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Volt exploring alternatives, including possible sale

June 05, 2018

Volt Information Sciences Inc. (NYSE MKT: VISI) is evaluating potential strategic alternatives, including the potential sale of the company, it announced today. Other options under consideration include a sale of a division or divisions, a strategic merger, a business combination, or continuing as a standalone company.

“We remain confident in our ability to execute on our business plan and in the growth opportunities available to us,” Chairman Dana Messina said. “At the same time, the board believes it is in the best interest of shareholders to conduct a thorough evaluation of strategic opportunities that could accelerate value recognition or unlock additional value.”

No definitive timetable for completion of their review of strategic alternatives has been set.

Net revenue fell 19.1% in Volt’s fiscal first quarter ended Jan. 28. On a same-store and constant currency basis, net revenue fell 10.6% year over year, excluding net revenue contributed from businesses sold or exited during the past year.

Volt last year sold a quality assurance testing business, known as VMC, to Keywords International Ltd., a technical services provider to the global video games industry, in a $66.4 million deal that would help move Volt forward as a pure-play staffing company.