Exhibit 99.1

 


Volt Information Sciences Reports Fiscal 2017 Third Quarter
Financial Results

NEW YORK, NY, September 7, 2017 – Volt Information Sciences, Inc. (“Volt” or “the Company”) (NYSE-MKT: VISI),
an international provider of staffing services and technology outsourcing services, today reported results for its fiscal 2017 third quarter ended July 30, 2017. Key highlights include:
 
·
Net revenue of $289.9 million, down 12.3% or $40.7 million year-over-year; on a same store basis, excluding net revenue contributed from businesses sold or exited during the past year and the effect of foreign exchange rate fluctuations, net revenue declined 7.2% year-over-year
             
·
Gross margin percentage of 15.8% increased 109 basis points year-over-year
              
·
Operating loss of $1.5 million, improved 26.4% or $0.5 million year-over-year
             
·
Selling, administrative and other operating costs of $46.9 million improved 5.3% year-over-year
                                    
Commenting on Volt’s third quarter performance, Michael Dean, President and CEO, said, “While Volt’s third quarter results showed continued evidence of improvements in several key financial and operational metrics, our progress in driving revenue growth was disappointing. During the quarter, we continued to benefit from our focus on higher margin business with third quarter gross margins of 15.8% expanding once again on both a sequential quarter and year-over-year basis. Third quarter selling, administrative and other operating costs improved by 5.3%, or $2.6 million, compared with the third quarter last year.”
        
Mr. Dean continued, “We continued to add to our book of business with important new client relationships established in the quarter.  However, third quarter revenues of $289.9 million fell short of our expectations. Initiatives are underway to improve our revenue performance in future periods and I am confident we can successfully meet our challenges to achieve sustainable profitable growth.”

Fiscal 2017 Third Quarter Results
Total revenue for the fiscal 2017 third quarter was $289.9 million, down $40.7 million, or 12.3%, compared to $330.6 million in the third quarter of fiscal 2016. On a same store basis, excluding net revenue contributed from businesses sold or exited during the past year of $17.1 million and the effect of currency fluctuations of $1.3 million, net revenue declined 7.2% year-over-year.

North American Staffing revenue, which provides a broad spectrum of contingent staffing, direct placement, recruitment process outsourcing and other employment services, was $229.4 million, a $20.3 million, or 8.2% decrease compared to North American Staffing revenue of $249.7 million in the third quarter of fiscal 2016. The decline was primarily driven by lower demand from customers in both professional and commercial job families, largely associated within the aerospace industry and a significant change in a transportation manufacturing client’s contingent labor strategy.
 

The following information was filed by Volt Information Sciences, Inc. (VISI) on Thursday, September 7, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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