Reports Highest Quarterly Adjusted EBITDA in
Four Years
Expect Continued Improvement in
Profitability for 2021
Volt Information Sciences, Inc. (“Volt” or the “Company”)
(NYSE-AMERICAN: VOLT) a global provider of staffing services, today
announced financial results for the fourth quarter and year ended
November 1, 2020.
Fourth Quarter Results
- Revenue of $211.1 million, compared to $258.4 million in the
fourth quarter of fiscal 2019, which included $18.9 million related
to the extra fiscal week in fiscal 2019; Adjusted Revenue decreased
11.0%.
- Gross margin was 16.2%, compared to 16.6% in the prior-year
quarter.
- GAAP operating loss for the quarter was ($11.5) million,
compared to operating income of $933,000 in the prior-year quarter;
Adjusted Operating Income, excluding impairment and restructuring
charges, improved by $1.1 million year over year to $3.5
million.
- GAAP EPS loss of ($0.58) per share; Adjusted EPS of $0.11 per
diluted share, which excludes $15.0 million of impairment and
restructuring costs.
- Adjusted EBITDA increased $1.1 million year over year to $5.9
million.
Fiscal 2020 Results
- Revenue of $822.1 million, compared to $997.1 million in fiscal
2019 which included $18.9 million related to the extra fiscal week
in fiscal 2019; Adjusted Revenue decreased 13.4%.
- Gross margin improved 30 basis points year over year to
15.6%.
- GAAP operating loss of ($29.4) million compared to ($9.8)
million in fiscal 2019; Adjusted Operating Loss, excluding
impairment and restructuring charges, was ($9.8) million in fiscal
2020 compared with ($5.1) million in fiscal 2019.
- GAAP EPS loss of ($1.56) per share; Adjusted EPS of ($0.65) per
share, excluding $19.6 million of impairment and restructuring
costs.
- Adjusted EBITDA was ($98,000) compared to $1.0 million in the
prior year.
* Adjusted Revenue, Adjusted Operating Income (Loss), Adjusted
EBITDA and Adjusted EPS are Non-GAAP measures described and defined
below.
“Against the backdrop of the most challenging period in our
company’s 70-year history, I could not be more proud of the
resiliency shown by every Volt colleague across our organization,”
said Linda Perneau, President and Chief Executive Officer. “The
disruption caused by COVID-19 forced us to think and work
differently while ensuring we were able to provide a consistent
level of world-class service to our clients, many of whom are
essential businesses. At the same time, we successfully expanded
our relationships with existing customers and secured new business.
These efforts are reflected in the sequential improvement in
Adjusted Revenue we recorded during the second half of fiscal 2020.
In addition, our fourth quarter Adjusted EBITDA was our best
quarter in four years.”
Fourth Quarter Results
North American Staffing revenue for the quarter was $178.6
million as compared to $216.6 million for the fourth quarter of
fiscal 2019. Adjusted Revenue, which is a non-GAAP measure, for
this segment decreased approximately 9.4 percent year over year.
The decrease is primarily attributable to continued workforce
adjustments related to COVID-19, partially offset by business wins
with new clients and expansion of business within existing
clients.
International Staffing revenue for the quarter was $23.0
million, compared to $30.6 million in the prior-year quarter.
Adjusted Revenue decreased 22.0 percent year over year. The
decrease is primarily due to lower results within the U.K.
business.
North American MSP revenue for the fourth quarter was $9.4
million, compared to $11.7 million in the prior-year quarter.
Adjusted Revenue for this segment in the prior year was $10.8
million. The decrease is primarily attributable to workforce
adjustments at clients related to COVID-19 for managed service
programs and payroll services.
Gross margin for the quarter was 16.2 percent of revenue, a 40
basis-point decrease from the fourth quarter of fiscal 2019. The
exclusion of last year’s extra operating week had no meaningful
impact to gross margin. The decrease is primarily attributable to
the revenue mix shift towards payroll services within North
American MSP.
SG&A expense for the fourth quarter was $30.7 million.
