Volt Information Sciences (VISI) Reports Q3 Loss of $0.54, Miss on Revenues

Volt Information Sciences (NYSE: VISI) reported Q3 EPS of ($0.54), versus $0.00 reported last year. Revenue for the quarter came in at $257.8 million versus the consensus estimate of $288.48 million.

• Third quarter net revenue of $257.8 million, down 11.1% year-over-year; on a same-store basis, net revenue declined 6.6% year-over-year excluding net revenue contributed from businesses sold or exited during the past year and the effect of foreign exchange rate fluctuations;
• Third quarter selling, administrative and other operating costs of $42.2 million, down 10.0%, year-over-year, or 5.4% excluding businesses sold or exited during the past year;
• Global liquidity of $52.7 million at quarter-end, up $19.3 million year-over-year; total outstanding debt of $50.0 million, down $50.0 million year-over-year;
• Linda Perneau appointed Interim Chief Executive Officer, in addition to her role as President of Volt Workforce Solutions (VWS);
• Re-aligned the organizational structure of Volt Workforce Solutions in order to strengthen the Company’s focus on sales and service delivery across its spectrum of offerings; and
• Continuation of the review of strategic alternatives by the Company’s Board of Directors

“I see significant opportunities to enhance Volt’s competitive position within the staffing industry and improve performance to levels of which we can be proud,” said Linda Perneau, Interim Chief Executive Officer and President of Volt Workforce Solutions. “Key to achieving this will be returning our largest business, Volt Workforce Solutions, to a trajectory of profitable growth. To address the challenges, our leadership team is currently focused on four strategic priorities of organization design, business optimization, delivery excellence and growth and expansion. While it is clear that we have a lot of work ahead of us, I am encouraged by the progress we have made so far during my short tenure at Volt. As we execute on our initiatives, I look forward to driving significantly enhanced value for all of our stakeholders in the future.”

For earnings history and earnings-related data on Volt Information Sciences (VISI) click here.

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