Volt Information Sciences, Inc. (VISI) SEC Filing 10-K Annual report for the fiscal year ending Sunday, October 30, 2016

Earnings Press Release
10-K Annual Report
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Volt Information Sciences, Inc.
Ticker: VISI CIK: 103872

Exhibit 99.1

FOR IMMEDIATE RELEASE

Volt Information Sciences Reports Fiscal 2016 Fourth Quarter

and Full Year Financial Results

Company achieves most profitable quarter in five years

with fourth quarter net income of $2.8 million

NEW YORK, NY, January 11, 2017 – Volt Information Sciences, Inc. (“Volt” or “the Company”) (NYSE-MKT: VISI),

a global provider of staffing services and information technology infrastructure services, today reported results for its fourth quarter and full year ended October 30, 2016. Key elements include:

Fourth quarter net revenue of $341.6 million up 3.3% compared to the prior quarter and down 6.2% year-over-year; Full year net revenue of $1,334.7 million down 10.8% year-over-year

Fourth quarter gross margin percentage of 16.7% increased 70 basis points year-over-year

Fourth quarter net income of $2.8 million and full year net loss of $14.6 million; excluding special items, fourth quarter net income of $3.8 million and full year net loss of $10.4 million

Reduced fourth quarter selling, administrative and other operating costs by $4.6 million, or 8.4% year-over-year; Reduced full year selling, administrative and other operating costs by $27.1 million, or 11.7% year-over-year, as a result of headcount reductions and other initiatives to improve operating efficiencies

As of the end of the fourth quarter, the Company had $48.5 million of global liquidity for working capital requirements

Enhanced financial disclosures to include three reportable segments: North American Staffing, International Staffing, Technology Outsourcing Services and Solutions

Subsequent to the end of the fourth quarter, the Company amended its Financing Program with PNC and extended the Program by one-year to January 31, 2018.

Commenting on Volt’s fourth quarter performance, Michael Dean, President and CEO, said, “We concluded fiscal 2016 with a solid fourth quarter highlighted by strong year-over-year growth in gross margin percentage along with careful expense management that helped produce the most profitable quarter for Volt in five years. In addition, we continued to add to our book of business with several significant new customer engagements. This, coupled with a slower rate of revenue decline from existing customers, is helping to stabilize revenue from our core North American Staffing business.”

Mr. Dean continued, “As we head into fiscal 2017 as a financially stronger and more streamlined company, I am confident we will continue to build on the foundational strengths of our core staffing business to achieve our longer-term goal of sustained profitable growth.”

The following information was filed by Volt Information Sciences, Inc. (VISI) on Wednesday, January 11, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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