Excluding the fourteenth week and a business exited during the
prior-year quarter, SG&A expense decreased by $6.5 million, or
17.5 percent on a year-over-year basis. The reduction is primarily
attributable to lower salary expense and related taxes and reduced
professional fees.
Adjusted EBITDA, which is a non-GAAP measure, was $5.9 million
for the fourth quarter of fiscal 2020, compared to $4.8 million in
the prior-year quarter.
Fiscal 2020 Results
North American Staffing revenue for the year was $689.1 million
as compared to $830.9 million for fiscal 2019. Adjusted Revenue for
this segment decreased approximately 13.9 percent. The decrease is
primarily attributable to significant workforce adjustments related
to COVID-19, partially offset by business wins with new and
existing clients. Operating Income for the year was $14.3 million
compared to $18.0 million for fiscal 2019. Adjusted Operating
Income for this segment, excluding impairment and restructuring
charges, which is a non-GAAP measure, was $17.1 million compared to
$17.9 million in the prior year.
International Staffing revenue for fiscal 2020 was $95.3 million
compared to $114.4 million. Adjusted Revenue in the International
Staffing segment in fiscal 2020 decreased 15.1 percent. Operating
Income for the year was $1.4 million compared to $2.9 million from
fiscal 2019. Adjusted Operating Income for this segment was $1.4
million, compared to $2.7 million in fiscal 2019.
North American MSP revenue decreased 2.8 percent from the prior
year, to $37.9 million. Adjusted Revenue for the segment decreased
1.4 percent year over year. Operating Income for the year was $3.1
million compared to $5.0 million in the prior year. Adjusted
Operating Income for this segment was $3.1 million compared to $4.8
million in fiscal 2019.
Gross margin for fiscal 2020 increased by 30 basis points to
15.6 percent of revenue. The increase is primarily attributable to
a revenue mix shift towards higher-margin business, particularly in
the North American Staffing segment.
SG&A expense for fiscal 2020 was $137.7 million. Excluding
the expense associated with the 53rd operating week and business
exited, adjusted SG&A expense decreased by $16.2 million, or
10.5 percent on a year-over-year basis. The decrease is
attributable to the Company’s strategic approach to optimize
resources and response to COVID-19, including reduced salary
expense, professional fees, travel expense and facility costs.
Adjusted EBITDA for fiscal 2020 was ($98,000), compared to $1.0
million in the prior year.
“Although we were presented with many challenges in fiscal 2020,
our recent results indicate our strategies are working. Our
improved sales strategy and disciplined pricing approach were
pivotal in our ability to weather this extended period of
uncertainty,” commented Ms. Perneau. “Through the maturation of our
sales strategy coupled with our disciplined pricing approach and
streamlined operations, we are confident we will continue to see
improvement in profitability for the full-year of fiscal 2021.”
2020 Earnings Conference Call and Webcast
Volt Information Sciences, Inc. will conduct a conference call
on Wednesday, January 13, 2021, at 5:00 p.m. Eastern Time, to
review the financial results for the fourth quarter and fiscal year
ended November 1, 2020. A presentation supplementing the call can
be accessed through the Investor relations portion of the website.
Investors interested in participating on the live call can dial
1-877-407-9039 within the U.S. or 1-201-689-8470 from abroad. The
conference call, which may include forward-looking statements, is
also being webcast and will be available via the investor relations
section of the Company’s website at www.volt.com. A replay of the
webcast will be archived on Volt’s investor relations website for
90 days.
Forward-Looking Statements
This press release contains forward-looking statements that are
subject to a number of known and unknown risks. Such risks include,
among others, general economic, competitive and other business
conditions (including the potential impact of the strain of
coronavirus known as COVID-19 on our operations as well as the
operations of our customers), the degree and timing of customer
utilization and renewal rate for contracts with the Company, and
the degree of success of business improvement initiatives that
could cause actual results, performance and achievements to differ
materially from those described or implied in the forward-looking
statements. Information concerning these and other factors that
could cause actual results to differ materially from those in the
forward-looking statements are contained in the “Risk Factors” and
other sections of the Company reports filed with the Securities and
Exchange Commission (SEC). You are cautioned not to place undue
reliance on such statements and to consult our SEC filings for
additional risks and uncertainties that may apply to our business
and the ownership of our securities. Our forward-looking statements
are presented as of the date made, and we disclaim any duty to
update such statements unless required by law to do so.
