Volt Information Sciences Inc. (NYSE MKT: VISI), the 12^th-largest US staffing firm, reported net revenue fell 18.6% to $429.7 million in its fiscal fourth quarter ended Nov. 3. However, net income rose 27.2%. Also announced was the departure of CFO James Whitney Mayhew for personal reasons, effective March 20.

The New York-based IT and engineering staffing provider reported its staffing services segment experienced lower demand primarily from enterprise customers and to a lesser extent at retail customers. It also reported an initiative to reduce exposure to customers with unfavorable business terms and the impact of 2014 consisting of 52 weeks while 2013 consisted of 53.

In addition, the company reported net revenue included restructuring costs of $700,000, losses from discontinued operations of $2.4 million and a $1.0 million cost in workers’ compensation program related to multiple years.

In December, Volt sold its computer systems segment to NewNet Communication Technologies LLC, a Skyview Capital portfolio company, in order to focus on its staffing business. A year ago, Volt sold its Procurestaff VMS division to IQNavigator.

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“I was hired to help the company complete its restatement process, strengthen the company's financial controls, build a strong finance team, and partner with [President and CEO Ron Kochman] in establishing and executing on the strategic plan,” CFO James Whitney said in a conference call with analysts. “We have achieved many of the most critical milestones in this process over the past year and we have also made significant progress in improving Volt’s profitability and focusing the business for long-term success. It’s now time for me to look for a new challenge, but I am committed to ensuring a successful transition.”

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Share price and market cap

Shares in Volt rose 4.10 percent to $10.93 in early afternoon trading today and Volt has a market cap of approximately $228.13 million, according to Yahoo!