Volt Information Sciences (VISI) Reports Q1 Loss of $0.15 on Revenues of $253.4M

Volt Information Sciences (NYSE: VISI) reported Q1 EPS of ($0.15), versus ($0.51) reported last year. Revenue for the quarter came in at $253.4 million, versus $253.34 million reported last year.

• First quarter total Company net revenue of $253.4 million, up slightly year-over-year; On a same-store basis, which exclude net revenue contributed from a business exited during the past year and the effect of foreign exchange rate fluctuations, net revenueincreased $1.8 million, or 0.7%, year-over-year
• First quarter North American Staffing segment net revenue of $211.8 million increased 2.7% year-over-year; North American Staffing segment operating income of $3.9 million compared with an operating loss of $0.6 million a year ago
• Total Company gross margins in the first quarter of 14.9% increased 70 basis points year-over-year
• Total Company selling, administrative and other operating costs in the first quarter of $39.8 million, declined 15.2% year-over-year
• Total Company net loss in the first quarter of $3.2 million improved significantly compared with net loss of $10.7 million a year ago
• Total Company adjusted EBITDA in the first quarter was a loss of $1.1 million compared with a loss of $9.1 million a year ago

Commenting on Volt’s performance, Linda Perneau, President and CEO, said, “We are off to a good, reassuring start in fiscal 2019 as our solid execution drove improved performance in virtually every key financial and operational metric. At the top line, we generated year-over-year growth in net sales for the first time in 26 quarters. This growth is largely attributed to actions we initiated last year within our North American Staffing segment designed to improve our sales engine and strengthen service delivery. In addition, our emphasis on driving retail growth in our commercial and professional job categories, pricing discipline on new business and success in reducing workers compensation expenses improved Volt’s gross margins on a year-over-year basis. We also continue to see benefits from our cost containment initiatives and other efforts to achieve operational efficiencies across the enterprise. This resulted in a sharp year-over-year reduction in selling, administrative and other operating costs. Our success in these key metrics during the first quarter collectively contributed to the year-over-year improvement in Volt’s operating results and Adjusted EBITDA.”

Ms. Perneau continued, “Overall, I am extremely proud of what our team has accomplished in a very short period of time. Momentum continues to build at Volt. Our results from this past quarter are strong evidence that we are on the right track and I am encouraged by the team’s dedication, persistence and hard work. I look forward to continued execution of our strategy, enhancing our financial and operational performance and driving shareholder value as we move forward.”

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

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