Note Regarding the Use of Non-GAAP Financial Measures
The Company has provided certain Non-GAAP financial information,
including Adjusted Revenue, Adjusted Operating Income (Loss),
Adjusted EBITDA and Adjusted EPS, which include adjustments to our
GAAP financial results. These measures are not in accordance with,
or an alternative for, generally accepted accounting principles
(“GAAP”) and may be different from Non-GAAP measures reported by
other companies.
The Company believes that the presentation of Non-GAAP measures,
including on a constant currency basis and eliminating (a) the
impact of businesses sold or exited, (b) the extra operating week
in the fourth quarter of fiscal 2019 and (c) special items provides
useful information to management and investors regarding certain
financial and business trends relating to its financial condition
and results of operations because they permit evaluation of the
results of the Company without the effect of currency fluctuations,
special items or the impact of businesses sold or exited that
management believes make it more difficult to understand and
evaluate the Company’s results of operations. Special items include
impairments, restructuring and severance as well as certain income
or expenses which the Company does not consider indicative of the
current and future period performance and are more fully disclosed
in the tables.
Adjusted Revenue is defined as revenue excluding businesses
exited, the effect of foreign currency translation and the extra
operating week in the fourth quarter of fiscal 2019. The Company
has also migrated certain clients from a traditional staffing model
to a managed service model, resulting in the Company now managing a
greater percentage of such clients’ business under its North
American MSP. This shift provides increased opportunity for the
Company with the relevant clients. However, due to the structure of
MSP arrangements, revenue is recognized on a net basis, thereby
reducing revenues on a comparative period basis. Beginning in the
first quarter of 2020, the Company includes such delivery model
shifts within the Adjusted Revenue measurement, as it provides a
more comparable basis for evaluating performance results from
period to period and reflects the method used by management to
evaluate performance. A reconciliation is shown in the tables at
the end of this press release.
Adjusted EBITDA is defined as earnings or loss before interest,
income taxes, depreciation and amortization (“EBITDA”) adjusted to
exclude share-based compensation expense as well as the special
items described above.
Adjusted EBITDA is a performance measure rather than a cash flow
measure. The Company believes the presentation of Adjusted EBITDA
is relevant and useful for investors because it allows investors to
view results in a manner similar to the method used by
management.
Adjusted EBITDA has limitations as an analytical tool and should
not be considered in isolation from, or as a substitute for,
analysis of the Company’s results of operations and operating cash
flows as reported under GAAP. For example, Adjusted EBITDA does not
reflect capital expenditures or contractual commitments; does not
reflect changes in, or cash requirements for, the Company’s working
capital needs; does not reflect the interest expense, or the cash
requirements necessary to service the interest payments, on the
Company’s debt; and does not reflect cash required to pay income
taxes.
Adjusted Operating Income (Loss) is defined as operating income
(loss) excluding businesses exited and the extra operating week in
the fourth quarter of fiscal 2019.
The Company believes the presentation of Adjusted Operating
Income (Loss) is relevant and useful for investors because it
provides a more comparable basis to evaluate performance results
and analyze trends from period to period in a manner similar to the
method used by management.
Adjusted EPS is defined as earnings per share excluding
impairment and restructuring charges. The Company believes that the
presentation of Adjusted EPS is useful for investors since it
removes certain special items which the Company does not consider
indicative of the current and future period performance.
The Company’s computation of Adjusted Revenue, Adjusted EBITDA,
Adjusted Operating Income (Loss) and Adjusted EPS may not be
comparable to other similarly titled measures computed by other
companies because all companies do not calculate these measures in
the same fashion.
