Volt Information Sciences Inc. (NYSE MKT: VISI) reported net revenue fell 15.3% in its fiscal fourth quarter ended Nov. 1, but net loss narrowed. The New York-based IT and engineering staffing and MSP provider also announced a cost reduction plan and sales of noncore businesses.

Revenue by segment

The cost reduction plan will include a workforce reduction of approximately 200 employees and estimated restructuring charges of $3.0 million through fiscal 2016. However, the plan will generate an estimated annual cost saving of $10 million, according to the company.

Volt also announced it will sell its Maintech IT infrastructure services business. In addition, Volt sold its telecommunications group in its fourth quarter and its Uruguayan publishing and printing business in its fiscal third quarter.

Quote

“We have made meaningful progress in our efforts to stabilize Volt’s financial performance,” President and CEO Michael Dean said. “We were successful in maintaining our book of business and our fourth quarter revenues held steady compared to the prior quarter. Importantly, we also made significant progress on our strategic initiatives to divest non-core assets with the sale of substantially all of the assets of Volt Telecommunications Group and more recently, our Uruguayan staffing business.”

Dean continued: “I’m also pleased to announce that we have commenced the sale process for our last remaining non-core business, Maintech. The divestiture of these assets will enable us to better focus management’s attention on resources and opportunities within our core staffing business where we believe we are better positioned to add value.”

Full-year revenue

Share price and market cap

Shares in Volt rose 10.43% in early afternoon trading today to $8.15, and Volt had a market cap of approximately $169.52 million, according to Yahoo!