-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, jlYAlSzvSQF6WMSLq7p9e5nfZI+AsvSD9ZLbyqz8ccj59IBHNnNoCy/z/pzHpmLs EPRZOfHwJElPfmeZgb5NpA== 0000950123-95-001040.txt : 19950419 0000950123-95-001040.hdr.sgml : 19950419 ACCESSION NUMBER: 0000950123-95-001040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950331 ITEM INFORMATION: Other events FILED AS OF DATE: 19950418 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: VOLT INFORMATION SCIENCES INC CENTRAL INDEX KEY: 0000103872 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HELP SUPPLY SERVICES [7363] IRS NUMBER: 135658129 STATE OF INCORPORATION: NY FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09232 FILM NUMBER: 95529281 BUSINESS ADDRESS: STREET 1: 1221 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 2127042400 MAIL ADDRESS: STREET 1: 1133 6TH AVENUE STREET 2: 24H FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: VOLT TECHNICAL CORP DATE OF NAME CHANGE: 19680913 8-K 1 VOLT INFORMATION SCIENCES 1 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): March 31, 1995 VOLT INFORMATION SCIENCES, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) New York 1-9232 13-5658129 - --------------------------------- --------------- -------------------- (State or other jurisdiction of (Commission File (I.R.S. Employer incorporation) Number) Identification No.) 1221 Avenue of the Americas, New York, New York 10020 - ------------------------------------------------ ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (212) 704-2400 Not Applicable - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) 2 Item 5. Other Events A. Securitization Increase On March 31, 1995, the Company increased its accounts receivable securitization program to $45,000,000 from $25,000,000 and extended the program through March 15, 1998, although it remains subject to earlier termination on six months' notice. Under the program, accounts receivable are sold to Omnibus Funding Corporation and used as collateral for the issuance by Omnibus of short-term commercial paper notes. To date, the Company has sold $10,000,000 of accounts receivable under this program and, as discussed below, an additional $10,000,000 will be sold to fund the redemption of a like amount of the Company's 12-3/8% Senior Subordinated Debentures due July 1, 1998, leaving $25,000,000 of accounts receivable available for future sale under the program for general corporate purposes, as required. The additional receivables made available for the program result from the continuing expansion and growth of the Company's businesses, particularly in the Technical Services and Temporary Personnel segment. B. Debenture Redemption On April 4, 1995, the Company called for the early redemption on May 8, 1995 of $10,000,000 of its 12-3/8% Senior Subordinated Debentures, due July 1, 1998, at par plus accrued interest. Debentures to be redeemed will be selected by lot by BankAmerica Trust Company of New York, Trustee for the Debentures. After giving effect to the redemption, $22,855,000 of the Debentures will remain outstanding from the original $80,000,000 issue. Interest on the $10,000,000 of Debentures will cease to accrue on and after May 8, 1995 and annual interest expense, net of related securitization costs, based on current commercial paper rates, will be reduced by approximately $600,000 pretax, or $.07 per share net of taxes. 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. VOLT INFORMATION SCIENCES, INC. (Registrant) BY /s/ Howard B. Weinreich -------------------------------- April 18, 1995 Howard B. Weinreich General Counsel -----END PRIVACY-ENHANCED MESSAGE-----