About Volt Information Sciences, Inc.
Volt Information Sciences, Inc. is a global provider of staffing
services (traditional time and materials-based as well as
project-based). Our staffing services consist of workforce
solutions that include providing contingent workers, personnel
recruitment services, and managed staffing services programs
supporting primarily administrative, technical, information
technology, light-industrial and engineering positions. Our managed
staffing programs involve managing the procurement and on-boarding
of contingent workers from multiple providers. Volt services global
industries including aerospace, automotive, banking and finance,
consumer electronics, information technology, insurance, life
sciences, manufacturing, media and entertainment, pharmaceutical,
software, telecommunications, transportation, and utilities. For
more information, visit www.volt.com
Investor Relations Contacts: Volt Information Sciences,
Inc. voltinvest@volt.com
Joe Noyons Three Part Advisors jnoyons@threepa.com
817-778-8424
Financial Tables Follow
Results of Operations (in thousands, except per share
data) Three Months Ended Year Ended November
1, 2020 August 2, 2020 November 3, 2019
November 1, 2020 November 3, 2019 Net
revenue
$
211,073
$
185,941
$
258,408
$
822,055
$
997,090
Cost of services
176,844
155,983
215,449
694,204
844,527
Gross margin
34,229
29,958
42,959
127,851
152,563
Selling, administrative and other operating costs
30,735
31,245
39,908
137,666
157,052
Restructuring and severance costs
438
546
1,856
2,641
4,656
Impairment charges
14,518
2,384
262
16,913
688
Operating income (loss)
(11,462
)
(4,217
)
933
(29,369
)
(9,833
)
Interest income (expense), net
(431
)
(467
)
(723
)
(2,219
)
(2,882
)
Foreign exchange gain (loss), net
(62
)
571
(360
)
(85
)
(612
)
Other income (expense), net
(291
)
(168
)
(292
)
(869
)
(881
)
Loss before income taxes
(12,246
)
(4,281
)
(442
)
(32,542
)
(14,208
)
Income tax provision
271
556
307
1,045
978
Net loss
$
(12,517
)
$
(4,837
)
$
(749
)
$
(33,587
)
$
(15,186
)
Per share data: Basic: Net loss
$
(0.58
)
$
(0.22
)
$
(0.04
)
$
(1.56
)
$
(0.72
)
Weighted average number of shares
21,607
21,589
21,157
21,507
21,119
Diluted: Net loss
$
(0.58
)
$
(0.22
)
$
(0.04
)
$
(1.56
)
$
(0.72
)
Weighted average number of shares
21,607
21,589
21,157
21,507
21,119
Segment data: Net revenue: North
American Staffing
$
178,603
$
154,711
$
216,587
$
689,095
$
830,947
International Staffing
23,033
21,749
30,574
95,308
114,377
North American MSP
9,365
9,436
11,659
37,915
39,010
Corporate and Other
135
149
187
674
15,320
Eliminations
(63
)
(104
)
(599
)
(937
)
(2,564
)
Net revenue
$
211,073
$
185,941
$
258,408
$
822,055
$
997,090
Operating income (loss): North American Staffing
$
8,956
$
2,691
$
7,167
$
14,322
$
17,963
International Staffing
278
551
1,619
1,399
2,893
North American MSP
885
944
1,838
3,074
5,023
Corporate and Other
(21,581
)
(8,403
)
(9,691
)
(48,164
)
(35,712
)
Operating income (loss)
$
(11,462
)
$
(4,217
)
$
933
$
(29,369
)
$
(9,833
)
Work days
64
63
69
251
256
Condensed Consolidated Statements of Cash Flows (in
thousands) Year Ended November 1, 2020
November 3, 2019 Cash, cash equivalents and
restricted cash beginning of the period
$
38,444
$
36,544
Cash provided by (used in) all other operating activities
964
(8,797
)
Changes in operating assets and liabilities
17,190
16,165
Net cash provided by operating activities
18,154
7,368
Purchases of property, equipment, and software
(5,268
)
(9,053
)
Net cash provided by all other investing activities
639
211
Net cash used in investing activities
(4,629
)
(8,842
)
Net draw-down of borrowings
5,000
5,000
Debt issuance costs
(343
)
(783
)
Net cash used in all other financing activities
(77
)
(318
)
Net cash provided by financing activities
4,580
3,899
Effect of exchange rate changes on cash, cash equivalents
and restricted cash
(116
)
(525
)
Net increase in cash, cash equivalents and restricted
