Volt Information Sciences, Inc. (VISI) SEC Filing 10-Q Quarterly report for the period ending Sunday, April 29, 2018

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Volt Information Sciences, Inc.
Ticker: VISI CIK: 103872

Exhibit 99.1

Volt Information Sciences Reports 2018 Second Quarter Financial Results

NEW YORK, NY, June 7, 2018 – Volt Information Sciences, Inc. (“Volt” or “the Company”) (NYSE-AMERICAN: VISI),

an international provider of staffing services and managed service programs, today reported results for its 2018 second quarter ended April 29, 2018. Key highlights include:

Second quarter net revenue of $263.2 million, down 13.1% year-over-year; on a same-store basis, net revenue declined 7.8% year-over-year excluding net revenue contributed from businesses sold or exited during the past year and the effect of foreign exchange rate fluctuations;

Second quarter selling, administrative and other operating costs of $42.9 million, down 16.1%, year-over-year, or 10.8% excluding businesses sold;

Global liquidity of $59.4 million at quarter-end, up $3.5 million year-over-year; total outstanding debt of $50.0 million, down $40.0 million year-over-year; and

Effective June 6, 2018 the Company announced that President and Chief Executive Officer Michael Dean left the Company and the Board; The Company also announced that Linda Perneau was appointed Interim Chief Executive Officer, in addition to her role as President of Volt Workforce Solutions.

Commenting on Volt’s second quarter performance, Paul Tomkins, Senior Vice President and CFO, said, “The Company continues to benefit from our ongoing activities to drive operational efficiencies and manage expenses, which is delivering lower selling, administrative and other operating costs. As part of this effort, on a same store basis, we achieved a 10.8% reduction in expenses from a year ago. Furthermore, during the quarter we continued to make progress in stabilizing and strategically positioning our smaller businesses—namely International Staffing, Volt Consulting Group and Volt Customer Care Solutions.”

Mr. Tomkins continued, “While these incremental improvements are encouraging, we still have work ahead to get Volt back on a trajectory to profitable growth. A key to reaching this goal will be generating topline growth through improving the performance of our largest business, Volt Workforce Solutions, or VWS. With new senior leadership in place at VWS and a team dedicated to executing a plan to drive revenue growth, I am confident we can achieve our objective.”

Fiscal 2018 Second Quarter Results

Total revenue for the fiscal 2018 second quarter was $263.2 million, down $39.8 million, or 13.1%, compared to $303.0 million in the second quarter of fiscal 2017. On a same-store basis, net revenue declined 7.8% year-over-year excluding net revenue contributed from businesses sold or exited during the past year and the effect of currency fluctuations.

North American Staffing revenue, which provides a broad spectrum of contingent staffing, direct placement, recruitment process outsourcing and other employment services, was $218.1 million, a $15.7 million, or 6.7% decline compared to North American Staffing revenue of $233.8 million in the second quarter of fiscal 2017. The decline was driven by lower demand from customers in both professional and commercial job families, as well as a significant change in a large customer’s contingent labor strategy in the latter part of fiscal 2017.

The following information was filed by Volt Information Sciences, Inc. (VISI) on Thursday, June 7, 2018 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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