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Volt profit up, staffing revenue down

December 20 2007
Fourth-quarter net income rose 70.3% at Volt Information Sciences Inc. (NYSE: VOL). However, fourth-quarter staffing revenue fell 2.3% year-over-year, according to the company.

Volt reported net income of $23.1 million in the fourth quarter of 2007 compared with $13.6 million in the same period last year. Total fourth-quarter revenue rose 2.5% to $625.6 million from $610.2 million in the fourth quarter of 2006.

The company's fourth-quarter staffing services revenue fell to $501.5 million from $513.1 million in the same period last year. The sales decrease was mostly caused by a $12.1 million reduction in the administrative and industrial division, according to the company. Increases in the traditional staffing business were offset by a decline in the VMC Consulting business.

Staffing division operating profit fell to $21.1 million from $23.2 million. The company cited increased overhead with newer business offerings and higher liability insurance costs.

Fiscal year 2007 net income rose 28.3% to $39.3 million from $30.7 million in 2006. Revenue increased to $2.35 billion in 2007, up 0.6% from $2.34 billion in 2006.

Staffing services revenue fell 0.1% in 2007 to $1.97 billion.

Volt publishes telephone directories and provides other services in addition to staffing.

Volt Information Sciences Inc. (NYSE: VOL)
For the fourth quarter ended Oct. 28, 2007, compared with the same period in 2006.
Revenue: $625.6 million, +2.5%
Net income: $23.1 million, +70.3%

For the 2007 fiscal year compared with fiscal year 2006.
Revenue: $2.35 billion, +0.6%
Net income: $39.3 million, +28.3%

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