cash
17,989
1,900
Cash, cash equivalents and restricted cash end of the
period
$
56,433
$
38,444
Cash paid during the period: Interest
$
2,297
$
3,156
Income taxes
$
1,979
$
1,194
Reconciliation of cash, cash equivalents and restricted
cash end of the period: Current Assets: Cash and cash
equivalents
$
38,550
$
28,672
Restricted cash included in Restricted cash and short term
investments
17,883
9,772
Cash, cash equivalents and restricted cash, at end of period
$
56,433
$
38,444
Condensed Consolidated Balance
Sheets
(in thousands, except share
amounts)
November 1, 2020 November 3, 2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
38,550
$
28,672
Restricted cash and short-term
investments
20,736
12,794
Trade accounts receivable, net of
allowances of $219 and $117, respectively
121,916
135,950
Other current assets
7,058
7,252
TOTAL CURRENT ASSETS
188,260
184,668
Property, equipment and software,
net
22,167
25,890
Right of use assets - operating
leases
25,107
-
Other assets, excluding current
portion
6,311
7,446
TOTAL ASSETS
$
241,845
$
218,004
LIABILITIES AND STOCKHOLDERS'
EQUITY
CURRENT LIABILITIES:
Accrued compensation
$
18,357
$
21,507
Accounts payable
31,221
36,341
Accrued taxes other than income
taxes
12,983
11,244
Accrued insurance and other
15,908
24,654
Operating lease liabilities
7,144
-
Income taxes payable
891
1,570
TOTAL CURRENT
LIABILITIES
86,504
95,316
Accrued payroll taxes and other,
excluding current portion
29,988
12,029
Operating lease liabilities,
excluding current portion
38,232
-
Deferred gain on sale of real
estate, excluding current portion
-
20,270
Income taxes payable, excluding
current portion
90
289
Deferred income taxes
3
17
Long-term debt
59,154
53,894
TOTAL LIABILITIES
213,971
181,815
Commitments and contingencies
STOCKHOLDERS' EQUITY
Preferred stock, par value $1.00;
Authorized - 500,000 shares; Issued - none
-
-
Common stock, par value $0.10;
Authorized - 120,000,000 shares; Issued - 23,738,003 shares;
Outstanding 21,729,400 and 21,367,821 shares, respectively
2,374
2,374
Paid-in capital
79,937
77,688
Accumulated deficit
(29,793
)
(10,917
)
Accumulated other comprehensive
loss
(6,458
)
(6,801
)
Treasury stock, at cost;
2,008,603 and 2,370,182 shares, respectively
(18,186
)
(26,155
)
TOTAL STOCKHOLDERS'
EQUITY
27,874
36,189
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
$
241,845
$
218,004
GAAP to Non-GAAP Reconciliations (in thousands)
Three Months Ended November 1, 2020
November 3, 2019 Reconciliation of GAAP net loss to
Non-GAAP net income: GAAP net loss
$
(12,517
)
$
(749
)
Selling, administrative and other operating costs
-
(486
)
(c) Restructuring and severance costs
438
(a)
1,856
(d) Impairment costs
14,518
(b)
262
Non-GAAP net income
$
2,439
$
883
Three Months Ended November 1, 2020
November 3, 2019 Reconciliation of GAAP net loss to
Adjusted EBITDA: GAAP net loss
$
(12,517
)
$
(749
)
Selling, administrative and other operating costs
-
(486
)
(c) Restructuring and severance costs
438
(a)
1,856
(d) Impairment costs
14,518
(b)
262
Depreciation and amortization
2,097
1,828
Share-based compensation expense
303
413
Total other (income) expense, net
784
1,375
Provision for income taxes
271
307
Adjusted EBITDA
$
5,894
$
4,806
Special item adjustments consist of the following: (a)
Relates to actions taken by the Company as part of its continued
efforts to reduce costs and to offset COVID-19 related revenue
losses. (b) Relates to consolidating and exiting certain
leased office locations throughout North America where we could be
fully operational and successfully support our clients and business
operations remotely. (c) Relates to the amortization of the
gain on the sale of the Orange, CA facility, which is included in
Selling, administrative and other operating costs. (d)
Relates to continued efforts to reduce costs, change in executive
management and the exit of customer care solutions business.
