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Volt Information Sciences Reports Fourth Quarter and Fiscal Year Results
NEW YORK--(BUSINESS WIRE)--January 30, 2009--Volt Information Sciences, Inc. (NYSE: VOL) today reported financial results for the Company’s fourth quarter and fiscal year ended November 2, 2008.
Volt will conduct a conference call webcast at 11:00 A.M. (EST) today to discuss fourth quarter results. The conference call dial-in number is 888-396-9927 (domestic) or 517-308-9172 (international), passcode: Fourth Quarter. The conference call will be broadcast live over the Internet and can be accessed for the next 30 days at http://www.volt.com/investor/press_release.cfm.
Attached is a summary of the Company’s results of operations and the notes thereto. The notes are an integral part of the summary.
FOURTH QUARTER FISCAL 2008 RESULTS
For the fourth quarter of fiscal 2008 the Company reported net income of $70.1 million, or $3.24 per share, compared to $23.1 million, or $1.03 per share, in the fourth quarter of 2007. Net sales for the fourth quarter of fiscal 2008 increased to $650.6 million, compared to $604.9 million for the fourth quarter of fiscal 2007. Results for the 2008 fourth quarter include a gain on the sale of the net assets of Volt Directory Systems and DataNational of $93.0 million, net of taxes, or $4.30 per share, and an impairment charge of $46.4 million, (or $35.0 million net of taxes, or $1.62 per share). Excluding the non-recurring impairment charge, the Company’s fourth quarter 2008 net income from continuing operations, a non-GAAP measure, was $11.7 million, or $0.55 per share, compared to $19.2 million, net of taxes, or $0.86 per share, in the fourth quarter of 2007.
The sale of the net assets of Volt Directory Systems and DataNational and the results of these divisions are reported as income from discontinued operations while the impairment charge in the Computer Systems and Staffing Services segments is reported in the results from continuing operations. The impairment charge was a result of a decrease in the segments’ recent operating results and the general business outlook primarily due to the macroeconomic environment.
FISCAL YEAR 2008 RESULTS
For fiscal year 2008, the Company reported net income of $64.2 million, or $2.92 per share, compared to net income of $39.3 million, or $1.71 per share, last year. Net sales for fiscal year 2008 increased to $2.4 billion, compared to $2.3 billion for fiscal 2007. Results for fiscal 2008 include a gain on the sale of the net assets of Volt Directory Systems and DataNational of $93.0 million, net of taxes, or $4.23 per share, and an impairment charge of $46.4 million, (or $35.0 million net of taxes, or $1.59 per share). Excluding the non-recurring impairment charge, the Company’s fiscal 2008 net income from continuing operations, a non-GAAP measure, was $0.7 million, or $0.03 per share, compared to $29.5 million, net of taxes, or $1.29 per share, in fiscal 2007.
As previously announced, the Company sold the net assets of its directory systems and services and North American publishing operations for a net purchase price of $179.3 million. The transaction included the net assets of Volt Directory Systems and DataNational but excluded the Uruguayan operations, which combined were reported as the Company’s Telephone Directory segment through the quarter ended April 27, 2008. In the fourth quarter, the Uruguayan operation has been included in the Printing and Other segment. The results of operations of Volt Directory Systems and DataNational have been classified as discontinued, the prior period results have been reclassified and their assets and liabilities included as separate line items on the Company’s October 28, 2007 consolidated balance sheet.
Commenting on the results for the fourth quarter, Mr. Steven A. Shaw, President and CEO of Volt, stated, “While we are operating in a challenging economic environment, the sale of the Directory Systems and DataNational businesses have strengthened our balance sheet and provides us with the necessary capital and liquidity to re-deploy within the Company or to take advantage of strategic business opportunities.”
The following information was filed by Volt Information Sciences, Inc. (VISI) on Friday, January 30, 2009 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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