(104	)		—		—			(104	)
Total Revenue	$	217,534		$	185,941		$	2,343	$	—		$	188,284
% change													15.5	%
	Nine Months Ended August 1, 2021			Nine Months Ended August 2, 2020
		As Reported		As Reported			FX impact		MSP Delivery Model Shift			Adjusted
Revenue
North American Staffing	$	547,892		$	510,492		$	—	$	(2,072	)	$	508,420
International Staffing		80,149			72,275			6,130					78,405
North American MSP		29,291			28,550			—		52			28,602
Corporate and Other		357			539			—		—			539
Eliminations		(105	)		(874	)		—		—			(874	)
Total Revenue	$	657,584		$	610,982		$	6,130	$	(2,020	)	$	615,092
													6.9	%

GAAP to Non-GAAP Reconciliations
(in thousands)
	Three Months Ended August 1, 2021								Three Months Ended August 2, 2020
	As Reported			Business Exited		Adjusted			As Reported			Business Exited			Adjusted
Operating Income (Loss)
North American Staffing	$	8,319		$	—	$	8,319		$	2,691		$	—		$	2,691
International Staffing		1,180			—		1,180			551			—			551
North American MSP		571			—		571			944			—			944
Corporate and Other		(8,510	)		4		(8,506	)		(8,403	)		(14	)		(8,417	)
Total Operating Income (Loss)	$	1,560		$	4	$	1,564		$	(4,217	)	$	(14	)	$	(4,231	)
	Nine Months Ended August 1, 2021								Nine Months Ended August 2, 2020
	As Reported			Business Exited		Adjusted			As Reported			Business Exited			Adjusted
Operating Income (Loss)
North American Staffing	$	23,965		$	—	$	23,965		$	5,366		$	—		$	5,366
International Staffing		2,659			—		2,659			1,121			—			1,121
North American MSP		1,412			—		1,412			2,189			—			2,189
Corporate and Other		(25,531	)		5		(25,526	)		(26,583	)		(27	)		(26,610	)
Total Operating Income (Loss)	$	2,505		$	5	$	2,510		$	(17,907	)	$	(27	)	$	(17,934	)

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GAAP to Non-GAAP Reconciliations
(in thousands)
	Three Months Ended August 1, 2021							Three Months Ended August 2, 2020
	As Reported		Business Exited			Adjusted		As Reported			Business Exited			Adjusted
Operating Income (Loss)
Gross margin	$	36,200	$	—		$	36,200	$	29,958		$	—		$	29,958
Selling, administrative and other operating costs		34,039		—			34,039		31,245			—			31,245
Restructuring and severance costs		489		(4	)		485		546			14			560
Impairment charges		112		—			112		2,384			—			2,384
Total Operating Income (Loss)	$	1,560	$	4		$	1,564	$	(4,217	)	$	(14	)	$	(4,231	)
	Nine Months Ended August 1, 2021							Nine Months Ended August 2, 2020
	As Reported		Business Exited			Adjusted		As Reported			Business Exited			Adjusted
Operating Income (Loss)
Gross margin	$	105,361	$	—		$	105,361	$	93,622		$	—		$	93,622
Selling, administrative and other operating costs		100,736		—			100,736		106,931			—			106,931
Restructuring and severance costs		1,716		(5	)		1,711		2,203			27			2,230
Impairment charges		404		—			404		2,395			—			2,395
Total Operating Income (Loss)	$	2,505	$	5		$	2,510	$	(17,907	)	$	(27	)	$	(17,934	)

GAAP to Non-GAAP Reconciliations

(in thousands, except per share data)

	Three Months Ended August 1, 2021
	As Reported		Restructuring and Impairment Costs		Adjusted
Earnings per Share
Net income	$	615	$	601	$	1,216
Per share data:
Basic:
Net income	$	0.03			$	0.06
Weighted average number of shares		21,968				21,968
Diluted
Net income	$	0.03			$	0.05
Weighted average number of shares		22,651				22,651
	Nine Months Ended August 1, 2021
	As Reported		Restructuring and Impairment Costs		Adjusted
Earnings per Share
Net income	$	48	$	2,120	$	2,168
Per share data:
Basic:
Net income	$	0.00			$	0.10
Weighted average number of shares		21,851				21,851
Diluted
Net income	$	0.00			$	0.10
Weighted average number of shares		22,542				22,542

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