GAAP to Non-GAAP Reconciliations (in thousands)
Year Ended November 1, 2020 November 3,
2019 Reconciliation of GAAP net loss to Non-GAAP net
loss: GAAP net loss
$
(33,587
)
$
(15,186
)
Selling, administrative and other operating costs
-
(1,944
)
(c) Restructuring and severance costs
2,641
(a)
4,656
(d) Impairment costs
16,913
(b)
688
(e)
Non-GAAP net loss
$
(14,033
)
$
(11,786
)
Year Ended November 1, 2020 November 3,
2019 Reconciliation of GAAP net loss to Adjusted EBITDA:
GAAP net loss
$
(33,587
)
$
(15,186
)
Selling, administrative and other operating costs
-
(1,944
)
(c) Restructuring and severance costs
2,641
(a)
4,656
(d) Impairment costs
16,913
(b)
688
(e) Depreciation and amortization
7,981
6,955
Share-based compensation expense
1,736
499
Total other (income) expense, net
3,173
4,375
Provision for income taxes
1,045
978
Adjusted EBITDA
$
(98
)
$
1,021
Special item adjustments consist of the following:
(a) Primarily relates to the strategic initiative costs to offshore
a significant number of identified roles to our staffing operations
in India as well as continued efforts to reduce costs and to offset
COVID-19 related revenue losses. (b) Primarily relates to
consolidating and exiting certain leased office locations
throughout North America where we could be fully operational and
successfully support our clients and business operations remotely.
(c) Relates to the amortization of the gain on the sale of
the Orange, CA facility, which is included in Selling,
administrative and other operating costs. (d) Relates to
continued efforts to reduce costs, change in executive management
and the exit of customer care solutions business. (e)
Primarily relates to exit of customer care solutions business and
the impairment of previously purchased software.
GAAP to
Non-GAAP Reconciliations (in thousands) Three
Months EndedNovember 1, 2020 Three Months Ended November 3,
2019 As Reported As Reported FX Impact
Business Exited 14th week MSP DeliveryModel
Shift Adjusted Revenue North American Staffing
$
178,603
$
216,587
$
-
$
-
$
(15,770
)
$
(3,591
)
$
197,226
International Staffing
23,033
30,574
1,175
-
(2,214
)
-
29,535
North American MSP
9,365
11,659
-
-
(910
)
89
10,838
Corporate and Other
135
187
-
-
(11
)
-
176
Eliminations
(63
)
(599
)
-
-
43
-
(556
)
Total Revenue
$
211,073
$
258,408
$
1,175
$
-
$
(18,862
)
$
(3,502
)
$
237,219
% change
-11.0
%
Year EndedNovember 1, 2020
Year Ended November 3, 2019 As Reported As
Reported FX Impact Business Exited 53rd
week MSP DeliveryModel Shift Adjusted
Revenue North American Staffing
$
689,095
$
830,947
$
-
$
(692
)
$
(15,770
)
$
(14,426
)
$
800,059
International Staffing
95,308
114,377
78
-
(2,214
)
-
112,241
North American MSP
37,915
39,010
-
-
(910
)
363
38,463
Corporate and Other
674
15,320
-
(14,593
)
(11
)
-
716
Eliminations
(937
)
(2,564
)
-
692
43
-
(1,829
)
Total Revenue
$
822,055
$
997,090
$
78
$
(14,593
)
$
(18,862
)
$
(14,063
)
$
949,650
% change
-13.4
%
