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View All NewsVolt revenue falls 9% in fiscal Q3
Volt Information Sciences Inc. (NYSE MKT: VISI) reported net revenue fell 9.4% in its fiscal third quarter ended July 31.
Net loss at the York-based IT and engineering staffing and MSP provider widened to $4.6 million; the quarter included $970,000 restructuring and severance costs, partially offset by a $500,000 gain on the sale of real estate.
| (US$ thousands) | Q3 2016 | Q3 2015 | % growth |
| Net revenue | $330,490 | $364,668 | -9.4% |
| Gross margin | 14.7% | 15.7% | |
| Net loss | -$4,510 | -$4,144 | nm |
Staffing Services segment revenue fell 8.2% from the year-ago quarter.
| (US$ thousands) | Q3 2016 | Q3 2015 | % growth |
| Staffing Services revenue | $313,428 | $341,383 | -8.2% |
| Other revenue | $17,062 | $23,285 | -26.7% |
Quote
“With continued measurable improvement this past quarter, I am pleased with our overall success in executing our turnaround plan,” President and CEO Michael Dean. “While our progress is evident across most aspects of the enterprise, our improving revenue performance provides the most compelling signal that our plan is taking hold. After normalizing for fewer work days during the fiscal third quarter, staffing segment revenue increased slightly on a sequential quarter basis. Importantly, we continue to add to our book of business with several recent new customer engagements. In addition, initiatives to improve our cost structure helped to reduce selling, administrative and other operating costs by 3% compared with the prior quarter and 14% compared to the third quarter last year.”
Share price and market cap
Shares in Volt edged up 0.17% in early afternoon trading today to $6.01, and Volt had a market cap of approximately $125.2 million, according to Yahoo!