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View All NewsVolt revenue falls 6% in fiscal Q4
Volt Information Sciences Inc. (NYSE MKT: VISI) reported net revenue fell 6.2% in the fiscal fourth quarter ended Oct. 30.
The New York-based IT and engineering staffing and MSP provider reported net income of $2.8 million compared to a net loss of $244,000 in the prior year; the quarter included $1.2 million in restructuring and severance costs and $364,000 in impairment charges.
| (US$ thousands) | Q4 2016 | Q4 2015 | % growth |
| Net revenue | $341,578 | $363,974 | -6.2% |
| Gross margin | 16.7% | 15.9% | |
| Net income (loss) | $2,787 | -$244 | nm |
North America staffing services revenue fell 2.0% from the year-ago quarter. International staffing services revenue, which includes the company’s contingent staffing, direct placement and managed programs businesses in Europe and Asia, fell 15.6%.
Segment revenue
| (US$ thousands) | Q4 2016 | Q4 2015 | % growth |
| North American staffing | $270,577 | $276,163 | -2.0% |
| International staffing | $31,730 | $37,585 | -15.6% |
| Technology Outsourcing Services and Solutions | $30,533 | $33,103 | -7.8% |
| Corporate and other | $27,571 | $37,702 | -26.9% |
Total revenue for the full year of fiscal 2016 fell 10.8%.
Full-year results
| (US$ thousands) | 2016 | 2015 | % growth |
| Net revenue | $1,334,747 | $1,496,897 | -10.8% |
| Gross margin | 15.2% | 15.3% | |
| Net loss | -$14,570 | -$19,786 | nm |
Quote
“We concluded fiscal 2016 with a solid fourth quarter highlighted by strong year-over-year growth in gross margin percentage along with careful expense management that helped produce the most profitable quarter for Volt in five years, said President and CEO Michael Dean. “In addition, we continued to add to our book of business with several significant new customer engagements. This, coupled with a slower rate of revenue decline from existing customers, is helping to stabilize revenue from our core North American Staffing business.”
Share price and market cap
Shares in Volt rose 4.43% in early afternoon trading today to $6.95, and Volt had a market cap of approximately $145.22 million, according to Yahoo.