GAAP to Non-GAAP Reconciliations (in thousands)
Three Months EndedNovember 1, 2020 Three Months
Ended November 3, 2019 As Reported As Reported
Business Exited 14th week Adjusted
Operating Income (Loss) North American Staffing
$
8,956
$
7,167
$
-
$
(759
)
$
6,408
International Staffing
278
1,619
-
(220
)
1,399
North American MSP
885
1,838
-
(224
)
1,614
Corporate and Other
(21,581
)
(9,691
)
437
502
(8,752
)
Total Operating Income (Loss)
$
(11,462
)
$
933
$
437
$
(701
)
$
669
Year EndedNovember 1, 2020
Year Ended November 3, 2019 As Reported As
Reported Business Exited 53rd week
Adjusted Operating Income (Loss) North American
Staffing
$
14,322
$
17,963
$
-
$
(759
)
$
17,204
International Staffing
1,399
2,893
19
(220
)
2,692
North American MSP
3,074
5,023
-
(224
)
4,799
Corporate and Other
(48,164
)
(35,712
)
2,462
502
(32,748
)
Total Operating Income (Loss)
$
(29,369
)
$
(9,833
)
$
2,481
$
(701
)
$
(8,053
)
GAAP to Non-GAAP Reconciliations (in
thousands) Three Months EndedNovember 1, 2020
Three Months Ended November 3, 2019 As Reported As
Reported Business Exited 14th week
Adjusted Operating Income (Loss) Gross Margin
$
34,229
$
42,959
$
-
$
(3,311
)
$
39,648
Selling, administrative and other operating costs
30,735
39,908
(34
)
(2,610
)
37,264
Restructuring and severance costs
438
1,856
(403
)
-
1,453
Impairment charges
14,518
262
-
-
262
Total Operating income (Loss)
$
(11,462
)
$
933
$
(437
)
$
(701
)
$
669
Year EndedNovember 1, 2020
Year Ended November 3, 2019 As Reported As
Reported Business Exited 53rd week
Adjusted Operating Income (Loss) Gross Margin
$
127,851
$
152,563
$
(523
)
$
(3,311
)
$
148,729
Selling, administrative and other operating costs
137,666
157,052
(569
)
(2,610
)
153,873
Restructuring and severance costs
2,641
4,656
(2,087
)
-
2,569
Impairment charges
16,913
688
(348
)
-
340
Total Operating Income (Loss)
$
(29,369
)
$
(9,833
)
$
2,481
$
(701
)
$
(8,053
)
GAAP to Non-GAAP Reconciliations (in thousands, except
per share data) Three Months Ended November 1,
2020 As Reported Restructuring andImpairment
Costs Adjusted Earnings per Share Net income
(loss)
$
(12,517
)
$
14,956
$
2,439
Per share data: Basic: Net income (loss)
$
(0.58
)
$
0.11
Weighted average number of shares
21,607
21,607
Diluted Net income (loss)
$
(0.58
)
$
0.11
Weighted average number of shares
21,607
21,950
Year Ended November 1, 2020 As Reported
Restructuring andImpairment Costs Adjusted
Earnings per Share Net loss
$
(33,587
)
$
19,554
$
(14,033
)
Per share data: Basic: Net loss
$
(1.56
)
$
(0.65
)
Weighted average number of shares
21,507
21,507
Diluted Net loss
$
(1.56
)
$
(0.65
)
Weighted average number of shares
21,507
21,507
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210113005885/en/
Investor Relations Contacts: Volt Information Sciences,
Inc. voltinvest@volt.com
Joe Noyons Three Part Advisors jnoyons@threepa.com
817-778-8424
Volt Information Sciences (AMEX:VOLT)
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